SMSF Superanuation audit return etc

**_fly_** · 21st September 2012, 12:55 AM

Originally Posted by kiwigeo

Your friend is running a self managed super fund and he's got all his investments 100% tied up in cash invested in a bank savings account??? Something not quite right there. Perhaps your friend needs to re-evaluate why hes running an SMSF rather than using an industry cash based fund.

Not savings, term deposits. The fees are cheaper if you do it youself rather than pay a parasite money to do nothing.
If your getting close to retiring its not that silly an idea if you've accumulated enough.
His term deposits are doing better than my industry balanced fund.

**kiwigeo** · 21st September 2012, 08:40 AM

Originally Posted by _fly_

Not savings, term deposits. The fees are cheaper if you do it youself rather than pay a parasite money to do nothing.
If your getting close to retiring its not that silly an idea if you've accumulated enough.
His term deposits are doing better than my industry balanced fund.

Unfortunately you cant do an audit and prepare annual financials yourself. How much has your friend got in his SMSF? If your friend has at least $200,000 in his SMSF then a $2200 pa accountants fee represents a small amount compared to what many managed funds are charging (as youve noted). Note also within an SMSF the interest on the term deposits is getting taxed at a lower rate.

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