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    SMSF or Industry Fund

    I'm 75 and have had a SMSF fund for over 25 years - I love it, enjoy operating it and am happy with my returns. However, I've been thinking about simplifying life and super and am thinking of closing the SMSF and transferring funds into a professionally managed Superfund. The problem is, I have been spooked lately by news that a greedy Labor Government might have Super Funds in their sight. As I said, I love looking after my own super so, given this news, what are your thoughts on staying with what I know or taking my chances for simplicity sake and venturing to the Dark Side?

    Answer

    Hi Brian,

    Firstly and very importantly, we provide General Advice at MM hence do not offer any guidance specific to one person. In a general sense however, if the Albanese Govt were to change the rules on Super, this would presumably apply to both large super funds as well as SMSF’s, so we doubt there would be any major difference between the two.

    SMSF’s have a lot of advantages, which you have clearly experienced over the past 25 years. A solution here could be to engage an external party to manage the fund and take the day to day investment management and administration off your hands. James and his team at Market Partners offer this service which may be a sensible middle road option for you. Feel free to call the team on (02) 9188 4964 for a chat or visit the website (www.marketpartners.com.au) for more information.

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