Whats the minimum??

Discussion in 'Superannuation' started by iceblue, Jan 3, 2012.

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  1. aussiebuyingmachine

    aussiebuyingmachine New Member

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    We just started one with $zero!

    We will, of course add funds into it by rolling over the ineptly managed funds we already have.

    Bonus for us - free to set up and first years management and audit fees waived. Sweet!
     
    aussiebuyingmachine, Jan 8, 2012
    #21
  2. nonrecourse

    nonrecourse Well-Known Member

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    Does that mean your compound growth will be many $zeros :p

    Kind Regards
    non recourse
     
    nonrecourse, Jan 19, 2012
    #22
  3. Sultan Pepper

    Sultan Pepper Member

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    What's your progress on this iceblue? I've been looking into a SMSF over the past few months but tend to get responses like the following from friends in accounting:

    'It is true that you need roughly $250,0000 as to be a complying fund you need to lodge a tax returns and have the financials audited each year by an independent auditor. These fees can add up, and can be quite high unless you have a decent size fund.'

    Would be very keen to hear the steps you've taken to get the ball rolling
     
    Sultan Pepper, Feb 21, 2012
    #23
  4. MetalBug

    MetalBug Member

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    Just use esuperfund.com.au

    Flat fee of $700 a year which is lower than most superfunds even if you have $1,000 to start with.
     
    MetalBug, Feb 21, 2012
    #24
  5. Kawa

    Kawa New Member

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    IMO setting a SMSF will be the best move you ever make.If you are a younger person with a small amount don't be discouraged.The fact you are thinking about super and trying to provide for your future is what counts.Once you make the move you then become engaged with this asset and you will work it hard .
    It's not what you start with it's what you keep on the way and how you manage it as you go.PM's IMO should be about 10% max in a super fund.

    Good blue chip shares with full imputations credits are a must as well as cash.

    Bad stuff will continue to occur and liquidity is important.
     
    Kawa, Feb 25, 2012
    #25
  6. Sultan Pepper

    Sultan Pepper Member

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    Do you use that at the moment? is it easy enough to work in some personal insurance or is that only an industry super thing? Just looking across my current fund (REST) and have some life had it set up with a low level of income protection and life insurance too.

    Certainly looking forward too kicking off my own fund!
     
    Sultan Pepper, Feb 28, 2012
    #26
  7. MetalBug

    MetalBug Member

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    Am not aware of any personal insurance with this package. I think insurance is a scam but thats only my opinion.

    I am also in PM 100% for my superfund. Why 100% because thats where I want my super right now. In 2-5 years time it might be 100% in shares or spread across multiple currencies.

    But right now its PM 100%
     
    MetalBug, Feb 29, 2012
    #27
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