I'm just wondering awg, or anybody else who's reading, couldn't you put a designated amount into a high interest earning account each week and call that 'your super'? You'd have to be pretty disciplined though.
Any thoughts?
(At least the Govt. couldn't get it's grubby hands on it).
We already have several threads on SMSF's. Before starting a new one, might be good to do a search and add to an existing one as it becomes messy and confusing.
Mods: if you get a chance, perhaps merge this thread?
Here is one with fairly comprehensive discussion.
https://www.aussiestockforums.com/forums/showthread.php?t=819&highlight=managed+super
Re your suggestion above: if you set up a SMSF, then there is nothing stopping you from putting it all into a 'high interest account'. Not sure where you will find such an entity at present, though.
But if you thought you wouldn't bother setting up a SMSF and would just put cash into an ordinary account, calling it Super to get the tax advantage, then no, you could not do that.
Don't underestimate the rules which attach to SMSF. ATO takes these very seriously.
Before deciding, I'd suggest you search the ATO and ASIC websites for all the info about SMSF's.
The main point of Super, whether public or self managed, is the low tax environment. Super is simply a vehicle for holding assets in a tax advantaged environment, i.e. 15%.
The government doesn't get its hands on SMSF money, except for the tax paid.
I never knew you could get it done so cheap.
I am definately setting one of these up. I hate all superfunds there fees are either too high or their performance to low.
I would much rather manage my own super fund. AWG in your opinion what amount of super would you need to make it worthwhile (ie enough to cover fees and growth the account)?
Depends on what outlay you have on accounting and audit costs.
As has already been mentioned, there are the budget organisations like E-Super.
I prefer to have my own accountant, and a separate auditor.
Usually allow around $2000 p.a. for tax return, audit and ongoing advice where required. More than worth the money imo.
The concensus re minimum amount is usually suggested to be about $200K.