I need lots of help with this one, I have been researching, umming and aggghhing about how to even start my investment portfolio and of course life has thrown a spanner in the works so I am expecting my third baby in April. But I am really keen on getting an investment property sooner than later. I recently went to a new accountant for my tax return to told me a little about using your super and it all makes sense but I'd like to ask loads more people.
So is it usually an accountant who sets these up? Does anyone have any recommendations on who can I talk to in Melbourne?
Between myself and my husband we have $85 in super, not locked in at all so we can easily change. This accountant quoted me around $1000 to set it up with a yearly fee of $1200.
hi Kat13
an accountant can help you with setting it up.with super it is so impt to do it correctly else it can be non complying. the 2 accountants that i know set up smsf are:
Benny Berkowitz from KNP Solutions
Angelo from Chan & Naylor
hope that helps. Good luck with your investing.
Try http://www.esuperfund.com.au
Great site and free for the first year.
Am in the process now of changing over. So far so good.
If anyone else has gone down this track, would like to know how you got on with the Esuper system.
Good luck
Thanks for the link Brady5 its got me thinking
just a few questions for the pros on this subject out there.Can you withdraw the profits if you bought a cashflow positive property or do you need to reinvest it within the superannuation limits?
Also how does the members thing work? Can unmarried partners pool their superannuation money together to purchase a property?
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
You cannot withdraw money from super till you are retired. So you'll need to leave profits in a bank account or reinvest them from the smsf.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
That's what i thought
still more money for another property Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
The Dark Knight wrote:Thanks for the link Brady5 its got me thinking just a few questions for the pros on this subject out there.Can you withdraw the profits if you bought a cashflow positive property or do you need to reinvest it within the superannuation limits?
Also how does the members thing work? Can unmarried partners pool their superannuation money together to purchase a property?
Yes, unmarried partners, married partners, people with mustaches and eunuchs can all join together joint together to form a SMSF. But you have to ask yourself can you work with other people all together?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Eunuchs with mustaches ?
$1200 yearly fee is excessive. What is this for exactly? I just went through my SMSF's first tax year end and was charged only $660.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Jac is half right.
You cannot normally access your Super until you are "pension phase" however if you can prove financial hardship you can access it at any time.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yep fair point Richard
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Yep fair point Richard
My wife and I have set up with E super . We have found them to be good with most of the work done for you (Tax returns audits etc etc ) .You just have to fill out the forms and their are a lot of forms. Setting them up is complex but they made it easy.
As Brady5 said the first year is free and then I think its $699 a year for every thing (good value).
They do restrict you a bit in who you get your mortgage through (they would get their cut) but apart from that all seems to be going well and we are currently in the process of setting up the loan and buying our first IP.
Paul
Thanks for all the info guys, will look into all of that. Yeah I thought I should shop around first because it didn't sound too great paying $1200 a year….that's just what my accountant would charge me…god knows for what.
Esuper sounds good as I'd like to have my tax returns etc done in the same place too.
It really takes a careful thinking when financial issues are involved. I think, you have to further analyze the factors you have in hand.
just a few questions for the pros on this subject out there.
still more money for another property 
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