Hi - we're looking to set up a SMSF to buy a property or two in the near future. I've done extensive reading and feel it is a good move for us (we're 35yrs old and have $170k super and experiance in IP). I would love to hear about companies people have used (both good and bad experiances) as well as any other comments. Thanks
Who to use for SMSF set up in Brisbane?
- Thread starter debmt
- Start date
Hi There,
This ones a no brainer - Darryl and Paul (from Price Accounting) who both post on this forum.
I have worked on a few applications with them (have no bias interest) and they have been super knowledgable and quick.
This ones a no brainer - Darryl and Paul (from Price Accounting) who both post on this forum.
I have worked on a few applications with them (have no bias interest) and they have been super knowledgable and quick.
Darryl is from here (I forget his SS username):
Certus Legal Group Pty Ltd ACN 167 465 616
Office: 07 3106 3016 / Fax: 07 3319 6519
Level 17, 110 Mary Street, Brisbane QLD 4000 / PO Box 16235, City East QLD 4002
Certus Legal Group Pty Ltd ACN 167 465 616
Office: 07 3106 3016 / Fax: 07 3319 6519
Level 17, 110 Mary Street, Brisbane QLD 4000 / PO Box 16235, City East QLD 4002
Only a solicitor can set up a trust, including a SMSF.
a fianncial licence is required to give financial advice on fincancial products.
A SMSF is a financial product and there is an accountant's exemption so they can limited financial advice without a licence, but this does not extend to legal advice such as terms of the deed, who should be trustee, structure of a trustee company and succession.
So you need a lawyer and an accountant/financial planner.
a fianncial licence is required to give financial advice on fincancial products.
A SMSF is a financial product and there is an accountant's exemption so they can limited financial advice without a licence, but this does not extend to legal advice such as terms of the deed, who should be trustee, structure of a trustee company and succession.
So you need a lawyer and an accountant/financial planner.
Establishment of a SMSF requires financial advice first and foremost. It is not illegal or slightly wrong for a financial adviser or a accountant to order a SMSF deed and establish a fund. It may be if they say "you could/should setup a smsf" without a AFSL. They also cannot discuss rollovers, transfers, contributions and benefits. That's very limiting.
Some of the issues Terry points out are a issue but most pose no concern and our PI insurer includes such matters in the cover as this is a common issue with financial and even tax advice. In nearly every instance a will is also involved that addresses the revised client issues. It would be foolish to form a trust or fund and ignore estate planning....Off to the lawyers
I reckon one of the biggest errors I see is practitioners who don't read what they sell... I see lawyers who charge a bomb who then use a Cleardocs deed. Then there are some cheap SMSFs that are just a mountain a A4 pages and the trust deed is a fire starter. Few accountants and admin people etc read and know what they sell. I use one that comes complete - Every possible document included so there is no extra cost later. ie Investment strategy, trustee declarations, PDS !!! and more. Few if any legal firm docs are that complete...(I did a review of 30-40 smsf deeds a few years back). One of the biggest concern was around 80% failed the pension rules.....
Why is a AFSL required ?? Cause too many dodgy people reckon a SMSF is a sure bet. Many want to sell you property or do admin work. Personal financial advice has to consider a huge array of issues. $170K is towards the lower end but it is in a do-able area provided you are happy to spend a few bucks and get long term results. Low leverage levels is one of the drawn backs of SMSF lending (and a safeguard). ie 80% max LVR. Even then you need to ensure that level is not leaving a cashburn. It can chew up contributions.
Then again you may also be interested in another structure where a SMSF and yourselves can all invest together. The fund is positive geared and you neg gear you part. This works for some.
My SMSF clients are across Australia (and a few o/seas
). Always happy to discuss offline. My email below.
Some of the issues Terry points out are a issue but most pose no concern and our PI insurer includes such matters in the cover as this is a common issue with financial and even tax advice. In nearly every instance a will is also involved that addresses the revised client issues. It would be foolish to form a trust or fund and ignore estate planning....Off to the lawyers
I reckon one of the biggest errors I see is practitioners who don't read what they sell... I see lawyers who charge a bomb who then use a Cleardocs deed. Then there are some cheap SMSFs that are just a mountain a A4 pages and the trust deed is a fire starter. Few accountants and admin people etc read and know what they sell. I use one that comes complete - Every possible document included so there is no extra cost later. ie Investment strategy, trustee declarations, PDS !!! and more. Few if any legal firm docs are that complete...(I did a review of 30-40 smsf deeds a few years back). One of the biggest concern was around 80% failed the pension rules.....
Why is a AFSL required ?? Cause too many dodgy people reckon a SMSF is a sure bet. Many want to sell you property or do admin work. Personal financial advice has to consider a huge array of issues. $170K is towards the lower end but it is in a do-able area provided you are happy to spend a few bucks and get long term results. Low leverage levels is one of the drawn backs of SMSF lending (and a safeguard). ie 80% max LVR. Even then you need to ensure that level is not leaving a cashburn. It can chew up contributions.
Then again you may also be interested in another structure where a SMSF and yourselves can all invest together. The fund is positive geared and you neg gear you part. This works for some.
My SMSF clients are across Australia (and a few o/seas
). Always happy to discuss offline. My email below.Similar threads
