THE problem with self-managed super funds is not that they’re buying residential property, it’s that they’re surrounded by sharks as they do it. Tax breaks tend to reduce one’s critical faculties. We saw that with agricultural investment schemes, which paid commissions of 10 per cent to financial planners and mostly collapsed, and now property developers are paying similar commissions to get SMSF cash. Noel Whittaker, the author and financial adviser, has been campaigning against property...
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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...
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