I am just wondering if there is anyone to convert your current superfund into a self managed super fund? The reason i ask this is because i was automatically assigned a super fund by my employeee without any choice.
Thank you
Michael collins
Michael C
You can roll over other super into your own SMSF. From 1st July, 2005 you will be able to specify which super fund your employer pays into. Careful having your own SMSF as the running costs don’t really make it worth it unless you have over $150,000 to invest.Julia Hartman
[email protected]
http://www.bantacs.com.auMichael C
You can roll over other super into your own SMSF. From 1st July, 2005 you will be able to specify which super fund your employer pays into. Careful having your own SMSF as the running costs don’t really make it worth it unless you have over $150,000 to invest.Julia Hartman
[email protected]
http://www.bantacs.com.auPS How about reducing the flood control to 30 seconds. The 60 seconds limit must have been put in place by someone who cannot type. Its caught me twice now.
Hi Michael,
I have just set up my own super fund and is wasn;t costly nor painful.
What are you looking to do?
I have heard various reports on how much you need in your superfund to make it worthwhile. Some say as little as $50,000 would make it worthwhile. Do a web search, as there are hundereds of companies out there offering to setup and run your SMSF. Many have free seminars which you can go to to learn more.
Terryw
Discover Home Loans
Mortgage Broker
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I just noticed your header – converting super funds to real estate. Did you relealise that super funds cannot borrow money, therefore if you are going to buy real estate, it must be with cash of the funds. However, there may be a way around this, see http://www.chrisbatten.com.au
Terryw
Discover Home Loans
Mortgage Broker
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It is the ongoing cost of running a smsf that I am talking about. If you use a public fund you will be charged an annual administration fee of between 1 and 2% of the amount invested. If you have your own fund your fixed costs will be between $1,500 to $2,000 per year.
If you have $150,000 in super you are going to pay between $1,500 and $3,000 to a public fund so it is starting to get worth running your own.
Though if you are just going to use the SMSF to invest in managed funds you are probably not going to save much in fees at all by having your own.Julia Hartman
[email protected]
http://www.bantacs.com.auI just had the idea that wouldn’t it be a better investment over the long term to have the money from my employer being paid into an account that is not going to be based on the ups and downs of the share market. I would have just preferred that the superannuation being placed in property.
Thank you everyone for clarifying superfunds a bit more for me.
Michael collins
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