Huge dissatisfaction with financial institutions telling them how to invest drives around 60,000 Australians into the arms of self-managed super funds annually. However, many end up being punished with relatively high costs and low returns.
Mothers taking a break work, Australians employed overseas, part-time workers, and the self-employed could all be affected by the changes to super that kick in on July 1.
Josh Frydenberg will unveil the Federal Budget, his first as treasurer, in Canberra tonight. With all eyes on Prime Minister Scott Morrison as he prepares to announce the date of the next federal election, tonight's Budget is an important step in the Coalition's bid for re-election.
For many years investors have been told that you could start up an SMSF with $200,000 as long as you were contributing heavily to it. But according to the Productivity Commission, any less than $1 million in your self-managed super fund will cost you.
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