SMSFs Part Two
Listen to a Preview
Update Required
To play the media you will need to either update your browser to a recent version or update your Flash plugin.
  Date: 17/01/2011 Self-managed super funds - the arguments for and against. In an earlier program, tax expert Michael Jones of Cummings Flavel McCormack outlined the main provisions of the Cooper Review of superannuation, with particular reference to Self-Managed Super Funds. This time, after recapping briefly on those recommendations, he sets out the main advantages and disadvantages of SMSFs for business owners. He sees 3 main plusses - greater control over the assets of the fund, its investment policy and the provision of death benefits; tax benefits which can arise when the fund changes from accumulation to pension phase; and potential cost savings against the fees charged by retail or industry funds. On the downside,cost can be a problem if the fund is a small one; being a trustee carries the risk of Tax Office penalties if things aren't done properly; and a professional fund manager may do a better job over the long term than you can do. Topics: Accounting & Tax, Investment, Management |
 Michael Jones, Cummings Flavel McCormack |