I am new to these boards, however I have lurked for a long time. I am hopeful that someone may be able to help me with a question in regard to establishing a SMSF.
We currently have superannuation with Australian Super but wish to establish a SMSF with the view to purchase one investment property through our SMSF.
Our problem is the Australian Super covers us for life insurance and income protection. The rates they charge are vey low and we would like to keep this cover with Australian Super. Initially I thought you could leave a balance in Australian Super to cover the insurance costs as they occurred.
I am now at a stage whereby I am trying to transfer funds from Australian Super into the SMSF account only to find that the ATO forms are stating that the amount must be the full amount from the Australian Super account (it does not allow for partial transfers into an SMSF account). Has anyone done this?
I thought perhaps a way around this is to transfer a partial amount and set up another fund account (ie. colonial superannuation fund account) with the full intention of then transferring that whole amount into the SMSF (and leaving the Australian Super account with the required balance to service our insurance needs).
Has anyone faced this problem before?
Sorry if the post is long winded.
Kind Regards
Jennifer
We currently have superannuation with Australian Super but wish to establish a SMSF with the view to purchase one investment property through our SMSF.
Our problem is the Australian Super covers us for life insurance and income protection. The rates they charge are vey low and we would like to keep this cover with Australian Super. Initially I thought you could leave a balance in Australian Super to cover the insurance costs as they occurred.
I am now at a stage whereby I am trying to transfer funds from Australian Super into the SMSF account only to find that the ATO forms are stating that the amount must be the full amount from the Australian Super account (it does not allow for partial transfers into an SMSF account). Has anyone done this?
I thought perhaps a way around this is to transfer a partial amount and set up another fund account (ie. colonial superannuation fund account) with the full intention of then transferring that whole amount into the SMSF (and leaving the Australian Super account with the required balance to service our insurance needs).
Has anyone faced this problem before?
Sorry if the post is long winded.
Kind Regards
Jennifer