"With so much money at stake, the average SMSF has $888k and the median is $525k, I wonder if trustees should have to have a "certificate" to run a SMSF and pass a test every few years to have the certificate renewed.
Is this going a bit too far?"
It's a dammed funny area imo ------------ I find it very strange that there is often talk about 'educating' smsf trustees.
To me I find that very odd. Isn't is glaringly obvious that as the average smsf'er has far more wealth than the average joe - they are obviously doing something more than right?
The reasons why so many are in breach is because the rules are so bloody stupid, cumbersome and forever changing - usually for the worst ----------- and not only that but the in many cases the tax department doesn't have clear cut rules/guidelines etc. -- in fact they often make their mind up on the day depending on how they feel. Try and get a ruling out of the buggers. I find the ato an utter disgrace as far as smsf's go - and I cannot think of a worse government agency to have given the supervision to.
I can see the day coming that smsf trustee's will indeed have some sort of training/certificate crap forced on them --------- and who will provide this training?
What's the bet that it will be people from the finance industry and many will have experience from the superannuation industry.
------- the VERY people who smsf'ers are outperforming by a country mile.
The very people who lost millions and millions in multiple financial scams and collapse's.
Super is a good idea imo - but it's almost as if someone has said - go out and design the most stupid, unfair, dysfunctional system you can and we will run with that.
I have absolutely no faith in the govt., even less faith in the tax department and to find some accountant that really knows the game and will keep you out of jail - is at best a very long road. That said I am very happy with my super accountant. We had a series of duds in Melbourne and had to come to little backward old Northern Tasmania (NW, none the less - the last bastion of the hillbilly redneck country) to find a small group of people who really know their stuff -------- amazing.
