Sounds like a very appropriate response from the accountant!

Hi there Catalyst,

Just wanted to express appreciation for your post – I've just joined this site today! 

Thought I might begin on the site by sharing some of my story.

After owning a house many years ago I sold/gave everything away for a while, and now in my 40's have returned to the "real world". I got a job in Oct 2010 and managed to put $6k into Super by Jun 2011, (after reading 0 to 260 about 12 months ago, I gathered my lost stuff together and upped my contributions to have $31k at June 2012, and will shortly tip $40K in my industry fund.

I am keen to setup my own SMSF to purchase a IP. Apart from the Super, I really don't have much – I've been working on furnishing our rented house and paying my kids school fees. But I do have regular income.

I'm sick of paying $360pw for my rental property but have not had the courage to strike out with an SMSF as I have not found any of my friends have been there yet. I've been adding my own contribution to my employers super and figure I could sink that into an IP, but first have to set myself up.    

I've formed a company before but am new to SMSF. I've been doing some reading on how to get started (heard about BGL software for example) but am interested to know if you (or others) began your investing from a SMSF with a low balance?

Many sites/commentators have suggested $40K is too small, but some have said it could work for an "agressive investor" (while I don't label myself that way – I am certainly prepared to make additional contributions).

Regards,

Bruce