MP Tim Wilson claims that a fact sheet issued by ASIC regarding the time and cost involved with running a SMSF is deceptive and should be withdrawn immediately.
According to the fact sheet, it costs $13,900 per year to run an SMSF. Mr Wilson claims this figure is pure fantasy, and the SMSF Association reacted with shock and confusion when the fact sheet was first released.
A statistical overview released by the ATO also brings the ASIC fact sheet into question. According to the ATO’s data, the median operating expense for an SMSF was less than $4,000 per year. A big discrepancy from what ASIC claims.
Mr Wilson also has problems with the sheet’s claim that running an SMSF takes over 100 hours per year.
In summary, Mr Wilson said ‘The fact that so many elements in ASIC’s fact sheet are fundamentally misleading raises serious questions regarding the basic competency of our financial regulator.’