Came across this the other day..I’ve thought about SMSF a couple of times, especially after listening to Peter Spann; but dont think i have the funds in my SF to warrant it.
anyway, posting this link for interests sake..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi there
We have great reading material on Self Managed Super funds and it is well worth the read and you can also pick up a free booklet from the ATO which will give you some guidelines on SMSF’s and what they recon is the benchmark in funds before it is worthwhile.
cheers
http://www.imperator.com.au Imperator Financial is Australia’s most comprehensive consumer financial information and financial planner referral service. We also have a number of other resources including SMSF’s http://www.imperator.com.au/superannuation/smsf.asp info, Legal Will, Power of Attorney, Grant of Probate and Prenuptial Agreement Kits http://www.imperator.com.au/legalkits.asp , Finance Forum http://www.imperator.com.au/finance_forum/ and more.
Originally posted by Imperator:Hi there
We have great reading material on Self Managed Super funds and it is well worth the read and you can also pick up a free booklet from the ATO which will give you some guidelines on SMSF’s and what they recon is the benchmark in funds before it is worthwhile.
cheers
http://www.imperator.com.au Imperator Financial is Australia’s most comprehensive consumer financial information and financial planner referral service. We also have a number of other resources including SMSF’s http://www.imperator.com.au/superannuation/smsf.asp info, Legal Will, Power of Attorney, Grant of Probate and Prenuptial Agreement Kits http://www.imperator.com.au/legalkits.asp , Finance Forum http://www.imperator.com.au/finance_forum/ and more.
Thanks Imperator..
What do you think is the least someone contemplating establishing a SMSF should havein their fund?
Any thoughts on best strategies currently being employed in the Market Place?
You may generate some interest here..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI think i remember asic indicating someone should have around $150,000 in super to make setting up their SMSF worthwhile. Other companies have suggested as little as $50,000.
Terryw
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I know people with $10k in a SMSF and get a better return than a fund would give them.
CATA
Asset Protection Specialist
[email protected]I would agree with Terry. About $150K is a minimum for establishing a SMSF.
We have closed a number of SMSF for clients with under $50K as the establishment costs (around $1,200-$1,500) ongoing accounting costs (around $1,200 – $1,500 per annum), annual audit costs (around $500 – $600) for the majority of people is more than the ongoing fees you will pay to a professional fund manager.
Most people who ahve SMSF’s with levels below $150K are usually, not always but usually, unable to devote the time and effort to share trading which is really the only investment you could make with these levels of funds. Over $150K will allow you to look at commercial property and provided the structure is such that the trust is not deemed to be a part 8 associate, then residential property.
Originally posted by coastymike:I would agree with Terry. About $150K is a minimum for establishing a SMSF.
We have closed a number of SMSF for clients with under $50K as the establishment costs (around $1,200-$1,500) ongoing accounting costs (around $1,200 – $1,500 per annum), annual audit costs (around $500 – $600) for the majority of people is more than the ongoing fees you will pay to a professional fund manager.
Most people who ahve SMSF’s with levels below $150K are usually, not always but usually, unable to devote the time and effort to share trading which is really the only investment you could make with these levels of funds. Over $150K will allow you to look at commercial property and provided the structure is such that the trust is not deemed to be a part 8 associate, then residential property.
I’ll be luck to have $150k in my “Not so Super Fund” [grrr]by the time I’m 65 [blink]
Lucky I’ve got a few Properties..
I’ve heard of people using under $30k as well, however as CoastyMike said establishing, running and audit costs eat into your monies..on the other hand your not paying money to fund managers who find it hard to keep up with market averages.
Lastly, I believe the Government is tightening up the rules here yet again due to the “Huge” SMSF market?
REDWING
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi All,
I just set up a SMSF with only $35,000.
One of the big advantages for me was that Sunsuper could only offer life insurance of $40,000… Not a lot really nowadays.
With our SMSF my wife and I are now both life insured for $330,000 each and because the cost of the insurance is paid by the SMSF it’s tax deductable.
Cheers, Nobleone. [biggrin]
“Making mistakes is just another another tool for learning.”
Nobleone
what were your costs involved and your investing plan with the SMSF?
Wasp
**************************************************Its not what you earn but what you do with what you earn
Hi WASP,
Setup – $895
Life Insurance – $1,260 paInvested in mezzanine finance returning 20% pa
Cheers, Nobleone. [biggrin]
“Making mistakes is just another another tool for learning.”
For most people, SMSF are a question of cost – but there are other points of interest to consider.
Matters like control, the ability to combine superannuation with a partner (eg providing larger capital backing whilst funds are still accountable to each member), tax deductibility of personal insurance (although there are access issues to address with TPD payouts) and a greater, active involvement in your retirment savings are all things to way up.
We have a number of clients with varying SMSF balances. The main ongoing costs of accounting and audit fees can always be negotiated to – simpyl by changing accountants. Can’t instantly turn around to Fund Manager or their admin team and say ‘Hey, your charging too much or lets talk bottom price’. SMSF’s can be alot of work but also quite exciting.
Nobel..what mezzanine investments are you looking at with a 20% return? Always on the look out for new SMSF investments.
Hi Property WA,
I’m investing in the mezzanine through this Brisbane based company…
http://www.asianpacificcorp.com
They provide a host of financial services.
They are a good crew. The guy to talk to about mezzanine is Matt Mercer, tell him Barry from Beerwah sent you… I’m sure he’ll laugh out loud (inside joke)
Cheers, Nobleone. [biggrin]
“Making mistakes is just another another tool for learning.”
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