Why bother with super contributions if things will be going to sh*t?

Golightly said:
I looked at self managed super it's expensive to set up and maintain, my accountant said would have to be in the millions to make it worth while
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He's wrong.
Just go to http://esuperfund.com.au/ and it takes a few minutes to sign up, a stack of pre-filled forms turns up and you sign them.
few weeks later you get a trust company, associated bank account, share investment account, and metals investment account through bullioncapital.com (MetalDesk)
Rollover all your super into it and you can trade shares or metals all day long. Or just keep it in cash, or buy any other approved investment you want.
$700/year to maintain/audit which is all done practically automatically for you (the online tools to do it are great) , and this is generally much less than the managed super funds charge you. The only "hard" part is if you borrow money to invest in property.
Anyone can do a SMSF these days, so easy.
 
Golightly said:
also as.self employed I'm supposed to pay super for myself as well least by the company when sole trade not so sure,
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Not true. Self employed people, either sole traders or Pty Ltd are not required to pay compulsory super for themselves.
Well, technically as a Pty Ltd you are to every employee including yourself, but as long as you don't complain about yourself(!), there is no one forcing you to do it.

Way I see it in 30 Years when I cam collect mine it will be 75 year old working age, ( if we aren't in a gulag by then.. no way on earth I will ever see it, I don't even look at it anymore, it's just an imaginary account
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That's a foolish thing to do. You should at least keep a track of it and invest appropriately to suit your circumstances.
 
Ok thanks SDJ I will check that link, sounds good, I know art can be purchased with super then you lease it back to yourself, I have plenty I could sell myself if that's the case.
Still presently 30 years off, if S hasn't HTF by then I will be a bit red faced... And annoyed actually I have avoided debt up till now so know institution has anything over me, I could have been loading up on cheap debt like every one else.
 
I can see what everyone is say, all valid points - Im still 30odd years away until I will be eligible to touch my super but...

Myself I feel its pointless in focusing in putting every last cent into your superannuation.

SMSF assets in property, share and/or precious metals, etc.

Put your attention of funds elsewhere instead of into superannuation whereas just let employer contributions in but dont worry about topping up.

Overall each to there own.

Cheers, HAPPY STACKING :-)
 
GRETZKY427 said:
Myself I feel its pointless in focusing in putting every last cent into your superannuation.
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Same here. But it does become very advantageous tax-wise as you approach retirement age. So thee is usually a last minute (<5years) flurry to pour as much into super as you can.

SMSF assets in property, share and/or precious metals, etc.
Put your attention of funds elsewhere instead of into superannuation whereas just let employer contributions in but dont worry about topping up.
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Even if you aren't putting your own money in, it's fun to get a SMSF, another avenue to play with metals using money you can't ordinarily touch.
So anyone who thinks silver is going to the moon can put all their useless super money where their mouth is :D
 
I signed up with esuperfund last year, and I'm stoked to be in control of my retirement money. I used to have the "ignore it, it'll be stolen before I get it" attitude. Now at least I can defend against that. Also happy to be able to access property with it. Intend to buy acreage outright, no loan, no interest.
 
SMSF is the way to go. Lots on the forum in praise of it. Some from myself! Don't listen to those who say its' for millionaires - they've just believed the marketing of those who want to sell you expensive managed funds on high commission in an SMSF. I.e. they want to maintain the same level control over your super as having it in an industry or retail fund.

Careful with art, you need to insure it and there are few insurers who will touch SMSF assets - they are all specialised and expensive. Example, I wanted to buy some Grange and rare Scotch whiskey in my SMSF but when I looked at insuring a future purchase, it only made sense to insure >$15,000 worth with the art insurers. A few cases of whiskey now worth under a thousand $ were entirely over-insured.
 
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