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  • Profile photo of stuartpstuartp
    Member
    @stuartp
    Join Date: 2003
    Post Count: 0

    [:D] Hi , Could you folks out there advise when ,from a cost benefit point of view, it is best to set up your own SMSF.

    Also do you have any sites worth looking at re SMSF.

    Thanks
    Stu

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    Hi Stu

    It depends on how much money you have to start with – various recommendations I have seen range from $20K (but few recommend), up to $100K (most recommended that I have seen).

    We started with $30K, because we knew that we could earn more $$ than it would cost to audit (about $1500 depending on your accountant, and how much you do yourself), and I liked having the say in controlling our money. You can also start with a lower amount, if you plan to add to it substantially in the short term.

    Cheers
    Mel

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