Super speculation sees business owners turn to SMSFs
The unpredictability of the super system through in regards to political discussion and potential changes has seen individuals, particularly business owners, look to SMSFs to manage this risk, according to a mid-tier accounting firm.
A study by RSM Bird Cameron indicates SMSFs continue to grow in popularity with 53 per cent of respondents using a SMSF compared with 48 per cent in the survey last year and 45 per cent in 2013.
RSM Bird Cameron director Brad Eppingstall said the superannuation rules continue to be uncertain “which is causing some dissatisfaction with the system”.
“Constant changes and media reporting on potential changes has caused many Australians to lose confidence,” Mr Eppingstall said.
“Some are looking to manage these changes or control risk through SMSFs.”
The findings from the survey, Mr Eppingstall said, are consistent with what RSM Bird Cameron has seen with its clients.
It has seen considerable growth in clients setting up SMSFs, particularly among business owners, who hope to use them as a means of business and succession planning.
“For people looking to buy a business property, using funds from a SMSF can [also] be an attractive option,” Mr Eppingstall said.
“Additionally, SMSFs are more attractive to business owners as a source of asset protection and a way to plan for retirement away from the business.”