ASIC has recently found that more than 90% of advice related to SMSF’s is not compliant.
Read more HERE
I am not surprised. Very rarely have I recommended doctors and dentists set up an SMSF. Actually, more often than not, I talk my clients out of it.
One of the few scenarios where it could be beneficial is if you are buying/transferring rooms as a doctor or dentist.
You can download my ebook on this topic HERE
There are so many reasons why an SMSF may not be the right super structure for you:
1) Many people find running their fund more expensive and time-consuming than they anticipated and are unaware of the legal obligations associated with them.
Do doctors and dentists really need more red-tape, expenses and time commitments?
2) Many investment strategies and options can be replicated in another super fund structure, much more cost-effectively.
3) Many accountants and advisers recommending SMSFs have a vested interested in doing so: they create a level of dependence on themselves and may push their own products and portfolios. Is this in your best interest?
4) SMSFs often lack diversification and can thus be quite risky due to being invested in one asset (property) or a handful of shares.
If you still think that an SMSF might be suitable for you, then make sure you seek independent tax and financial advice, and consider all your options carefully.
Feel free to contact us 08 9381 2704