The Australian Taxation Office (ATO) has extended to 30 June 22 the following administrative concessions for self-managed superannuation funds (SMSF) impacted by COVID-19 that were offered for the 2019-20 and 2020-21 financial years.
For many people, the idea of managing and investing your own retirement savings is very appealing. However, there is ongoing debate over whether running your own self-managed super fund (SMSF) is cost effective. So, what are the arguments for and against having your own fund?
As anyone who has joined the weekend crowd at Bunnings knows, Australians love DIY. And that same can-do spirit helps explain why 1.1 million Aussies choose to take control of their retirement savings with a self-managed superannuation fund (SMSF).
Self Managed Superannuation Funds (SMSFs) have had a challenging year, with COVID-19 linked market uncertainty affecting income and returns but SMSF trustees haven’t been sitting on their hands.
The lure of greater control over your retirement savings with a Self Managed Superannuation Fund (SMSF) may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules.