Starting my own SMSF
- Thread starter chook
- Start date
Self managed super fund software
I have purchased the software for $660 from Mysf.com.au - I have not bought the deed yet - still researching that. But what I like about Mysf.com.au is that after you purchase the software, you have access to the forum. I have now looked at the forum and so far, the questions are being answered by the software sellers very promptly. But I expect that after more people become more experienced with "doing it themselves", there will be more responses from members themselves. The software sellers also posed a question that if there were enough responses from members, they would try to source a group deal from an accountant to get the audit done at a reasonable price. I get the impression that not enough members yet, but it is possible that it might happen in the future.
I have purchased the software for $660 from Mysf.com.au - I have not bought the deed yet - still researching that. But what I like about Mysf.com.au is that after you purchase the software, you have access to the forum. I have now looked at the forum and so far, the questions are being answered by the software sellers very promptly. But I expect that after more people become more experienced with "doing it themselves", there will be more responses from members themselves. The software sellers also posed a question that if there were enough responses from members, they would try to source a group deal from an accountant to get the audit done at a reasonable price. I get the impression that not enough members yet, but it is possible that it might happen in the future.
Hi Noddy,
I see you are in Victoria so my bloke is no good for you, but I started shopping around because a guy from Melbourne ( on another forum) told me he paid $550 for his annual paperwork to be done.
My accountant told me that there are a couple of SMSF software programs that acct use. They are kept up to date with the ATO requirements and they just punch in the numbers, the software does the returns and generates the appropriate minutes for the years activities.
I just read them to make sure they are right and sign in the marked places, thats it, 30 mins.
Believe me, at $660 he is doing very well, as my SMSF is not very active, term deposits and funds mainly.
Try some suburban accountants, if they don't do it ask them as they will usually know someone who does, I looked in the Yellow Pages, none of the adds said "we do SMSF" but when I rang, more than half said they do them. Prices ranged from $660 to $1100, I used to pay $1400 so I moved
I see you are in Victoria so my bloke is no good for you, but I started shopping around because a guy from Melbourne ( on another forum) told me he paid $550 for his annual paperwork to be done.
My accountant told me that there are a couple of SMSF software programs that acct use. They are kept up to date with the ATO requirements and they just punch in the numbers, the software does the returns and generates the appropriate minutes for the years activities.
I just read them to make sure they are right and sign in the marked places, thats it, 30 mins.
Believe me, at $660 he is doing very well, as my SMSF is not very active, term deposits and funds mainly.
Try some suburban accountants, if they don't do it ask them as they will usually know someone who does, I looked in the Yellow Pages, none of the adds said "we do SMSF" but when I rang, more than half said they do them. Prices ranged from $660 to $1100, I used to pay $1400 so I moved
Accountants view
Hi All,
In the course of the day spoke with my accountant..
he was of the view that you need $80 000 min to make a SMSF worthwhile (Strategic WM says about $75k from memory)when you look at Accountants fees, det-up and auditing costs..he said he'd prefer a min of $100 000
I got a long while to go..
PS- Has anyone heard of a SPECTRUM fund? (involving super also?)
Hi All,
In the course of the day spoke with my accountant..
he was of the view that you need $80 000 min to make a SMSF worthwhile (Strategic WM says about $75k from memory)when you look at Accountants fees, det-up and auditing costs..he said he'd prefer a min of $100 000
I got a long while to go..
PS- Has anyone heard of a SPECTRUM fund? (involving super also?)
I run mine on $50,000.redwing said:
Steve Navra's fund has been running at 11% since July. Or property trusts (as mentioned by Peter Spann) benchmark at 9% income and 3% growth.
If an SMSF costs $2K pa to run, and $2K to set up- how does that compare with your managed fund, after fees? (to be fair, spread the setup costs over 5 years to get a better longer term picture). If you can do better than your fund after that, an SMSF is worth while.
