I am thinking of rolling out of my current industry super fund and looking at ESuper to set up a SMSF and buy bullion. Can anyone who has done this or something please shed some light on the following: I would like to keep some money in my existing super fund to keep my life insurance policy going as I am very happy with it. Around 2k. And I would also continue to have my current employer contributions paid into my existing super fund. Once more funds build up again can I roll over more funds into the ESuper SMSF fund to cover the annual fees there? Also are storage costs for the bullion I purchase through the SMSF paid for with funds in the SMSF? What are the annual tax obligations for holding the bullion? Or is tax only payable once I sell the bullion and possible profits are realised? And any other annual obligations required or does ESuper handle practically everything? Any help anyone can provide will be greatly appreciated. Thanks
In setting up your SMSF you would be wise to have a corporate trustee. Don't listen to the naysayers who bang on about the extra cost. The extra cost is peanuts in the scheme of things. The corporate trustee vis ASIC is cheaper. Then you as the director will need to go through the process of doing an ID check so you can open an account with the Perth mint or whomever. Yes the only tax paid is if and when you sell the bullion before the age of 60. If after 60 and retired, no capital gains applies at the moment. If you live in Melbourne there is a self help group that has been going for 7 years that will teach you how to operate your SMSF at minimum cost. Their meetings are on the first Tuesday every month and the cost is $3 which covers your coffee and hire of the hall. The average meeting has about 100. You will meet a variety of very switched on individuals. Kind Regards non recourse
Thank you non recourse. I do live in Melbourne. Where are these meetings held? Is there a name for them? Thanks
