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Disadvantages

Responsibilities

  • Operating rules and regulations need to be understood;
  • Legislative changes require constant attention; and
  • You must ensure the fund remains compliant to avoid penalties.

Administration

  • 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?

Cost

  • 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 info@hoodsweeney.com.au, Address: 11-16 South Terrace Adelaide SA 5000, Postal address: PO Box 10516 Adelaide BC SA 5000.

Get in touch

Get in touch with Hood Sweeney to see how we can help your organisation or call us now on 1300 764 200

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