Cheers to all, and thanks to @rurenga for creating this thread.
Nothing I write should be construed as legal or investment advice, but a brief summation of structures we have used for our financial management.
We created a Family Trust in the 70's, and established an Approved Deposit Fund in the 80's which we morphed into an SMSF as soon as they became available in Australia.
We have always had Corporate Trustees (CT) (Pty Ltd companies) as trustees because they facilitate continuation of the Trustee even in the event of the death of a member of the FT or SMSF. The Directors of the CT can be changed easily if necessary, and can include 2, and up to all 4, members of the SMSF. This allows for family asset succession planning, retirement and tax optimisation. We have our lawyers review our Trust Deed TD about every 10 years. Our SMSF TD allows investment in almost anything in almost any %'age including bitcoin.
We bank with one of the big 4. All our investments go through either our personal, FT or SMSF accounts, which pay a bonus 3% monthly on all cash deposits (conditions apply) We give our accountant 'read only' access to our accounts, so everything we do is digital.
Our EOFY accounts are available for digital audit by 2nd July, and for digital lodgement with ATO by about 8th July. We pay approx. accounting fees $2,900pa SMSF, $900pa FT, and audit $500pa. 2 payments to ASIC pa, and Legal costs about $1,000 per decade. That is it - no other fees payable anywhere for anything. Each of our portfolios are at the upper end of the numbers suggested by @SmugLex.
We 'Mark to Market' our portfolios every EOFY for tax purposes. This means all taxes are paid/claimed annually, and buy or sell decisions are easy because the SP is current (even FMG).
I highly recommend the ATO and smsfconnect.com. Both are very supportive and provide a weekly bullitin.
