Much appreciated. From your post, I got a bit understanding that I control the money and the mid-man (the company if SMSF with) providing some kind of paper work.
esuper
- Thread starter argentinian
- Start date
Much appreciated. From your post, I got a bit understanding that I control the money and the mid-man (the company if SMSF with) providing some kind of paper work.
TA
Margin loan? No.
Gearing to buy property within your SMSF? Yes, subject to certain conditions. Few lenders offer the appropriate type of loans, the LVRs are relatively low and interest rates higher when compared with borrowing outside a SMSF.
We haven't explored this option for a number of reasons. Perhaps someone who is currently researching this - and there are several forumites who are doing so - may be able to give you more information on proceeding down this path.
Cheers
Lynn
Margin loan? No.
Gearing to buy property within your SMSF? Yes, subject to certain conditions. Few lenders offer the appropriate type of loans, the LVRs are relatively low and interest rates higher when compared with borrowing outside a SMSF.
We haven't explored this option for a number of reasons. Perhaps someone who is currently researching this - and there are several forumites who are doing so - may be able to give you more information on proceeding down this path.
Cheers
Lynn
Changes to the SIS Act effective from 24 September 2007 now permit superannuation funds to borrow money of a limited recourse nature for investment purposes in certain circumstances.
This has opened the door for property investment in super.
The article below goes through a case study of buying an invesmtent property in an SMSF and gearing with a line of credit. Although there is legislative risk, the tax benefits of a strategy like this are compelling for the right person.
http://www.apexpartners.com.au/arti...ion/why_not_own_property_through_a_smsf_.html
I've been with "esuper" now going 18 months and am satisfied by their operation.
The only thing that has concerned me, is that there is no name or physical face to the company that any client can contact. They responces to my quiries have always been fairly quick but always under a "Client Services Team / ESUPERFUND PTY LTD" tag. However after speaking with ATO about them, they came up clean.
They're audits and tax returns seem to be in order and timely, but then i am no accountant.
For what they charge and offer, it suits me fine.
The only thing that has concerned me, is that there is no name or physical face to the company that any client can contact. They responces to my quiries have always been fairly quick but always under a "Client Services Team / ESUPERFUND PTY LTD" tag. However after speaking with ATO about them, they came up clean.
They're audits and tax returns seem to be in order and timely, but then i am no accountant.
For what they charge and offer, it suits me fine.
Only one problem with esuperfund - and that will affect many here.
If you want to purchase a property through your SMSF - and you will need to borrow (eg from NAB or STG) - then Esuperfund DOES NOT do that on your tax return.
Hence I have had to move to another provider , away from Esuperfund.
If you want to purchase a property through your SMSF - and you will need to borrow (eg from NAB or STG) - then Esuperfund DOES NOT do that on your tax return.
Hence I have had to move to another provider , away from Esuperfund.
From my experience esuperfund is a good entry point to get into running your own fund and getting a feel for it due to the low entry fees and ease of setup. Your main bank account is with ANZ. You get a comsec login and password, all money is moved from your ANZ account upon contract execution automatically.
However, in order to purchase property via instalment warrant you would need to update your SMSF trust deed to be compliant. There are people/ websites such as www.lawcentral.com.au that can update your trust deed for a low fee to be compliant with recent SIS act legislation.
You only need esuperfund to prepare your tax return and audit for the first year, where they charge $599 for the privelige. Separate to that is the $150 annual fee charges by the ATO which is unaviodable. After that you can move on.
Please be mindful of the trustee responsibilities in running your own fund, it is not for everyone.
Cheers
Bern
However, in order to purchase property via instalment warrant you would need to update your SMSF trust deed to be compliant. There are people/ websites such as www.lawcentral.com.au that can update your trust deed for a low fee to be compliant with recent SIS act legislation.
You only need esuperfund to prepare your tax return and audit for the first year, where they charge $599 for the privelige. Separate to that is the $150 annual fee charges by the ATO which is unaviodable. After that you can move on.
Please be mindful of the trustee responsibilities in running your own fund, it is not for everyone.
Cheers
Bern
Self Managed Super Fund
The problem with esuper is you cant speak to anyone...and you are limited to share trades only and they get a cut of the action and then charge you for the return and audit...no freedom...i had mine done by Super Retrievers and i paid a one off fee (it was a tax deduction any way) and i have unlimited advice for as long as i want and they also do any additional work at no charge to me...the average tax return and audit is around $800 any way...i am happy with my choice.
The problem with esuper is you cant speak to anyone...and you are limited to share trades only and they get a cut of the action and then charge you for the return and audit...no freedom...i had mine done by Super Retrievers and i paid a one off fee (it was a tax deduction any way) and i have unlimited advice for as long as i want and they also do any additional work at no charge to me...the average tax return and audit is around $800 any way...i am happy with my choice.
I have had clients comes from there as he was doing things out side of their approved accounts, which they did not like.
Also another issue that I found was they did not use a Super product (might have changed now) to produce their accounts so unit information and cost information did not appear to have been kept.
So when the client was not great at keeping this information, it became fun.
I also would question how they do the audit for that as well. I am assuming just a signature on the audit report but who knows i could be wrong
Also another issue that I found was they did not use a Super product (might have changed now) to produce their accounts so unit information and cost information did not appear to have been kept.
So when the client was not great at keeping this information, it became fun.
I also would question how they do the audit for that as well. I am assuming just a signature on the audit report but who knows i could be wrong
