Which of the following statement regarding the disadvantage of SMSF is INCORRECT?

Select one:

a. Significant responsibilities and compliance effort from trustee

b. The cost of running the SMSF can be more expensive than a master trust investment

c. Lack of access to wholesale rates for investments and related costs unless significant amounts are in the fund to allow diversification across wholesale fund managers.

d. SMSFs cannot invest in managed funds

Which of the following statements is FALSE regarding SMSF?

Select one:

a. SMSF trustees are required to be approved and licensed by APRA

b. The main regulator of SMSF in Australia is ATO

c. Over half million SMSFs in Australia and experience strong growth in recent years

d. SMSF can only have 4 or fewer members

e. SMSF Members are fund trustee or directors of trustee companies

Please give detailed explanation.