Hi guys,
I'm a long time reader of this site, but haven't ever posted before so here goes!
I'm thinking about setting up a SMSF and was wondering if someone could help point me in the right direction.
This is my situation. I currently have 3 ip's, so have a fair amount of experience when it comes to buying selling property. I don't have a large amount of money in super, approx $60k. I seem to have lost money in my super over the last couple of years, which I think most people have, however have managed to increase the value of my ip's. So i thought i should take control of my super and see if i can make my money work better. As i don't have a large amount in super, i would need to go in with people to make it cost effective and i believe the max number of people that can be in the one SMSF is 4. So i have found 3 friends that would also be VERY interested in doing it ourselves.
So my questions are, can anyone recommend a company that will both set this up and also manage it? does anyone have any suggests, experience with this sort of thing?
I'm in Sydney.
Thanks for any help you can offer!
I worked inside a SMSF firm that did this, I am a Financial Planner and a Mortgage Broker. The process is easy, but is a little complicated to explain without pictures etc . The banks are on board with this space so it can all be processed well. The trust deeds and property custodian Trust are also purchased at a resonable price as opposed to early 2008 (infancy stages). It requires a little bit of auditing and accounting, but these prices have also come a long way. This is a long term plan that should be carefully thought out. The banks require a little advice (sign off from a financial planner). I am located at Castle Hill. Organise a chat sometime at my expense, your travel time. http://www.birchcorp.com.au
One of the problems when you first start out with your own SMSF is that the costs of administration can be very high compared to the amount you have invested. I only had $25000 when I first started my SMSF but I ended up going with this company
http://www.calleywoodassociates.com.au who are accounants that seem to specialize in SMSF. They seemed the cheapest and were able to quote for setup and yearly administration (including getting an independent auditor to audit the fund) for a fixed price. The service has been really good and professional. They are accountants and Tax Agents though and I don't thnk they provide any investment advice or manage your investments for you, but they have handled the tax side of things well for my wife and my SMSF and have answered all our tax questions throughout the year for no extra charge. It's probably worth a look.I can add that the LVR's have now improved (80%)…. It is game on inside this industry….
You must be logged in to reply to this topic. If you don't have an account, you can register here.
