Wembley Chiropractic Clinic owner Andrew Mutzig chose to go down the self-managed super fund route because of the flexibility offered.
He opened his SMSF in 2007 and originally used the MLC Wrap Super Solution service. In 2015 he closed this down and took full control of the SMSF’s management.
Now through his SMSF Mr Mutzig buys and sells shares, including blue chips, small caps and exchange traded funds, using the CommSec platform. His SMSF also holds direct property.
Mr Mutzig receives advice from professionals, including a financial planner and accountant Bill Keays, of Keays & Associates Chartered Accountants. The chiropractor is self-taught in financial markets, having completed online courses.
He estimates spending an hour a week on average managing his fund. His audit and accounting costs are about $3000 annually, plus individual transaction costs with Commsec of $19.95 per trade.
“The best thing about the SMSF is the flexibility in terms of the underlying assets that can be held,” Mr Mutzig said.
“The disadvantage (is) it’s a tax and legal minefield, and it’s higher risk — the buck stops with me if anything goes wrong.
“Also frustrating is that the government keeps changing the goal posts so who knows what the rules will be in 20 years time.”