Or, if, like many of us in this forum, properties may have been good to you, and you don't need your super fund for retirement, use the SMSF to learn about share investing.
Francesco said:Deposit money into your bank account for investments. The wrap account can withdraw from it. Note (minute) what cash you are depositing into the bank account for tax accounting later on. You can also transfer shares in specie (no CGT) into the SMSF.
Can a CGT expert comment on whether this is so, would in specie transfer into an SMSF not be a disposal?
Does the beneficial ownership change?, does that matter these days?
Diversify
To those of you that are still working, keep this in mind: on July 1st the new super legislation allowing employees to choose their own fund will be introduced. Might be worth you checking that out. I know where my money's going on July 1....
I'm also doing the homework for SMSF at July 1. I've heard so many levels of funds needed to make it worthwhile, with $100 k being the average and $1000k pa for admin etc. have read the ATO super stuff. can anybody suggest what other sources are worth reading and also is there a belief that property outright (i.e. not borrowed for) will be a good SMSF earner or should we use our SMSF to invest in other aspects (property trusts/managed funds/ direct shares) and continue with our IP strategy unemcumbered by the SMSF regulations? what are people's thoughts?
What I'm finding interesting in the exodus of our money from corporate super plans/funds is how will they react and will the government increase the regime for SMSF to slow down the exodus. Already the super guys at my workplace are handling heaps of enquiry about withdraws/rollovers. as high as 10%.
cheers
What I'm finding interesting in the exodus of our money from corporate super plans/funds is how will they react and will the government increase the regime for SMSF to slow down the exodus. Already the super guys at my workplace are handling heaps of enquiry about withdraws/rollovers. as high as 10%.
cheers
taylord68 said:
The level of funds to start an SMSF depends on your earning growth in the fund, admin fees and what you plan in contributing into the fund.
If you earn enough in the fund to just pay off the admin fees, it isn't worthwhile.
SMSFs can't borrow money so your question about IPs in SMSFs will need to consider that. Of course, some people borrow money in their business and put a whole lot of money into SMSFs but thats a story for another day. I think that if you find a great property with a potential for great capital growth or positive cash flow and your super fund has the money, buy it in the SMSF. If you find a property and you will need to borrow the funds, the depreciation looks great, your personal taxable income is quite high, buy it in your HT / own name. If you have a mix of the two, well, I'd consider the SMSF purely from an asset protection point of view.
The saying "Don't put all of your eggs in one basket" is sound advice for investing in an SMSF.
There is a great deal of worry in commercial funds over the potential exodus of funds and I expect there will be a lot of flash grab tactics by large funds as this date approaches. Large funds also put a lot of pressure on regulators and the ATO to make running an SMSF an expensive and restrictive activity. Still, SMSFs are much better at making profits than the large funds from what I have seen.
Hi diversify - transfer in specie and CGT
If there is a change of beneficial ownership, there will be CGT. However, if you have already purchased shares ATF (your DIY super fund), then there should not be any CGT. Make sure you explain to the wrap administrator, so that the correct price can be identified when including the shares in the wrap account. I am not a CGT expert, but above is my experience.
diversify said:
If there is a change of beneficial ownership, there will be CGT. However, if you have already purchased shares ATF (your DIY super fund), then there should not be any CGT. Make sure you explain to the wrap administrator, so that the correct price can be identified when including the shares in the wrap account. I am not a CGT expert, but above is my experience.
taylord68 said:
Don't forget to check whether master wrap accounts are for you. They are suitable for investing in wholesale managed funds and shares, not so much for IPs. I am with BT wrap, but its fee has increased and initial investment funds has increased to $0.5m. It may also require access through financial advisor, who will want to provide fee for additional service. Next lowest cost master wrap provider (according to an old newspaper article that I have since discarded) is Netwealth or Wealthnet (can't remember which
), which is supported by the financial advisor network of Count.Congrats, if you were born in 1968 (37 yo) and creating your own super. You need the time to earn in a low tax regime and to compound earnings.
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