Most would set up SMSFs with $200,000 or less
Most accountants and financial advisers would be prepared to establish a Self-Managed Superannuation Fund (SMSF) with as little as $100,000 to $200,000, according to a survey conducted by Money Management.
The survey, sponsored by Australian Unity Personal Financial Services and conducted during the recent SMSF Association national conference in Melbourne, suggests planners and accountants giving advice in the SMSF sector do not necessarily adhere to the convention that the minimum account balance should be closer to $300,000 to justify establishment of an SMSF.
Asked what they regarded as being the minimum Funds Under Management necessary to establish and SMSF, 51 per cent of respondents cited $100,000 and $200,000, with 21.4 per cent citing the lower figure.
This compared to 14.2 per cent who cited $300,000, 14.2 per cent who cited $400,000 and the just 10 per cent who cited $500,000.
AUTHOR
Mike Taylor
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