From: Michael G
Hi,
Before I seriously got into property investment, I had an idea I needed to invest, but didnt have a clue as to what. I started to attend all the presentations and seminars I could, and visited quite a number of financial planners.
When superannuation was the go I was advised by planners to get super. At the moment I have 5 superannuations, am I going to consolidate them?, eventually. Basically when I start my own business where super in compulsory, then I'll merge them and manage it myself.
Also, since I didn't know what to do I thought I'd try a little of everything. So I tried stocks, and learnt about options, and I guess I did get blown about by the sales pitches.
Anyway, I did/do have a high income and since I didnt really understand property then tax was a big concern. I don't really like giving the Government 50% of my income just so they can go and increase the retirement benefits. I'd rather waste the money on myself. I'm sure 20-30% of my income is sufficient to fund infrastructure?, it has to be, why else would companies only pay that much?
Anyway, so I did try one of these schemes. Again it was promoted by a license financial planning firm, and some were quite good (unfortunately I didnt know about the wines or fruit ones) so I got a tea tree system.
Anyway, this thread has talked a bit about due dilligence, and research. So I thought I'd scan and post some info direct from the ATO regarding my own particular system.
There are 8 pages, and the limits here are 3 attachments per post. So bear with me, as I submit 3 posts for you.
The info is there for all to read, I welcome your comments...
Michael G
Hi,
Before I seriously got into property investment, I had an idea I needed to invest, but didnt have a clue as to what. I started to attend all the presentations and seminars I could, and visited quite a number of financial planners.
When superannuation was the go I was advised by planners to get super. At the moment I have 5 superannuations, am I going to consolidate them?, eventually. Basically when I start my own business where super in compulsory, then I'll merge them and manage it myself.
Also, since I didn't know what to do I thought I'd try a little of everything. So I tried stocks, and learnt about options, and I guess I did get blown about by the sales pitches.
Anyway, I did/do have a high income and since I didnt really understand property then tax was a big concern. I don't really like giving the Government 50% of my income just so they can go and increase the retirement benefits. I'd rather waste the money on myself. I'm sure 20-30% of my income is sufficient to fund infrastructure?, it has to be, why else would companies only pay that much?
Anyway, so I did try one of these schemes. Again it was promoted by a license financial planning firm, and some were quite good (unfortunately I didnt know about the wines or fruit ones) so I got a tea tree system.
Anyway, this thread has talked a bit about due dilligence, and research. So I thought I'd scan and post some info direct from the ATO regarding my own particular system.
There are 8 pages, and the limits here are 3 attachments per post. So bear with me, as I submit 3 posts for you.
The info is there for all to read, I welcome your comments...
Michael G
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