All Topics / Legal & Accounting / Self Managed Super Funds

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  • Profile photo of cruisercruiser
    Participant
    @cruiser
    Join Date: 2004
    Post Count: 43
    January 21, 2005 - 11:35 am

    Has anyone out there set up their own super fund? How did they do it and through whom?

    thanks
    cruiser

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544
    January 21, 2005 - 11:53 am

    Hi Cruiser,

    Haven’t done it but have a look at http://www.onlinesuper.com.au for ideas. Maybe a google search using SMSF may be informative.

    Derek
    [email protected]

    Property Investment Support Available.

    Profile photo of cruisercruiser
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    @cruiser
    Join Date: 2004
    Post Count: 43
    January 21, 2005 - 12:01 pm

    Thanks, Derek.

    Cruiser

    Profile photo of pyneconepynecone
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    @pynecone
    Join Date: 2003
    Post Count: 22
    January 22, 2005 - 2:40 am

    G’day Cruiser. I have set up my own super fund through my accountant. Yours should be able to do the same. If you would like the details of my accountant, email me.

    Geoff.

    Profile photo of cruisercruiser
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    @cruiser
    Join Date: 2004
    Post Count: 43
    January 22, 2005 - 11:07 am

    Thanks, Geoff. I have an accountant – haven’t asked them yet about setting one up. I belong to a property investment ‘club’ which says that all SMSFs are not equal, and charges members $1750 to set one up that is supposed to be able to do everything. Do you think that’s ridiculously expensive, or is it within the ballpark?
    Regards,
    Cruiser

    Profile photo of betterbizbetterbiz
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    @betterbiz
    Join Date: 2003
    Post Count: 47
    January 22, 2005 - 12:22 pm
    I belong to a property investment ‘club’ which says that all SMSFs are not equal, and charges members $1750 to set one up that is supposed to be able to do everything. Do you think that’s ridiculously expensive, or is it within the ballpark?

    Hi Cruiser,

    Interestingly the most flexible funds ARE equal. You need to be very careful of being too cute with the Trust Deed.

    The better funds are established with reasonably simple Deeds that aren’t going to need reviewing/rewriting every few years.

    As to whether your price is reasonable would depend on what that included

    1. a corporate trustee or not?
    2. all the ATO registrations?
    3. some training for you on your responsibilities as a Trustee and how to operate the beast (the SMSF)?
    4. whether a SMSF was really warranted for what you wanted to do and therefore your $ were totally wasted? (I’ve seen these heavily supported by my brethren accountants when they are not necessary/appropriate for the circumstances)

    Profile photo of cruisercruiser
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    @cruiser
    Join Date: 2004
    Post Count: 43
    January 22, 2005 - 11:55 pm

    Thanks, Betterbiz, sounds like you’re an accountant, I will send you an email. I think your last point is a really good one. I’ve had a company and trust set up for property acquisition – with no info at all on how to run them, and this was annoying.
    regards

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