11 November 2020
SMSF Association Media Release
The SMSF Association’s SMSF Week, to be held virtually from 23-27 November, will launch a ground-breaking report by the actuarial firm Rice Warner about the costs of running an SMSF.
The SMSF Association CEO John Maroney says: “In the face of ongoing public debate about the appropriate minimum size of an SMSF, and ASIC statements regarding costs incurred by SMSF trustees, the Association commissioned Rice Warner to update its 2013 report on the costs of operating an SMSF that was originally prepared for ASIC.
“Sponsored by SuperConcepts, this updated report analyses actual expense data for more than 100,000 SMSFs and provides invaluable insights about the actual costs of running an SMSF.
“With current ASIC Guidance advising caution on establishing SMSFs with balances below $500,000, the updated report throws new light on when SMSFs are cost-effective compared with other options.
“The report’s conclusions, which also provide interesting insights about the investment performance of the SMSF sector compared with the APRA-regulated sector over the past 15 years, make for interesting reading, not just for the SMSF sector but for the entire superannuation industry.”
First launched in November 2018, SMSF Week will be a key virtual event in 2020 designed to raise awareness and understanding of the SMSF sector among the wider Australian community. This year’s theme is: “When is an SMSF the right answer for you?” with several tools and resources being launched during the week to help consumers answer this important question.
Maroney says other highlights of this year’s SMSF Week is releasing the results of the Association’s recent SMSF member survey and a flyer that provides some important insights about SMSF member satisfaction levels and key motivations for establishing an SMSF.
Maroney says the SMSF + Investor Expo for existing SMSF investors and those thinking about starting an SMSF will round out this exciting week. Held virtually over two half days, the SMSF + Investor Expo will feature industry experts, educational sessions and showcase a range of SMSF and investment products and services. FREE tickets are available via the website here.