MythBusters! Busting The Biggest Myths about Self-Managed Super Funds
Self-managed superannuation funds (SMSFs) are a great way to take complete control over your retirement. However, in recent years, SMSFs have come under a lot of scrutiny after the COVID-19 pandemic, leaving many Australians to question the legitimacy and safety of having a SMSF. Fear no more – Auditax Accountants have laid out 5 of the biggest myths surrounding SMSFs, so you can consider whether having one is right for you. Myth #1: You Need To Be A Millionaire To Open An SMSF While there are some general advice floating around about how much you should have to create and sustain a SMSF (usually the more money, the better) it is a myth. First, there are no mandatory minimum balance to open a SMSF, according to the Australian Securities and Investments Commission (ASIC). In 2018-19, ASIC calculated that approximately 15% of SMSF’s had a balance below $200,000, and the average fund straddled between $200,000 - $500,000. You are not expected to be a millionaire open entering or...