Talk to your accountant or find one. Keep in mind that it is not worth to start a own superfund with a small amount of money as the accountancy, auditing, and registration fees will eat badly into your investments.
Your accountant is probably the first step. He/She can establish the fund for you through services offered to their firm. I would also suggest that you talk to your existing superannuation people as well abt the issues that concern you.
Once the fund is established, your accountant should help you roll over the existing superannuation into the new one and apply for TFN, ABN etc.
Then, you use the funds to buy assets that will provide for a future income.
Dale or H&R block representatives ;-)
Do you have a rule of thumb for how much money should you have before starting your own super fund? What is your estimate of the average compliance costs? A $170p/a compliance costs sound very very cheap (too cheap?). Actually anything less than 1K a year would be fabulous. I pay much more than that to my existing pathetically performing super funds who consistently manage to loose money and still charge a commission.
To be honest, I would be simply thinking long term holding of shares of my choice in "my" super fund. Maybe I just love to be in control of my own money, not have someone I don't know make such decisions for me. The IT bust has IMO left some very good buys in that sector. For example Oracle and some of the B2B enablers (if they survive they will have a bright future).
If my company has it's own super fund supplier, how often can I move my money into my super fund?
No, we have clients who insist on setting up their own fund with as little as $1,000 in it because they want to take control of their money and because they believe they can do better than the suxperts.
I have heard all sorts of magical numbers used from $5,000 through to $250,000.
You have costs to the Government each year of about $80 to $100 and then accounting costs and the cost of an audit. All up, somewhere between $750 and $1,000 is reasonable.
I have a few clients who transfer funds from their employer once a year and one who does it monthly. A lot will depend upon the fund itself.
Austin Donnelly's book keeps suggesting $80,000 as a minimum. I think that's going to put a lot of people off.
My own suggestion would be, that if you know (think) you have the ability to perform better than your funds manager- enough better to cover compliance costs- then do it yourself.
If you have $20,000 and you know you can get 10% pa on that, and you funds manager returns you 2% and charges management on the top of that (like my super fund) then $1,000 pa compliance is probably worth it. But if you have $500,000 and don't have the knowledge (or confidence) to do better than your fund manager, then don't fo it.