Starting a SMSF

[Pushka]

I use Metastock software and Paritech data as well, I will subscribe to a SMSF newsletter as my Accountant has told me twice not to 'trade' shares.

That is what our accountant stressed too. A super fund cannot be seen to be in the 'business' of trading shares. Your share investment strategy (which should be written down) will need to lose any reference to 'trading' shares; buying and selling shares is ok though.

 

[Sheryn]

What were the accountants and auditors fee's for the SMSF in comparison to the 6% Sheryn?

$1045 & $693 = $1738 Not sure which fee was for what eg. Trust Deeds for Super Fund, starting a trustee company Pty Ltd and accountants fees.

I wanted to wait to pay set up fees from SMSF monies but accountant said fees can be contributions to SMSF (or something similar).

Redwing - Hubby has just under 300K in SMSF set up fees $1738 and approximate estimated yearly fees of 2K


Regards
Sheryn

 

[Sheryn]

$29.95 is ridiculous with IB it is $6 / leg.

Commission considerations are really important especially when you are frequently trading in your SMSF.

Richard
You have written the NO NO word in your post 'trading'.

Our accountant has given specific advice to me since I have previously traded shares and indexes using margin loans NOT to do so in SMSF.

I don't trade overseas indexes anymore as too nerve racking for me due to lack of experience.

Currently, I only have one margin loan open in hubby's name.

SMSF must trading share so I will ensure I do not do this by subscribing to newsletter 'arms length'.

I will have a set written strategy for share purchases and sells which I have not written as yet.

Definitely understand your point re IB commission BUT when I was trading with Macquarie I never understood currency conversion from AUD to other currencies & it took me 3 years to sort it out - and I don't think I did manage to do it correctly eg paid too much tax.


Cheers
Sheryn

 

[Sheryn]

I have subscribed to the SMSF newsletter of my choice and commenced buying.

Currently the ASX sharemarket is expected to have a dipper dip/correction so will see how the 8 shares in our SMSF go.

Strategy is to buy 5K parcels of ASX shares and I can choose from the following shares.

• Conservative
• Growth
• Growth Plus
• Aggressive

Conservative is just not me - so will go with the other three choices.

One thing I didn't mention is that via ComSec I can transfer money via internet so I can have funds in cash investment account earning 4% and transfer into cash management account as I put in buy order, this is a good advantage as often in share trading linked accounts don't earn decent interest.


Cheers
Sheryn

 

[Pat]

Hi Sheryn,

I want to reiterate your post that SMSF's cannot trade or run businesses. There have been practitioners in the past who have promoted this but it just doesn't fit with the sole purpose test of Super which is to provide funds for Retirement.

Using a Comsec account and coming up with your own investment strategy is fine and yes you can buy and sell shares during the year based on long term investment considerations.

Good Luck

 

[tdh78au]

$29.95 is ridiculous with IB it is $6 / leg.

Commission considerations are really important especially when you are frequently trading in your SMSF.

dumb q ... what's IB ? website link will suffice as well