So, as a complete numbskull to SMSF - I've just had a peep at the Esuperfund site and wondered how I'd go about converting my 'numbers' super into real money. I've got about 6k in my super from last year (only been in Australia since last january) but figured I could possibly invest this money into bull. Forgive me for the stupidly newbie questions, but here goes: Is it really as simple as it appears on the Esuperfund website? Is there any better/cheaper alternatives? Can I take delivery of physical bullion? I'd appreciate any assistance whatsoever... RD
yes but it's s-l-o-w. began the process about 7 weeks ago, everything is now registered (received finished paperwork last Friday), today we send off the rollover paperwork to old super fund. will probably take another month before it's in our bank account and then we buy. remember you need at least 2 trustees. Don't know. Yes. You just have to specify why you are buying bullion, where you will store it and whether you are insuring it in the minutes of a trustee's meeting. If you are not insuring it you need to explain why.
Awesome shiney - have a mate who works at CommonWealth Financial Planning so will sound him out too. 600 bucks a year for management doesn't sound bad at all. I'm just considering options to maximise my investment stack at the moment, will likely be purchasing gold ounce bull to lock up and forget. Trustees are an interesting point. I would usually use family members but they are currently back in the UK. Do they have to be Australian residents? If so... there's some trustworthy fellas in my lodge I could ask. It's all a bit new to me this! RD
Yes. http://www.aetlimited.com.au/__data/assets/pdf_file/0015/6072/WhoCanBeTrustee.pdf Haven't got a life partner?
Are you a permanent resident? If you aren't, when you leave you are legally entitled to transfer/take your super when you return to your home country. Which would be convenient if you had physical; you can leave and not worry about a fund not transferring your money.
Normally you SMSF should have a business plan or investment strategy that outlines what/how you intent to invest the funds in the SMSF. This assists the auditors in determining whether the fund is complying with the investment objectives of its members. If you speak with your SMSF auditors ...you may find that there is no requirement to specify where you are storing the bullion, there is also no requirement specifying that you must insure the bullion. Its like paying a whole pile of fiat for a whole pile of bullion. If you have pretty secure storage (ie. a secure vault facility)...insurance is probably not that cost effective. depends on how safe you think a vault or some other secure premises are......... but....have a look ath the thread here........just simply titled SMSF's......fullof great information......
pikey, I think that white-metal-man edited my quote with "**....two trustees if you are running the SMSF as individuals........" You can set up a company to be the trustee of your SMSF, but the costs do increase significantly if you want to establish and maintain the company.
sorry......mmm....shiney........ just added a couple bits (wasnt intended to fuzzy up the stuff you have mentioned).......but...as you know there is A LOT of fantastic info on one or two threads that pretty much tries to cover all aspects of the SMSF scenario....really worth a good read!!
We have our SMSF set up with esuperfund and to date have found it as simple as the websites explains. Just read everything carefully and follow the rules in terms of what you can do and cant do. Setting up the fund took a couple of weeks but getting the Cheque from our existing superfunds took over 4 weeks!
As an accountant I am aware of the time involved to properly account and audit for a SMSF and I was very sceptical of esuperfund - generally if it's too good to be true, it usually is. I have checked out the site and at first glance it actually looks alright. I would be interested to get a look at one of their Superfund Trust Deeds to see what they are like - I did see that they recommend Cleardocs for company formation so I assume they would also use them for trust formation and I know their deeds to be ok. We have been speaking about esuperfund at the office today and there's a bit of interest about it around the office. The only thing to be aware of (and I'm not sure how old most of you are) are there are very strict rules about when you can move on to a transition to retirement, when you can take out money and how much and in what form (i.e. Lump sum or pension and how much as a % of the fund).
Cheers chaps - I'm just wondering if it will be worth setting up for me... as I'm not currently a permanent resident - I'm here on a business sponsorship at present so I could technically cash that money out if I was leaving Australia. If I actually set this up now, I'm of the understanding that I could purchase metals with this, but still close it and leave with said metals if that was the case. On a bit of a see-saw with it at the moment. My plans are relatively uncertain see...
our Trust deed from esuperfund has "Trust Deed prepared by Maddocks Lawyers" printed across the bottom.
Regardless of which way you choose to go I would starting looking into the process of cashing out your super if I were you so you don't get caught out on technicalities/paper work that will stop or delay you cashing out your super just before or after you leave.
Thats the trouble - I have no plan of leaving as yet as in January I'm eligible for a permanent residents visa... I don't know if I can cash out now?
WARNING http://www.treasury.gov.au/document...y_Residents_and_Superannuation.htm#P143_15490 I would cash out as much as you can ... if at all possible before you become a permanent resident or I would seriously consider a SMSF with physical so you can take your super with you if you leave, instead of your money being held hostage to a foreign company or government. Depending on your situation might be advantageous to not become a permanent resident?
I agree, gonna have to give this some serious consideration - be great to just set up a SMSF to maximise my buying potential regardless I think...
I got really excited by this thread but I only have $30k and my fees were only about $150 + $78 last year. Granted they made me pay $78 to lose money but it was cheaper than drinking down the pub which is how I usually lose money. With the $700 charged by the esuperfund I would be losing more money to fees than I was to begin with. Damn shame as I was hoping to stack some more silver but I guess it doesn't hurt to diversify. UniSuper and QSuper for the shares, houses so I can go troll on silver stackers and my own personal stash in silver.
Been looking a little more at the pro's and cons of cashing out my currently releasable super into a stack... Apparently if I leave the country now, it is then transferred but with 30% going back into the governments hands. That said, if I stick it into a SMSF, I wonder if this is an effective way to remove that 30% release charge if I left the country? Not sure about this... could do with a chat to a super expert. This is getting further confusing by the day.... RD
You have been charged more fees but as a very simple example if you had got your money into a high yield share like Telstra (just an example - don't hate on me) $30,000 would get you around 10,000 shares and telstra are paying dividends of 28 cents per share so your shares would have earned $2,800 and cost you $700 in fees for a net gain of $2,100 which you could then use to re-invest, buy PMs or sit earning interest. This is a simple example and doesn't take account of tax implications etc but in the superfund you would end up with a refund if you were earning franked dividends.
Just added another PAMP to my SMSF today ... God that felt good! Looking at it another way - it was as good as putting down a 3% deposit on a future family home
