Thinking about setting up Esuperfund + Custodian Vaults for $60,000 PM
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SilverDJ
Well-Known Member
aleks said:
I'm pretty sure I'm the Trustee of my own SMSF
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.
SilverDJ
Well-Known Member
aleks said:
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it really did come to a Mad Max style SHTF scenario, my SMSF cash (and existing metal) is a few clicks away from being withdrawn immediately.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.
SilverDJ
Well-Known Member
aleks said:
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).
Congratulations for understanding the ins and outs of an SMSF, I have done what you describe; walked into a bank, withdrawn cash from the account and bought bullion in my SMSF and yes there is nothing wrong with doing that.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 ...
If youdon't hold it can't spend it you down own it 
SilverDJ said:
If you
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:
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:
SilverDJ
Well-Known Member
aleks said: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 ...
SilverDJ said:
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.
If youdon't hold itcan't spend it you down own it
And I ask you again, who legally owns it then? The tooth fairy?
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
Cheers, HAPPY STACKING
SilverDJ
Well-Known Member
GRETZKY427 said:
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.
SilverDJ said:
$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