How are you working this Yip? Are you buying from a dealer and receipting it? Storage etc? I'd be intrigued to know your story as your a relative young chap and SAVVY with the process...
Thanks RythDoctor - will take that as a hellova compliment coming from you Yes - my purchases for the SMSF are all above board ... properly receipted etc to ensure no problems down the track with compliance etc.. Purchase from a dealer... I became disenchanted at the performance of my stock standard super account with Colonial and saw it lose 30% or more a couple of years ago during the GFC. Decided to take matters into my own hands and have never looked back since. Can definately recommend SMSF - do mine through esuper as well. No problems... happy days
Interesting... Well I've looked and got around 10k in my super since starting work just over a year ago in Australia. Have emailed Esuper, lets hope its good in terms of a setup potential. I'm keen on maximising my potential - perhaps even loading up with my tax rebate metals and putting them into the super fund... I understand your not originally Australian Yip - are you a permanent resident for the purposes of this being set up - its the final bloody hurdle I don't yet understand... And... I'm happy to compliment whenever possible - I'm keen to become a SAVVY PIKEY see...
Thats kewl - i started my SMSF with only about $15K and havent looked back since. Have more than doubled that over the past year. I've found esuper to be pretty thorough and havent had any issues with them. And i can be rather pedantic - even anal at times... so if i'm happy i'm sure you'll be too. You'll receive a welcome package from them through the post and it will contain all the paperwork required to setup the fund - all neatly typed out etc - ready for you to sign etc. They even mark where you need to sign etc.. It was a bit of a ballache getting everything "JP certified", but i just went around to my local bank branch and got the manager to certify the copies etc for me. all bank managers are JPs i think. But its a pretty idiot-proof process - everything you need to do is clearly spelled out for you ... hell even a dummy like me could do it all no worries yes thats right. Am a citizen now though, but i dont believe thats a requirement for a SMSF. in fact i'd hazard a guess that you should be able to setup a SMSF as long as you're liable for paying super, which pretty much means as long as your here working legally. as an obvious example, if you were here on a tourist visa you wouldnt be allowed to work anyway, so no super payable, so could not setup SMSF... lol - i can savvy that you're savvy!! :lol:
Awesome stuff... so are you stacking and then storing or trading with your stack? I'm hoping they call me soon - I wanna access that PM money - last week!
Nah - i'm pretty much just stacking... dont think i'll find anything anytime soon that would be a better investment for my SMSF than physcial PMs. see my edit above.
Awesome stuff - I've got a number of JP's I see down lodge so can easily get it signed off, thank God thats not a problem. Got me very excited this! A proper outlet/purpose for my stacking at last - least the missus can't moan any more - its for my retirement.
you sh1t stirrer you ... :lol: The missus has made some quite serious threats in the last 3o seconds ... some very unpleasant things await me if i dont log off here and come to bed immediately!! oh well....
The problem will be rolling the super you have into the new fund - industry funds can be a pain in the arse when it comes to releasing "your" money into the new fund. I already have a self managed super fund (I'm in it with my family) but because there are 4 of us in the fund I can't buy the PM's I want (I can't convince them). I have just set-up another fund with e-super and I'm going to roll all of my wife's super into it. Hopefully it'll all be in place before the next lot of lunars are released - if I can get a hold of them I'm gonna buy: 4 x 1/4 oz, 2 x 1/2 oz and 1 x 1 oz gold Dragons. 100 x 1 oz silver and a few silver proofs and proof sets. I've always loved Dragons and can't wait to see what they are going to look like!!
I found it pretty hassle free rolling my super out of Colonial into my SMSF... Not sure how any fund can prevent you rolling your funds out? That would be unlawful. As long as you have the relative code or whatever from the ATO indicating that you're a compliant fund - thats pretty much all your old fund will need ... oh yes, and the bank account details for your SMSF
This should be the case and they can't prevent it. I'm gonna name names here but we spent literally 6 months arguing with REST to release my younger brother's super into our SMSF. It was ridiculous - thet needed this letter and that letter and the trust deed and blah blah. We sent all of the documentation 3 times and they finally did it after we issued a writ. This could be one of those 1 off horror stories but it was just unbelievable. I'm hoping my wife's is not going to be this way.
Colonial took 10 days to roll over my wife's super. I was absolutely gobsmacked - considering 3 days of that was taken up by postal delivery and 4 days were weekends.!!!!! In their terms and conditions they state allow 20 days for rollovers. Maybe the recommendations in the Cooper Review regarding roll-overs has had an effect.
Could you guys explain the trustees, cant you establish the SMSF by yourself? How many there has to be...If a trustee is in the SMSF, like my partner, would her Super have to be rolledover to the SMSF...Not sure why cant I just proceed with everything by myself, without needing trustees...Appreciate if you can explain the trustee and trust deed aspects which I am not familiar with...
Your spouse can be a trustee and no she does not have to rollover anything. you need minimum of 1 trustee so you + someone else
