Hi folks,
I recall reading a forum post recently about a low-cost online SMSF that slashed the establishment costs of a SMSF, making it more feasible to set up your own SMSF with limited funds (unlike the traditional $200k+ suggestions). However unsure if it waqs on this forum or another, and some initial searches have been unsuccessful so far.
Do you know of such a site that you can recommend? From memory the establishment costs were $600-700ish. Unsure of ongoing costs.
Keen to find if there are any SMSF options for a very low super balance, keen to take over control and make my own my investments. Not in property with this small balance but diversifying my interests…
Thanks,
EmmaI think these guys are pretty much as low budget as you can get when setting up your SMSF. The fees and whatnot make it more attractive if you only have $60k or so to invest with, compared with the $200k that you mentioned earlier.
I will be honest, I personally have not looked into these guys, at this stage I do not have a SMSF, but I do plan on setting one up before the year ends. Hopefully by then I will know a lot more about this, or if you can test these guys out maybe you can let me know how it goes?
Thanks Streamline, that site you suggested is doing it for free at the moment a special offer! so i decided to set one up and will update you on how it all goes
wisepearl mentioned a SMSF where you needed only $600-700ish?!?!? does anyone know which provider allowed for this.
Like the rest of you, I also want to take control of my destiny. I don't liek the high management fees of my previous super funds, and I don't necessarily agree with their investing strategies!
esuperfund looks good but they are limited with which accounts you can open to trade/invest with.
there seems to be a huge range out there with setup fees from $0 to $3k, and annual admin fees from $700 – $3k.
After reading your post and reply I too applied with Esuper, seems ok.
yeah they let you trade with commsec and also property, i dont mind high risk investments, you know what they say "when their is blood in the streets buy up big" more people in America became millionaires after the great depression than any other time in history. their are amazing prices for shares at the moment! cant wait to get some bargains.
If you intend buying property within the fund you will need to confirm that the trust deed allows you to borrow and if there are any additional changes /structures required to permit you to do so.
Have you considered some of the industry funds eg cbus which have self managed options? & are low cost ..
gwhile free set up can be cheap smsf areextremely complex and you really should get advice. or it could work out very costly.
Terryw | 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 too would highly recommend esuperfund. As long as you are reasonably savvy and no how to use the internet, do internet banking, buy shares on line etc you will be laughing. When you look at the thousands you would spend between planners, accountants , bankers, bankers planners, etc etc to set up a SMSf the 'traditional way' it makes great sense.
If you want someone to hold your hand and don't know muchg about investing then a bad move – but then so is an SMSF regardless in most cases.
There are some conditions – and fair enough too for the cost. THe deed allows you to purchase real estate as an investment – and to borrow to do so, but only if it is with St.George (they have one lender picked out for ease of audit and application process.
However, if you open asn SMSF with them, and dont invest in shares or real estate but use an on lone savings account (UBank comes to mind) you are guaranteed better returns than the last 5 year rolling average for 'balanced growth' industry or other super funds so if you genuinely want to take some control a great idea.
Not for everyone, but you can use esuperfund with as little as 30 or 40 grand and not soak up thousands in annual fees and 'management' from your accountant.
Regardless, something I have found very interesting, is that the SMSF path while many 'professionals' advise against ( and there is no way your financail planner planner, accountant or otherwisw is going to suggest you use esuperfund especially !!) is that it is terrific to see so many people take an active interest in their future when they have some control over their investments – whereas when you don't have the same level of active involvement with your super, it seems to make it 'less real' . Anyway I won't digress but have seen benefits of a low cost on line SMSF like esuperfund – with the proviso being you go in with 'eyes wide open' and read everything info wise on their website first before you decide if it is right for you.All the best!
Cheers
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