I have said many times that ASIC’s “Are SMSFs for you?” fact sheet was wrong. The use of ATO data to produce a document that was clearly misleading my view was ridiculous.
Well finally the ASIC Chair has now admitted to the House of Representatives Standing Committee on Economics that it failed when this so called fact (I would call it factless) sheet was published.
BGL has been saying based on data for over 200,000 SMSFs the cost of running an SMSF is somewhere between $2,000 and $3,000. It can be higher and it can be lower – it depends – but it is certainly it is NOT the $13,900 published in ASIC’s factless sheet.
I could say “I told you so” but I won’t!
Check out the article below for more info.
PS: Love Tim Wilson’s comments….