ASIC Should Withdraw Its SMSF Factsheet

The Australian Securities and Investments Commission (ASIC) should withdraw its Self-Managed Superannuation Fund (SMSF) factsheet because it contains “an array of seemingly deliberate inaccuracies”, according to economist, David French of the Investment Collective.

According to French, he has identified four glaring inaccuracies “so blatant that that the factsheet could only be described as misleading and deceptive”.

He said those inaccuracies included ASIC’s claim that the average cost of running an SMSF was $13,900 per annum and that it takes more than 100 hours per annum to run an SMSF.

By Mike Taylor

Money Management

21 October 2019

Recent Posts

See All

The SMSF Association has criticised the corporate regulator’s focus on the risks of SMSFs in its mailout campaign targeting new trustees, saying the data sources used in its fact sheet are inconsisten

ASIC appears to be using averages that everyone knows are grossly distorted by a small number of very high value funds that have $5m-plus on the books. Talk about using a sword where a scalpel might h