Amp superfunds with 100k were losing money, page-50

Wrong again on a few points. For example a cash fund is a fund that invests in liquid cash investments but basically must have the same liquidity of a cash account. Many funds invest the cash component in a cash account (such as an 11am cash account with a clearing bank) . A bond fund invests in bonds usually from a range of sources such as corporate debt and government debt. These are also often known as fixed interest funds and often the underlying risks of these funds outweighs the returns. For example lending money to a business via corporate debt (bonds) often has almost the same risk as the underlying equities however with only a fixed interest stipend. In any case the return on the Aust Super cash option was 1.54% which is about what they could have got from a bank 11am account after fees are deducted.

Yes I understand the auditor's report and that is why I said that a fund should have an investment plan and that the cost of this is usually around $1500. The reason I looked it up on Google is to get a rough idea about average costs so that I wouldn't be using my own knowledge of these things. Even though you have quoted very low fees in your previous emails you have made two critical errors regarding low cost SMSFs and that is the test of whether it is fit for purpose and the cost of your own time in managing it. Sure you can go and set up a povo SMSF for a few hundred dollars and manage it yourself but is it any good? Those cheapo trusts are basically trouble and failure to have a corporate trustee is also just a disaster waiting to happen. The other issue with your low cost option is that it relies upon you to provide all of the management in order to maintain the low cost (which is why you believe you don't need the other basic items I suggested). As you don't have PI insurance the total compliance task is incumbent upon yourself creating even more risk. We also did not cover the issue of reconciliations and day to day admin. Again, if you are doing this yourself then you still need to account for your time to do so. As for reading the Act I would suggest that all this proves is that you can read. The regulations are more relevant than the Act in managing an SMSF in any case. Trying to learn how to run a super fund by reading the Act makes about as much sense as trying to learn how to fly an aircraft by reading the service manual. There are a great many other holes in your argument but I think I've made my point for now. I can tell that you are the type of fool who simply must have the last say so I shall allow you to do that and I will not respond.