Ensure your SMSF complies with new rules in 2015
Whether your super is in a retail fund, industry fund, corporate fund or SMSF, super funds cost money to run.
Opinions vary about the minimum amount of money you need to start a cost-effective SMSF. In keeping with guidance from the Australian Taxation Office, AMP generally recommends that an SMSF has at least $200,000 in existing super savings to be a cost-effective option. That’s because, for amounts under $200,000, the fees on a typical retail, industry or corporate super fund are generally cheaper.
That said, it’s important to remember that this recommended $200,000 balance relates to the total amount to be held in the SMSF. So, this includes your super savings as well as the super savings of any other fund members (eg your spouse or children).
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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.
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