Not to gloat...but FWIW; I emailed my accountant from Pt Morseby Airport today about I.D requirements & Trust documentation for setting up a bullion storage account & Share Trading Account. (Needs J.P certification or equivalent for I.D. and Trust Documents etc) They phoned me back saying they already had scanned copies of my I.D. on file, incl. Trust Documents etc and were legally allowed to 3rd party vertify them. Had it all sorted within the hour... no charge.
IMO..I would never use these types of low cost setup SMSF's as they put too much work load back on you and it's easy to make a mistake if you lack time and or knowledge. These innocent mistakes could cost you dearly. I see too many here getting into SMSF with too little and with a focus on PM's. Anyone with more than 20% of their Super in PM's is simply gambling rather than investing. A recipe for a bad ending.
Just my opinion and many will challenge it. I just see here on the forum a few younger investors really keen to take control which is a normal response with a thinking person. However the haste to do it through these cheap SMSF set ups has risks beyond the immediate benefit.
I disagree, but then I've got to live with the consequences. As far as paying budget accountants, you gets whats you pays I guess. Fuck I hate learning shit constantly. The hard way!!!
well the way i see it is that i can waste my super more efficiently and cheaper than an industry superfund can. and i may aswell gamble it on pm's because its very unlikely that ill ever actually get to see the money i make from it anyway.
+ Hey DBP, remember when we were talking about collectables and esuper about 6 months ago? Looks like it bit me on the arse it did.
