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News Bulletin : ADA News Bulletin March 2011
41 MARCH 2011 Prices do not include gst and may be subject to change The Fearful Dental Patient: A Guide to Understanding and Managing Dr Arthur A. Weiner, Editor ISBN:9780813820842 • Paperback • 308 pages • Wiley-Blackwell $A71 ex gst The Fearful Dental Patient: A Guide to Understanding and Managing helps dental professionals to understand the basics of fear, anxiety and phobias, and the role these emotions play in creating negative behavior in the dental surgery. This unique and informative text describes modalities that help to identify dental fears and phobias, as well as chair-side techniques and practical advice to improve patient cooperation and treatment compliance. Topics include the origins of fear and anxiety, how to indentify dental anxiety, and varied approaches to managing fearful patients of any age. Approaches employ behavioral, pharmacological, sedation and even hypnotic techniques, specifying combinations where required. A wide range of patients is addressed, including those with psychiatric comorbidities and special healthcare needs. The entire dental team will bene t from the proven methods and practical guidance to better understand and treat fearful patients. investment insight HOW DO I DETERMINE IF A DIY SUPER FUND IS RIGHT FOR ME? In my opinion, the benefits of DIY super funds have been oversold to investors by accountants and financial advisers who strongly advocate setting up a SMSF by extolling the benefit of having greater control. This not entirely correct, given that most of the assets available through a SMSF are also available on investment platforms. What is this greater control being sold? Is it the freedom to make your investment decisions? Many publicly available funds offer choice over investment options and the fact that investors are free to choose their super fund nullifies this 'greater control' argument. What is often forgotten is that SMSFs are not suitable for everyone. With greater control comes a great deal of responsibility. As a SMSF trustee you need to be aware of the super rules and make sure the fund operates within the rules. Investors need to be capable of making investment decisions and need to have the time to dedicate to operating and administering the fund properly. The penalty for getting it wrong is extreme. The ATO is now responsible for overseeing most SMSFs. Investors who ignore the rules do so at their peril. If you are subject to an ATO audit and your fund is deemed to be 'non-complying' the fund could become taxable at the highest marginal tax rate (46.5 per cent). ISN'T RUNNING YOUR OWN SUPERANNUATION FUND RELATIVELY EASY AND SIMPLE TO DO? It appears that a number of DIY super funds are not living up to their name. On average, funds have cash balances of around 30 per cent of the fund's assets. This means that investors are taking the opportunity to put their cash into their SMSF but when it comes to 'do it yourself' investing, these investors are sadly lacking "There are alternatives to a SMSF that provide investors with flexibility and control over their investments without needing to take on the responsibility for compliance and administration." the skills and time required to manage their DIY fund and execute their investment strategy. Whilst having a large allocation to cash may have mitigated the effects of the GFC, having a large portion of your retirement assets in cash will be to the detriment of your funds performance in the long run. Many investors have set up DIY funds on the advice of their accountant. The accountant gains another customer and can now bill for administering the SMSF. Many DIY investors would be better off using a professional fund manager for their superannuation strategy rather than accumulating large amounts of cash in a poor performing DIY fund. In fact, many DIY super funds invest in managed funds or end up using WRAP accounts to help them with the onerous task of administering their fund anyway. This gives rise to the question: Why have a SMSF at all when all you are doing is incurring an extra layer of administration costs for running the fund?
ADA News Bulletin February 2011
ADA News Bulletin April 2011