Forum Replies Created
Hi Rob,
When you establish a Self-managed super fund, you roll our existing super into it. There generally needs to be a minimum of 2 members (that's why I suggest using your wife's super too). You both then become the trustees of the SMSF, and you become responsible for all aspects of the fund, meaning you can choose how you wish to invest the funds.
You must remember it is still a superannuation fund, therefore you can not use the money for everyday living. There are strict rules that apply to SMSF, just as they do to retail and industry super.
The ATO has some useful booklets for people who are looking at SMSF and if you have some time, download them from the address below and familiarize yourself with the requirements for running a SMSF. I recommend that you see a SMSF specialist for the best advise for setting up the correct structure of the fund for you. They will also be able to guide you with some of the investments strategies.
http://www.ato.gov.au/superfunds/pathway.aspx?sid=42&pc=001/149/030&mfp=001&mnu=49150#001_149_030
If property is the area you are wanting to invest in, there are many SMSF specialist that solely specialize in property investment for SMSF.
Good luck!
Bec
Have you considered using your superannuation to invest in property? Depending on how much you and your wife have in super, you could consider establishing a Self-managed super fund (SMSF) and invest in property using the funds you have in super. Banks offer special types of loans for borrowing through superannuation, and this can be a tax effective strategy. Only downside is they generally only look at lending around 60% of the value of the property.
You would be in control of the SMSF (just need an accountant to do the financials and annual reports for you) and you still get to choose what properties you wanted to invest in.
I think it would be a good idea for you to seek some guidance from a Financial Adviser, especially on who has a lot of knowledge in the SMSF area.
I work for an Adviser and we have had clients start establish SMSF with as little as $100K and started their investment portfolios.
