Privacy Policy | Contact Us  
logo
spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
spacer
spacer

Liability limited by a scheme approved under Professional Standards Legislation.

spacer
Hot Issues
Covid-19 resources
Jobkeeper Fraud warning
ATO extends initial JobKeeper payment deadline
Boosting cash flow - ATO
Our website, your resources
ATO releases JobKeeper alternative test
Temporary Working from Home Expenses Rule
Minimum Pensions Halved – 2020 & 2021
More coronavirus support for landlords, commercial tenants
COVID-19: Early Childhood Education and Care Relief Package
What Covid-19 relief packages mean to you.
Now I’m working from home, what can I claim?
Global statistics plus Covid-19 updates
ATO clarifies COVID-19 rent relief concerns
Banks to defer small-business loan repayments for 6 months
Historic $130bn wage subsidy to cover 6 million workers
Stage 2 – Covid-19 stimulus package.
Covid-19 Update - Small Business
PM launches $17.6 billion virus stimulus plan
SG amnesty bill passes Parliament
ATO flags most common SMSF return mistakes
Expected GDP by country 2010 to 2100
ATO expands small business review pilot
A resource hub for our clients.
Risks when dating documents in 2020
Australian Taxation Office (ATO) debts may affect your credit rating
Statistical picture of Australia - Update
Absentee Property Owner – Tax Whack - Victoria
Debate heats up around $10k cash ban bill
Articles archive
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 of 2018
Articles
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
SMSFs - Our 'hardest' jobs

What are the hardest aspects of running your self-managed super fund (SMSF)?



         


 


Do they include keeping track of the seemingly-constant regulatory changes, handling the impact of those changes, choosing investments or handling your fund's paperwork and administration?


If you name dealing with the changing regulations and choosing investments as your two hardest jobs, you are among hundreds of thousands of other SMSF trustees.


Alternatively, you may find yourself in the fortunate position of considering there are no hard aspects of running your SMSF.


The 2018 Vanguard/Investment Trends SMSF Report survey, released during the past week, asked SMSF trustees to list the hardest aspects of running an SMSF. (Multiple responses were permitted.) Their responses included:


  • Keeping track of changes in rules and regulations (27 per cent).
  • Choosing investments (26 per cent).
  • Dealing with the impact of regulatory changes (21 per cent). (A number of survey responses overlap, particularly concerning regulatory change and investment selection.)
  • Handling paperwork and administration (18 per cent).
  • Understanding regulatory changes (17 per cent).
  • Paying for accounting fees and charges (16 per cent).
  • Finding time to research investments (13 per cent).
  • Having concerns that other fund members cannot manage my SMSF if I'm unable to do so (10 per cent).
  • Completing / submitting my EOFY regulatory/tax returns (10 per cent)
  • Finding time to plan and review for my SMSF (9 per cent).

Interestingly, more than quarter of SMSF trustees do not find any aspect of running their fund hard.


The findings that many SMSF trustees have difficulty choosing investments and in dealing with regulatory change partly explain another finding from the survey that a large proportion of SMSFs recognise that they have unmet needs for professional advice.


Investment Trends estimates that 276,000 SMSFs – out of 593,000 funds in existence at the time of the survey – have unmet needs for advice.


By placing responses into clusters of similar types of advice, the researchers estimate that 136,000 SMSFs have broad unmet needs for advice on tax and super,128,000 for advice on investment selection and 110,000 for advice on post-retirement planning.


An estimated 77,000 funds have an unmet need for advice specifically on inheritance and estate planning, which falls under the broader category of post-retirement planning.


The survey responses may prompt SMSF trustees to think more about what aspects of running their funds are the toughest, given their circumstances. And then to logically plan what they are going to do about it.


Next week: Why SMSF trustees want estate-planning advice.


 


Written by Robin Bowerman, Head of Corporate Affairs at Vanguard.
18 June 2018
www.vanguardinvestments.com.au


 




25th-July-2018
spacer
sitemap | site by Acctweb