You've covered a lot of ground in your bullet points - I've inserted some comments that may be of assistance - however, they are absolutely only specific to the points raised (ie cannot draw complete conclusions)
flinders wrote: "Just to make sure I am on the right track, this is what I understand to be correct as follows:
1. Set up my own smsf with my wife and myself as trustees. - yes - or corporate t'ee
2. Transfer all of our industry superfunds into smsf. - yes - you can elect to do this (watch you don't inadvertently cancel life ins)
3.Use this money as a deposit on an apartment thru the smsf. - yes (generally speaking you need to have at least 30% deposit plus 'onroad' costs)
4.Rental money pays of investment apartment loan. - yes in addition to quantum of rent and % of borrowing - usually need ongoing contributions to assist
5.After the loan is paid of, the money accumulates in my smsf tax free. - only if in pension mode (otherwise net income taxed at 15%)
6.If I decide to sell the property under 1 year, we pay 15% capital gain or over 1 year 10% capital gain tax. - correct if in accumulation mode but would be nil if 100% of member entitlements are in pension mode
7.If I keep this property in my smsf until my retirement age 60yrs old, I can draw an income tax free. - yes if in pension mode (also possible to a large extent between 55-60)
ps i'd have hoped your existing accountant would at the very least found this out for you
