Thinking about setting up Esuperfund + Custodian Vaults for $60,000 PM

Discussion in 'Superannuation' started by placeholderz, Nov 14, 2016.

  1. aleks

    aleks Well-Known Member Silver Stacker

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    Yes you can hold your bars tight at night, but legally they aren't yours.
     
  2. SilverDJ

    SilverDJ Well-Known Member

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    I'm pretty sure I'm the Trustee of my own SMSF :D
    That's the whole point.
    If the Trustee's aren't legally the owners, who is the legal owner then?
    The government? Nope.
    Santa Clause? Nope.

    Don't confuse legal ownership with the inability to gain "personal use" of a SMSF asset, it's not the same thing.
     
  3. SilverDJ

    SilverDJ Well-Known Member

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    The other thing to note with access is that you have genuinely have 100% access to the cash, no one stopping you from taking it right now and doing what you want, subject to the government finding out in a year or two's time of course and pursuing you.

    If it really did come to a Mad Max style SHTF scenario, my SMSF cash (and existing metal) is a few clicks away from being withdrawn immediately.

    Or even a more realistic scenario - let's say you got given 6 months to live or whatever, getting your normal super money before retirement age in those circumstances is possible, but there is paperwork involved and there have been reported cases of super companies dicking people around and they spend their dying days trying to get the money.
    Having instant access to your own super money can be very worthwhile. It's for the the situations you can't think of.
     
  4. aleks

    aleks Well-Known Member Silver Stacker

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    This instant access you speak of, or what you are insinuating is highly illegal, aside from dem feels you get of withdrawing cash and buying bullion in your funds name, good luck with that.
     
  5. SilverDJ

    SilverDJ Well-Known Member

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    Err, no, the access itself is not the least bit illegal, that's how SMSF work.
    When you set up a SMSF, the bank account is under the control and ownership of the Trustees (that's you or me) under the ABN name of the SMSF. In fact mine is linked with my existing personal Commbank login, so I see the SMSF account and money as part of my Commbank "Summary position" total every time I log in.
    Trustees's (and nobody else) are required to have access to the bank account, that's how it works!

    There is nothing illegal about that either, it is entirely consistent and allowed under SMSF law if you cared to look.
    I can legally walk into the bank, withdraw SMSF cash, walk into a bullion dealer and buy bullion with that cash and then keep that bullion under my mattress or bury it in the backyard if I want. The only requirement is that I have the bullion dealer receipt it to the SMSF ABN number (and provide that receipt scan to my SMSF auditor).
     
  6. aleks

    aleks Well-Known Member Silver Stacker

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    Congratulations for understanding the ins and outs of an SMSF, I have done what you describe; walked into a bank, withdrawn cash from the account and bought bullion in my SMSF and yes there is nothing wrong with doing that. Aside from that ...

    :rolleyes:

    If you don't hold it can't spend it you down own it :p
     
  7. aleks

    aleks Well-Known Member Silver Stacker

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    ANYWAY

    ingdirect.com.au/superannuation/tips-hints-guides/shares-etfs-lics.html

    20% GOLD
    20% ETPMAG
    20% ETPMPM
    20% NCM
    20% cash/other investments

    all up about 0.5% management fees per year, on a $60K balance. If you want crack cocaine all in type level of leverage to gold replace the etfs with smaller miners.

    In no way is this to be considered investment advice


    This just gave me a new idea for another topic :lol:
     
  8. SilverDJ

    SilverDJ Well-Known Member

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    You still don't get it? Seriously?

    I'm discussing two separate things here:
    1) Having access to your super money. A SMSF gives you direct access to the cash, but of course it's not legal to just go spend it willy-willy. But it does have a benefit in that you can get the money without any else's permission, and that can be a (legal) benefit in some circumstances. Of course I don't advocate illegally taking the money, but in reality if you really really wanted to you could just take the money and face the consequences several years down the track because you have that direct access to it that you don't have with any other super fund.

    2) The scenario I outlined about withdrawing cash and buying bullion receipted to your SMSF ABN and storing in under your matress is 100% legal and within the rules of SMSF's. If you don't believe that, go read the rules.

    And I ask you again, who legally owns it then? The tooth fairy?
     
  9. GRETZKY427

    GRETZKY427 Active Member Silver Stacker

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    Im early 30s with just under $90k in super in a high growth investments (shares/property/bonds, etc)...but look at setting up a SMSF...

    Cheers, HAPPY STACKING :)
     
  10. SilverDJ

    SilverDJ Well-Known Member

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    www.esuperfund.com.au
    A few clicks and you get a mass of pre-filled forms to sign in the mail, then several weeks later you have a SMSF GST registered company with ABN, a bank account, a share trading account, and a metal trading account.
    Then fill out the usual super transfer forms and the $90k magically appears in your account.
    Fees:
    $800 + $259 a year. For a $90k fund that is about 1.2% a year or so in fees.
    Auditing and tax return is an automated online process taking 10's of minutes a year for basic stuff.

    Do it now before they change the rules and make it much harder for Joe Average to have their own SMSF.
     
  11. vasyav

    vasyav New Member

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    Dear all,

    I'm going to setup the SMSF as well.

    Just one question, if I will choose corporate trustee with esuperfund, will it affect my ability to store gold bullion at home?

    Thank you!
     
  12. SilverDJ

    SilverDJ Well-Known Member

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    I don't believe so, but can't find a reference to verify that.
     
  13. GRETZKY427

    GRETZKY427 Active Member Silver Stacker

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    $800 + $259 a year, is the $800 a once of setting up fee and then the $259 is paid yearly ?

    Assuming this would allow me to create and appoint a Trustee holder for/with the SMSF account ? (sorry Im currently in a Industry Super fund and SMSF's are new to me)

    Cheers, HAPPY STACKING :)
     
  14. SilverDJ

    SilverDJ Well-Known Member

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    No, it's $800 a year admin fee, first year is still free I think. The $259 is a government fee.

    Yes, you become the Trustee of your own SMSF. No one else maintains or controls it, it's your company and you are put in charge of managing your own super.
     

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