self managed super, page-21

  1. 5,851 Posts.
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    Hi Dom,

    Seems like a bit of a lull on this forum just recently.

    I am sure some more qualified than me might give you some tips here in a day or two. In fact, one H.C. poster on this forum has a website that answers many questions and you will get a fair bit of info by looking back at the subject titles on this forum.

    Firstly, spend a few minutes and read up on the following link (Is Self Managed Super right for you?)which has four key questions that could help you decide.

    http://www.fido.gov.au/fido/fido.nsf/byheadline/Is+self+managed+super+right+for+you%3F?openDocument


    Here are some basics.

    As you are self employed in business perhaps you have a good accountant you should talk to. It is difficult to tell you too much without knowing all kinds of details,
    married? salary? age? etc.

    Set up costs - these can vary. You could shop around thru google - "self managed fund cost" or similar, and also SEARCH in this forum.

    Once set up it is not difficult to operate a SMSF.
    A SMSF can consist of 1 -3 members.

    They say it is best to have about $200K to kick start your fund, (this can be difficult if you are the sole trustee/member) and if you are married, perhaps with your wife working, that could make two of you.

    Depending how much your current contributions are worth at MLC etc, you could "roll over" from those funds into your own SMSF to build up your SMSF fund to a reasonable level.

    You might have some personal share holdings that could go into your fund to help bolster it.
    You would need to check on your personal tax implications
    if any of your personal holdings were showing profits.

    It is probably harder for you (depending on your circumstances) as a sole member SMSF.

    The tax benefits are certainly worthwhile as profits in your super fund pay 15%.

    If you find that your circumstances warrant you forming your own SMSF, I don't think you will ever regret doing so as long as you keep on top of it.

    A SMSF has to be audited each year, again, the cost can vary but roughly $375 - $500.

    Good luck, and like I have said, some smarter people than me here and if you are uncertain of anything just keep posting here and you WILL get replies.
 
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