- Operating rules and regulations need to be understood;
- Legislative changes require constant attention; and
- You must ensure the fund remains compliant to avoid penalties.
- Records must be kept scrupulously;
- Reporting has set requirements;
- You must understand your tax lodgment obligations;
- Are you prepared to be ‘hands-on’?
- Do you have time to devote to your fund? and
- Do you have the professional skills and technical knowledge to manage the fund?
- The fund needs a sufficient balance to be cost-effective (generally over $300,000)
- Insurance premiums can be higher than ‘large fund’ policies.
The information on this webpage contains factual information and / or the opinions of Hood Sweeney Pty Ltd (trading as Hood Sweeney Accounting & Business Advisory). You should obtain professional advice before acting on any information on this website. You can contact us on: T 1300 764 200, F (08) 8232 1968, E email@example.com, Address: 11-16 South Terrace Adelaide SA 5000, Postal address: PO Box 10516 Adelaide BC SA 5000.