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The average annual costs of running an SMSF have been grossly exaggerated by ASIC in its recent fact sheet, with actual costs landing between $1,700 and $5,800 depending on the fund’s balance, according to SMSF software provider BGL.

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“The document, in our opinion, contains numerous calculation and logic errors,” BGL said. 

Data released by BGL, using the almost 180,000 SMSF clients on its Simple Fund 360 platform as a sample, showed that annual SMSF running costs for the 2018 financial year were: $1,709 for funds with a balance of under $200,000; $2,736 for funds with a balance between $200,000 and $500,000; and $2,896 for funds with a balance between $500,000 and $1 million.

The annual costs rose to $3,299 for SMSFs between $1 million and $1.5 million; $3,947 for funds between $1.5 million and $3 million; and $5,774 for those with balances over $3 million.

“We wonder what would be ASIC’s view if an industry or retail super fund published a document that was so misleading and contained so many errors? Donald Trump would call the document ‘fake news’.”

The costs to run a self-managed fund had also remained fairly stable over time and in some cases decreased, with costs for those in the $200,000 to $500,000 bracket decreasing from $2,648 in 2015 to $2,376 in 2018.

Costs had also come down for SMSFs between $500,000 and $1 million, from $3,314 in 2015 to $2,896 in 2018, and for those between $1 million and $1.5 million, from $3,856 in 2015 to $3,299 in 2018.

The company stated that in light of this data, the $13,900 annual cost quoted in ASIC’s fact sheet, Self-managed superannuation funds: Are they for you?, was incorrect and deceptive when it came to giving new trustees an idea of what was involved in running an SMSF. 

“The real data tells a very different story from the ASIC document – so different that one must question ASIC’s motive for the release of this misleading document,” BGL said.

“This is what we get when the figures produced by one regulator (ATO) are used by another (ASIC) that seem to have a total lack of understanding of the data set.”

The software provider said ASIC should clarify how it came to the $13,900 figure in its document, and added that it would be releasing further data to counteract the performance figures shown in the corporate regulator’s fact sheet.

Earlier this month, nestegg reported on the ASIC warning that “SMSFs are not for everyone”. 

ASIC commissioner Danielle Press had said that consumers are “all too well aware of the potential benefits that might stem from using an SMSF, but are not equally alive to the considerable risks and responsibilities that come with the deal”.

The SMSF Association then clapped back, expressing its disappointment at the tone of the fact sheet, and that the information presented “casts SMSFs in a very poor light”.

The association took issue “with the representation that the typical cost of running an SMSF is $13,900 a year”.

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The average annual costs of running an SMSF have been grossly exaggerated by ASIC in its recent fact sheet, with actual costs landing between $1,700 and $5,800 depending on the fund’s balance, according to SMSF software provider BGL.

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The handing down of a three-year prison sentence this week for fraudulent SMSF creation and early superannuation withdrawal is serving as a timely reminder from the Australian Taxation Office that such activities are illegal.

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The ATO said the 51-year-old man was sentenced in the Downing Centre District Court to three years in jail after he pleaded guilty to orchestrating the illegal early release of a superannuation scheme.

Kent Nguyen was found to have unlawfully created, operated and benefited from a fraudulent self-managed superannuation fund (SMSF) that did not comply with relevant protocols, procedures and legislation to make it a legal SMSF.

He then used the fund to arrange the unlawful early release of super for 25 people in the community, with the ATO reporting that many of the people were in financial trouble and were approached by friends who told them “they knew someone” who could help.

In each case, the individual’s super balance was rolled over into Mr Nguyen’s SMSF, with the total amount of funds unlawfully withdrawn exceeding $700,000.

According to the ATO, Mr Nguyen then retained a significant portion of this amount, having told clients that the money had been paid to the ATO as tax.

Assistant commissioner Ian Read said the sentence handed down demonstrates that promoters who encourage illegal early access to superannuation will be held accountable.

“While the majority of SMSFs do the right thing, this case serves as a reminder that there are severe penalties for those who attempt to cheat the system.”

“Taking your super out from any super fund early without meeting a condition of release, or encouraging others to do so, is illegal,” he added.

The assistant commissioner said “illegally accessing super early will cost people a lot more than the super they access and may get them into trouble as there are serious consequences for withdrawing super before they are legally entitled to do so”.

