$6 Party, page-78

I may have worded it wrong, I needed to engage an accountant. The accountant helped set things up, they know the tax laws and changes that continually take place within the tax system. The rules of SMSF allow you one mistake and that's it. Another mistake no more benefit of a SMSF. The rules are very strict. I made one mistake I had a small ASIC bill $6.70 to pay. I paid with cash at the post office. I received a letter from the Tax Department the bill must be paid with funds within the fund. Any more mistakes and I would not have a SMSF. An accountant is a must changes continually take place like the director identification number that came into existence late last year. No ID number no SMSF. I pay an accountant to look after this. .

I my self knew what I wanted when setting up but my accountant advised me every step of the way. With something so important why risk doing things yourself. Even if I were an accountant I would have another accountant look at it just in case. I sacked one accountant and changed from a second one to the present one I have now. These accountants were all within the same company.

Apart from not paying tax in retirement to me having a large holding of WBT it can grow within the fund and no tax is paid. I still have to comply with set percentage draw downs according to age.