The expenses considered deductible by super funds are similar to that of individuals.
Quite a few years ago, I did some calculations on having a geared property within super versus a market linked ungeared fund portfolio.
As a Tax Advisor to small businesses that run Self-Managed Super Funds (SMSFs) I am aghast at the way our federal government and, in particular, Canberra bureaucrats treat this sector.
The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.
The sole purpose test underpins access to your superannuation – that is, superannuation is for the sole purpose of providing retirement benefits to fund members, or to their dependants if a member dies before retirement.