Consequences can include having to declare the accessed amount as income in an income tax return, administrative penalties and disqualification from being a trustee.

The ATO has previously warned Australians to “beware of people promoting early release of super schemes”.

“They might tell you they can help you withdraw your super to pay off credit card debt, buy a house or car, or go on a holiday.”

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The handing down of a three-year prison sentence this week for fraudulent SMSF creation and early superannuation withdrawal is serving as a timely reminder from the Australian Taxation Office that such activities are illegal.

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The SMSF Association has expressed disappointment at the tone of an Australian Securities and Investments  Commission fact sheet that questioned the suitability of SMSFs for some individuals.

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Last week, the Australian Securities and Investments Commission (ASIC) raised an alarm for Australians that while consumers are aware of the potential benefits for self-managed super funds, they are not “equally alive” to the considerable risks and responsibilities that come with the deal. 

The regulator had identified six separate areas in a fact sheet for consumers to advise them of the potential pitfalls of creating an SMSF, which is what the SMSF Association has taken issue with.

According to the association’s CEO, John Maroney, although the organisation does concur with ASIC’s message to “speak to your financial adviser about whether an SMSF is right for you”, he said it’s disappointing that the tone of the fact sheet “casts SMSFs in a very poor light”.

“By the fact sheet’s focus on risks and the use of inconsistent data sources, SMSFs are again portrayed negatively, especially those funds with balances of less than $500,000.”

He said the association takes issue “with the representation that the typical cost of running an SMSF is $13,900 a year”.

The use of averages ignores distortions from very large SMSFs and those who choose to use extensive administration and investment services, according to the CEO.

“We will consult with ASIC on the use of this figure, noting that the SMSF software provider Class, in its submission to the Productivity Commission, indicated the adjusted average cost for lower balance funds was about half that amount or even lower, while our understanding is that many SMSFs operate with total annual expenses below $5,000,” he continued.

“Although the document explicitly states that ‘care must be taken when using SMSF performance figures, particularly when making comparisons’, it still argues that SMSFs with balances below $500,000 underperform, on average, the APRA-regulated funds.”

The association has a “strong belief” that these comparisons lack balance when factors such as data consistency problems, investment return and expense calculation methodology and the retiree demographics of SMSFs compared with APRA-regulated funds are considered, Mr Maroney continued.

He said that in reality, “it’s very difficult to make accurate, cost-effectiveness comparisons – a point ASIC’s document would appear to concede”.

According to Mr Maroney, SMSF establishment and advice costs vary considerably to costs incurred by APRA-regulated funds, which materially distorts SMSF returns for new and lower balance funds in particular.

He also said insurance premiums and interest payments on investment loans are included as SMSF expenses, but not for APRA-regulated funds.

The association also piped up about the cost-effectiveness debate, which Mr Maroney argued “must be extended beyond a mere analysis of net returns and costs and consider the cost of running an SMSF over the long term, as well as the varied motivations that SMSF members have in setting up their own funds, such as increased control and their individual retirement goals”.

Mr Maroney also expressed a curiosity about ASIC’s use of the figure of SMSF investors taking 100 hours a year to run an SMSF as “wholly negative”.

“From our perspective, it is a positive outcome if people are taking the time to actively engage with the investment and management of their retirement savings, a persistent challenge since compulsory superannuation was established in 1992.

Despite holding a number of concerns, the SMSF Association said the fact sheet does provide a timely warning about the need for an individual to get specialist advice before establishing an SMSF.

It also endorses ASIC’s concerns around property spruiking as mentioned in the fact sheet.

“We encourage ASIC to remove this egregious element from the industry – something all the specialist SMSF advisers we represent would welcome,” he said.

 

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The SMSF Association has expressed disappointment at the tone of an Australian Securities and Investments  Commission fact sheet that questioned the suitability of SMSFs for some individuals.

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With last week’s warning that self-managed super funds are not appropriate for all Australians, the regulator has provided food for thought for any would-be investor thinking about such a move.

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The Australian Securities and Investments Commission’s Danielle Press had conceded that consumers are “all too well aware of the potential benefits that might stem from using an SMSF, but are not equally alive to the considerable risks and responsibilities that come with the deal”. 

According to ASIC, there are six separate areas that potential investors need to consider when deciding if an SMSF is the right move. These are:

Generally, balances under $500k have lower returns after expenses and tax

This figure was cited in last week’s statement from the regulator and considered an SMSF balance of less than $500k compared with a similar balance held by industry and retail super funds.

