Self Managed Super Fund

[xyzedarteerf]

I am thinking of starting my own SMSF account. My question is whats the best Bank were I can hold my funds while keeping the fees to a minimum I am aware there are auditing fees that has to done yearly.

I read Comsec's SMSF Manager with a $1430 annual admin fee, does any one use them or others with better value with less fees?

Is there a thread about SMSF here I would love to read more about this subject.

 

[beachbum]

Hi, I have had a SMSF for about 10 years. I manage it myself using Maus Stockmarket software to keep track of my portfolio and prepare reports for my accountant. At years end I print out all reports stating capital gains/losses, dividends, transactions and assets held at 30/06. I send these to him along with bank statements for auditing purposes. Bank is contacted by accountant doing audit to verify bank statments are correct. All up with Superfund fees and accountant it would cost about $800 a year. I have a few days work a year to do myself but I like to keep track of things myself so I don't mind.

Cheers

 

[awg]

Yes, there is a couple of threads about SMSF on this forum, use the Search facility to find them.

I use Esuperfund, they are very inexpensive, check out there website.

You have to use Commsec for the shares though, because they do an electronic audit with linked software, that is why there fees are low

 

[austek]

I have been running my own superfund since january 2003. I use a Macquarie cash mngmnt account to hold enough money to pay me an Alloc pension and I have the utmost respect for them. Free cheques, for all my trading expenses, Computers, parts, repairs, bigpond cable, and the few queries I have are answered by whoever picks up the phone their end.
Very professional.

Early on they suggested to me that the money could be placed in a special account for Superfunds and not just an ordinary CMT. But I'm a happy chappy with this mob as it is.

Rest of the money stays with Comsec for trading/ Investment purposes.

Transfers over to maquarie are easy with Comsec and If I give myself a pay rise it's just a matter of a FAX to macquarie with a signature.

 

[xyzedarteerf]

thanks for the replies. I try and search for the threads.

 

[xyzedarteerf]

Hi, I have had a SMSF for about 10 years. I manage it myself using Maus Stockmarket software to keep track of my portfolio and prepare reports for my accountant. At years end I print out all reports stating capital gains/losses, dividends, transactions and assets held at 30/06. I send these to him along with bank statements for auditing purposes. Bank is contacted by accountant doing audit to verify bank statments are correct. All up with Superfund fees and accountant it would cost about $800 a year. I have a few days work a year to do myself but I like to keep track of things myself so I don't mind.

Cheers

Hi beachbum, do you have life cover on your SMSF?

 

[beachbum]

No I don't. I'm now not self employed so my employers fund has cover for me. I'm lucky enough not to need life cover anyway. If I drop off my wife will have more than enough to live a good life so life cover is not a concern to me or her.