Self managed super fund
Submitted by Shane O on Tue, 2014-01-14 16:15
Hi guys,
have been looking at a SMSF, there are pros and cons obviously does anyone here run one and have tips and or suggestions.
i have done reaserch and do understand there are set up costs and ongoing fees for auditng yearly etc.
thanks
shane
Browndog
Posts: 590
Date Joined: 10/04/12
SMSF
FWIW I have a SMSF, my thoughts on them are that they are expensive to run & maintain, however can be tax effective, offer some freedom that you don't get with retail funds and allow you to easily take advantage of any opportunities that may present. The way ours is set up, in a good year we do very well, in a bad year we do very bad.
After having one since before the GFC, would I do it again? Yes.
Saying this, they are not for everyone, I think you need to have around $200K at least before they become viable?
My thoughts only, I'm interested to hear the thoughts of others.
BD.
lastcast
Posts: 218
Date Joined: 04/04/13
smsf
this is my area of work you can give me a call if you like will pm
Doooma
Posts: 791
Date Joined: 05/12/09
Very good idea!!although I'm
Very good idea!!
although I'm under the FiRM belief that Aussie shares are going to drop within 2 years 50% at least.
setup smsf and buy a unit/house!
once the shares have fallen a crap load, rebuy into them again!!
Or buy gold bullion!!! I know that the price has dropped, but this is clever works by the powers that be, that are slowly accumulating at the lower prices!
Olliej
Posts: 155
Date Joined: 27/08/12
Dooma and gloomer. No way
Dooma and gloomer. No way will 50% be wiped off unless your saying on average all asx 200 companies are 100% over valued. If that's the case bet against it in cfds and get ready to retire.
Dale
Posts: 7930
Date Joined: 13/09/05
I only have maybe 25%
I only have maybe 25% australian shares, mainly the big banks and miners. All the rest are international shares and a few other things tossed in. All looked after by BT Investor Wrap. Made about 25% last year.
cheers
Dale
"Just because you are a Character, Doesn't mean you have Character."
Mr Wolf
JohnF
Posts: 2838
Date Joined: 07/07/10
Sums I did suggested about
Sums I did suggested about $300k is needed in super before the extra costs of SMSF worth while. The main beenfit is the flexibility to do other things, as suggested above, although this can be a double esdged sword.
Boston Whaler 235 Conquest......getting the flogging it was built for.
bradz
Posts: 693
Date Joined: 29/10/07
Self Managed
JohnF is correct about costs.
You need to ask yourself, what is the reason for wanting one?
Too many people just want to buy properties, but then you have liquidity issues. You cant sell off bedroom 3 when you want to go on holiday.
Also, you still need to diversify.
I did then the best that I knew how. When I knew better, I did better.
sea-kem
Posts: 15013
Date Joined: 30/11/09
Yep you're JohnF. I've
Yep you're JohnF. I've spoken to my financial advisor about this. You need good capital in the fund to be able to buy commercial property etc otherwise not worth doing. There are some really good super funds out there perfoming really well at the moment just need to shop around. Dooma the gold price has dropped recently because share market is on the mend. The American economy has had some good growth lately so good signs.
Love the West!