Debunking Five Myths Surrounding SMSFs

SMSFs have long been a mystery to many Australians, with a bulk of society not aware of the choice they have with their retirement savings, besides industry and retail super. 

Currently, there are over 610,000 SMSFs made up of 1,130,640 SMSF members. 

This growing list of SMSFs and SMSF members have one thing in common, they understood the myths associated with SMSFs and overcame them. 

So sit back, relax and enjoy our list of Five SMSF Myths.

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1. SMSFs Are For The Over-60s

While the average age for SMSF members does sit at 62 years of age, the 55-74 age bracket only makes up 53% of SMSFs. 

The remaining age brackets, between 25 and 54 years of age make up 35% of all SMSFs. 

It has also been reported that the most common age bracket to set up an SMSF is between 35-44 years of age. 

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2. SMSFs Are Complicated To Set Up And Manage

This may have been true 10-15 years ago, however, technology has advanced so much that SMSFs are far easier to set up. 

The ATO has also created online courses to help SMSF trustees wholeheartedly understand their role. 

SMSF setup has also become a highly competitive service with professional advisory firms offering reasonable fees for SMSF setup and management. 

If you are looking to set up your SMSF, think Supavest.

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3. SMSFs Are Risky

This is one of our favourite myths due solely to the fact that everything in life has an element of risk. 

Travelling to work or going on holidays has countless risks, however, we do these things because they are a part of life. 

As long as we plan, the risks are essentially eliminated. 

This is the same with SMSFs, as long as SMSF investors plan accordingly and invest wisely, the risk factor is minimised greatly. 

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4. SMSFs Are Costly

SMSF setup has become a facet of life and therefore is positively impacted by price-competitive firms. 

However, if you would like to avoid going on an endless search for minuscule savings, consider SMSF setup with Supavest. 

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5. You Can Not Invest In Brand New House And Land Builds 

Up until recently, this was a matter of fact, however, thanks to Supavest, this myth has been completely busted. 

Supavest makes it possible to invest in brand new house and land builds inside your super. 

For lovers of fractional property investment, SAFE property is also a viable solution for a fraction of the cost. 

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Conclusion

We hope you enjoyed our list of SMSF myths!

If you are looking to begin your SMSF property investment journey, get in touch with the team to discuss further and speak about any other myths. 

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