Ann: Becoming a substantial holder, page-4

on what basis do you think that?

- most people going for the $10k will be young and in industry funds, not SMSF

- only a very small proportion of SMSFs hold direct residential property, and if they do there are generally other assets as well

- Class business is not directly linked to the value of assets held in SMSF super funds. They charge a flat fee per fund for having it administered through their platform.

- I don’t see why the current downturn will cause any general issues re liquidity for SMSFs?

- In fact generally market downturns have resulted in an uptick in people starting SMSFs as it highlights the benefits of more direct investment control.