In contrast, SMSFs with balances above $500k have returns that are competitive with industry and retail super funds after expenses and tax.

ASIC said anyone being told to enter an SMSF scenario with a balance below the threshold should ask their adviser why an SMSF would be the best option.

It takes over 100 hours a year to run an SMSF

ASIC advised that SMSF trustees spend 8.4 hours a month managing an SMSF, on average.

This equates to over 100 hours per year.

The regulator has reminded anyone thinking about utilising an SMSF that they will need to meet reporting obligations, prepare and implement an investment strategy, adapt to meet members’ changing needs, organise annual valuations of assets where required, keep up to date with changes to law, and manage the SMSF’s administration and paperwork.

The average cost of running an SMSF is $13,900 a year

An individual or couple wanting to be a smsf member will need to pay a set-up fee, an annual SMSF supervisory levy and costs for annual statements.

Tax returns, independent audits, fees for annual actuarial certificates where required, ongoing administration costs, professional investment fees and wind-up fees also need to be considered.

You could face fines or face court where assets are misused

ASIC has reminded individuals that an SMSF and its assets “must be used only to provide benefits to members for their retirement”.

Issues arise where people take money out of the SMSF before they are entitled to and spend it on items including holidays, cars or home repayments, or where they use or access any collectables that the SMSF invests in.

Property can be a risky investment

Residential properties must not be acquired through SMSFs with the intention to be lived in or rented by a member, their family or any associates.

Risks of property investments as outlined by the information sheet include high upfront costs of purchasing property, a range of ongoing management costs, potential for difficulties with selling property quickly, and the ability for property to become untenanted or damaged.

Compliance begins and ends with you

Finally, ASIC outlined that “as an SMSF trustee, you are responsible for your SMSF complying with the law, even if you pay a professional to help”.

If you do not comply, you might have to pay financial penalties, you could be disqualified from being a trustee and have to wind up your SMSF, or you could be taken to court and fined.

In addition, ASIC advised that in the event of theft or fraud, an SMSF trustee will not have access to a compensation scheme that could provide protection.

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With last week’s warning that self-managed super funds are not appropriate for all Australians, the regulator has provided food for thought for any would-be investor thinking about such a move.

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Many Australians are in circumstances where establishing an SMSF fund is simply not appropriate for their financial position, despite a huge movement towards the investment option, the corporate regulator has warned.

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ASIC has raised the alarm for Australians, having identified a number of situations it has called “red flags”, which together or in part “would make it extremely unlikely for an investor to gain any advantage from using SMSFs to create and safeguard their intended retirement lifestyle”.

ASIC commissioner Danielle Press has acknowledged that consumers are “all too well aware of the potential benefits that might stem from using an SMSF, but are not equally alive to the considerable risks and responsibilities that come with the deal”.

She said that while “SMSFs may be an attractive option for investors wanting more control over their superannuation investment strategy, it requires real skill, care and diligence to manage your own superannuation”.

“SMSFs are not for everyone simply because not everyone can meet the significant time, costs, risks and obligations associated with establishing and running one,” Ms Press advised.

ASIC has undertaken research that found SMSFs are not suitable for members with a low fund balance, particularly where they display limited ability to make future contributions.

Ms Press said this is important to note “because consumers starting off with a low balance need to be aware that they may not be in a better financial position in the future by holding an SMSF compared with investing in an APRA-regulated fund”.

ASIC has cited the Productivity Commission’s report into superannuation which identified that SMSFs with balances below $500,000 produce lower returns on average after expenses and tax in comparison to both industry and retail super funds.

It also said SMSFs are not an appropriate investment option for people who want a simple superannuation solution, especially where they have low levels of financial literacy or limited time to manage their financial affairs.

According to ASIC, SMSF trustees spend more than 100 hours a year managing their SMSF.

Ms Press has cautioned that “where people have limited investment decision-making experience or prefer to delegate decision-making to someone else, they should carefully consider if an SMSF is right for them”.

“As the trustees of their own fund, SMSF investors must remember that they are responsible for their fund’s compliance with the law, even if they pay a professional to help,” she offered in conclusion.

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Many Australians are in circumstances where establishing an SMSF fund is simply not appropriate for their financial position, despite a huge movement towards the investment option, the corporate regulator has warned.

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