Australia’s leading SMSF experts have helped Smart Investor to identify the biggest mistakes investors continue to make when they manage their own retirement savings via a self-managed super fund.
1. RULES RULE, OK?
SIN: not understanding the law. If you think running an SMSF is about being able to “do your own thing”, think again. The self-managed super sector is expected to continue to be under intense scrutiny from the Australian Taxation Office in the years to come.
2. IGNORANCE IS NOT BLISS
SIN: flagrantly ignoring your obligations. Failing to keep track of the recent barrage of regulatory changes is one thing. Ignoring the law and doing your own thing regardless, is quite another. You’d have to be crazy to overdraw your SMSF bank account, mix up personal and super assets or lend money to members but SMSF experts tell us these continue to be common occurrences. They’re all against the law.
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