Why do you think they call divorce sexually transmitted debt?:lol: The family court can and regularly does apportion out all of divorcees assets between the parties in this instance you cannot hide behind trust structures Repeat after me hell knows no wrath like a woman scorned. If you are sued your assets are protected in an SMSF..... However if you are sued and made bankrupt you can no longer be a trustee so your SMSF would need to be wound up and transfered to either the retail or industry vultures.,,,, Death by a thousand cuts by any other name. The best advice is choose your partner carefully and never, ever divorce. Kind Regards non recourse
Thanks NR. In the case of being sued and made bankrupt, wouldnt it be possible to instead of winding up the company/trust to appoint a new director/trustee to do everything for the beneficiary (you), or is that not possible with smsf's. Thanks again.
+1. Actually, scratch that and make it a +10. Not even this divorce? [youtube]http://www.youtube.com/watch?v=-rziE39JWfs[/youtube]
No in order to be in an SMSF you must be a member & be either a direct trustee or a director in a trustee company. Kind Regards non recourse
So I've decided that I'm not going to use esuper. To me it seems a bit restrictive and I want to have as many options as possible for the next 50 years til I retire (because the government will likely raise it to 75 by the time I get to that age, unless they get rid of retirement all together) so I was just wondering how this investment strategy in the smsf minutes works. Will I get a template or something when I register the company or will I have to seek it out myself? (will probably get the documents and also register the company with cleardocs) Or will I have to go see an accountant or a solicitor? Any help is appreciated. Thanks
I was hoping id be able to do it myself without having to use esuper. http://forums.silverstackers.com/topic-18559-setting-up-a-smsf-w-corporate-trustee-101.html This thread is about doing it without i think. Maybe im completely wrong though. :s
I just paid an accountant you have to register with this place, register with this etc... While I could have done it, I know I would have got stuck somewhere, so it was easier to use my accountant who had it setup in no time. It did cost a bit more though meh
The main reason I am going with eSuper is because I haven't got the time, energy or expertise to keep up with the rules as the government shifts the goal posts. The can't make up their mind as to what is allowed and what isn't and I don't want to get caught out. At least with someone who does it for a living you have some hope! I am not sure why you think it is restrictive, you get a choice of share trading platforms, term deposit accounts, you can keep precious metals etc. I don't think they are more restrictive than they have to be.
I had a read of the buying investment property part and it mentioned having to get the loan for it from this bank or to buy a commercial property then you have to go with that bank. Though you do raise some good points about keeping up with government rules and whatnot, so ill have to take that into consideration before i take the plunge.
I had a look at property as well, specifically transfering some of my personal properties into the SMSF to help with tax. It wasn't worth it as I would have to sell the property and then buy it back or find another way of making it 'at arm's length' The main reason for me not wanting property in my SMSF is that it isn't very liquid and there are always fees involved, if the boiler breaks down I would need enough available money in the super to fix it and the ongoing costs of property management would need to be worked out through the SMSF etc. etc. I want my Superfund to be as hassle free as possible, it would be nice if it earned money as well. If you have a 400k house in your super fund and the house prices drop and now it is only worth 300k does that present any problems when it comes time to audit how well you are doing or what your financial plan is? It didn't seem to be a problem when my industry super lost the monety so I can't see it being a big problem as a SMSF.
I havent got any property at this age, but i feel i should keep my options in case that changes in the future.
Fykas, Good for you that you are looking at SMSF. Best thing I did a few years ago after having industry superfunds returning less than interest compared to leaving it in a bank. esperfund is the easiest cheapest way to go. Don't listen to people saying its all too hard. Thats rubbish. Their website spells it out very clearly your role as a Trustee including the service they provide. You are at least in charge of your own destiny rather than allowing the Managers, Accountants, Legal Eagles get their bite of the pie. After the end of this financial year you will no longer be able to transfer shares over to a SMSF. Will have to be sold first then the funds transferred. I think it would be very wise to have minimal cash in it, diversify with Bullion silver - gold - platinum - possibly a couple of company shares (If thats your thing). Would stay away from collectables numismatics. Do that outside of the fund if thats your thing. At 55 the goal is to protect what I have and build it up as much and as quickly as possible with minimal risk. You have 31 years headstart over me. You are at the prime age to get into it before the government starts slapping more rules to restrict your Super. If you believe in the Silver story and the pending carnage that we appear to be heading towards, then having Silver for the longterm in your SMSF is a must and preferably Bullion. Have it stored either allocated or unallocated. My preference is allocated. The point being, you can contribute to your super each week and if you have the opportunity to buy some bullion for your Super, just follow the paperwork including recording the purchases in your minutes documentation where the form can be downloaded from esuper's website. Paying $800 inc ATO fees for your Super is nothing when you look at the grand scheme of things. This gives you alot of protection compared to other young people who rather than take responsibility for their future, leave it for others to do at a significant cost. Thats what parasite fund managers are hoping. All the best with it. Cheers markcoinoz
I would be weighing up the advantages and disadvantages between having a house in a SMSF and having one outside of a SMSF, and by 'I' I mean I would be getting advice from someone who knows about these things. And then some more advice from a contrarian. Giving the government legislative powers over your future is as bad as letting an industry superfund play with your money. At any time the Government can decide that they want access to the money you have in your super, they might decide that your money should be invested in government bonds, who knows? They can make the laws and move the goalposts as many times as they like to suit their agenda. With all your retirement tied up in your super I would be worried, most of my investments for retirement are tied up outside of the super. I have a super because the government says I have to have one, they tell my boss how much he has to pay into it and they give me a bit of money off if I want to add extra into it. I will add the amount I have to in order to get the co-contribution, free money is free money. I will take advantage of the pre tax allowances but that is it. I would not be sinking all my future into something as regulated as a Superfund when I can do the same thing outside of a superfund without all the restrictions and auditing and compliance issues. Buying a house is a pain in the neck with all the paperwork that you have to do, buying within a SMSF doesn't sound any easier, I guess it is all down to how much time you want to spend on it! Most people here are stacking gold and silver for their retirement, outside of super, no worries about insurance, no having to keep it offsite and pay for storage, no need to let anyone else know you have it or where you are keeping it. the fewer people who know the better. I am opening my SMSF to take money away from the industry super, as much as I can because some of 'my' money they won't let me have, even though it is nominally my money I have no say in how it is invested and I have no access to it, they say they will let me have it when I retire, they also say that although it is safe from share market volatility, it will be less than what they predicted, because of the share market volatility. The money I am taking out is being done to save that money from further loss and will be spent on silver, gold and if I can get away with it, art. I figure there is less that can be lost in this manner. I wouldn't be taking out a massive commitment and throwing money into a super when I can spend that money outside of super to greater effect. If I could close them all down and recover the money I would but I can't and the SMSF seems the best compromise.
Good post Jislizard. Although we haven't got enough yet to purchase a property through super, it is a tempting proposition but one that needs a lot of research. Regardless of capital gain or loss, the main attraction for me is a steady weekly/fortnightly income stream from rent. That would be great in retirement. PMs and shares won't give you that. Doesn't have to be something huge, we'd be looking for a freestanding, torrens title townhouse/duplex, less than $300k. But you are correct, in warning Fykus not to put in more than he should, as its money locked up and at the mercy of govt regulations.
Id say its going to be a long time before i need to consider property inside or outside of an smsf, id say 10-15 years. I was thinking my strategy would be something like buying pm's for the next 5-10 years or something, hopefully one day being able to use that to build a base for my smsf which i could then use to possibly look at shares or property, depending on what seems like an alright investment at the time. But anything can change between now and then so ill have plenty of time to research the advantages and disadvantages (i hope) and hopefully ill be able to get a better return managing my own super than i would of got using an industry super fund. Ill take a closer look at esuper before i make any commitments, and weigh up the advantages and disadvantages of using that or just using an accountant or something. Thanks for the opinions its much appreciated.
Well the time to buy property is when it is in a slump and the time to sell silver is when it peaks! They might not fit into your time frames unfortunately, they seldom do! They may be giving houses away and silver will be going to the moon in 10-15 years time if you have any luck! It is good to be flexible and you have plenty of time, you can even make a few mistakes and still have time to recover from them!
