super

[bundy1964]

I recived a letter from a super company today claiming that self employed people can deposit $5000 a year in super and claim the full amount as a deduction.

Does anyone know if the 10 hours work a week rule still aplies?

Is it worth investing that much capital over the next 25 years with little control over how it is invested or should I self manage a fund ( even charge myself a management fee )

Thanks

 

[Roz]

I just started up my own superannuation fund last year so
that I could trade shares on the stockmarket. Let's just say it has been a very big learning curve, since the stockmarket has been going down all year. Just one word of warning if you
are considering managing your own super fund, you can
not borrow money with your superannuation money. That
limits what you can do with it. The other thing is that it takes
up a lot of time doing all the bookkeeping. It is set up as
a company and therefore requires all the accounting that
goes with running a business.
Roz.