For the first year, I will go with Commsec for the direct reporting with the audit, in following years once I've got a handle on it all I would definitely consider IB to reduce commission drag, I use them to trade US in my personal account.
SMSF Set Up
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For the first year, I will go with Commsec for the direct reporting with the audit, in following years once I've got a handle on it all I would definitely consider IB to reduce commission drag, I use them to trade US in my personal account.
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Hi All,
I have also set-up our SMSF with esuper and our account has just been finalised a couple of weeks ago. Our super is currently with Sun Super and so far I am happy with them. They got very low fees and the returns I was getting was about 8 - 9+%. However, I have been actively investing in shares during the pandemic and so far I have been getting better returns. So, I thought that if I actively invest and manage our own SMSF, I would get better returns in the long run.
But now that our SMSF is all set-up, I am having a cold feet. Mainly because I am overwhelmed with how to build our portolio once we transferred our super to our SMSF. So, I am researching for ways to do that and getting all the help I can get. I hope this forum will put me in the right direction.
@12Percent, you mentioned you will trade your SMSF using the The Chartists Growth Portfolio. I just checked they charged $880pa for the subscription. I am wondering what's your experience with the portfolio and if the returns are good enough.
Any advice on how to start our portfolio. Looking forward to all your replies.
Thanks.
Hi Chemist,
Have you done much trading prior to the pandemic? Almost any mug with an internet connection has done well in the past six months, as the old adage goes, don't confuse brains with a bull market.
Do you have a process to your trading or do you punt around on the latest hype?
If putting on multiple trades of large sums you aren't used to trading is daunting, then perhaps you need more practice and a system you can trust?
It sounds like you could do with some support, and therefore a subscription like The Chartist would be good so that you know you are trading a system with a positive expectancy.
Whether or not the cost is good value, depends on your sum in your SMSF, it is a fraction of what I was paying in my super fund that charged 0.67%.
The returns over time have beaten buy and hold strategies buy a fair margin, but as with most trend following strategies there will be periods of under performance and periods of considerable out performance, you have to stick with the system for it to work its magic. Short periods and small sample sizes don't tell the full story, the CAGR rate over the last 15 years is impressive.
Happy to discuss further.
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Capital preservation is key. Learn everything you can about risk management. This ebook from Mr. Radge is a good place to start.
https://www.thechartist.com.au/free-e-book-successful-stock-trading-a-guide-to-profitability/
Also join the members forum and read everything written about risk management by peter2 (most content is related to short term trading but the risk management content is also applicable to longer term holds).
https://www.thechartist.com.au/free-e-book-successful-stock-trading-a-guide-to-profitability/
Also join the members forum and read everything written about risk management by peter2 (most content is related to short term trading but the risk management content is also applicable to longer term holds).
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Thanks for your quick reply.
No, I haven't done any active trading before. But I am considering to educate myself. I was just looking at the Trading System Mentor Course that Nick is offering but I guess the fee would be substantial. I am really interested but maybe in the near future.
At the moment, I think CAGR will be a good starting point.
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Thanks Joe for your reply. I just downloaded the ebook and started reading it. Do you need to subscribe first before you can join the members forum?
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All registered members can view the Private ASF Members forum. You'll see it listed in the Members Only Area, near the bottom on the Forum Index page.
Peter's threads can be found in there.
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So after recently receiving my CBUS superannuation statement and only getting a return of around 0.1% profit on managed investment after total fees of around $640 for the year, I have had a gutful.
I actually feel like a mug that I left money in with them for so long...
For years, they took insurance fees for which apparently didn't provide insurance when they weren't receiving contributions.
At the very least, I feel that is deceptive behaviour and obviously not in the clients interest. At the other end of the range, I feel it's posslbly compound fraud and theft...
Will be looking for a change shortly... should have done something before now.
I don't believe the ads about industry super funds. They are for profit organizations, at the expense of those they are supposed to benefit.
A total conflict of interest in my books, completely nuts.
I actually feel like a mug that I left money in with them for so long...
For years, they took insurance fees for which apparently didn't provide insurance when they weren't receiving contributions.
At the very least, I feel that is deceptive behaviour and obviously not in the clients interest. At the other end of the range, I feel it's posslbly compound fraud and theft...
Will be looking for a change shortly... should have done something before now.
I don't believe the ads about industry super funds. They are for profit organizations, at the expense of those they are supposed to benefit.
A total conflict of interest in my books, completely nuts.
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G'day @barney
This thread may be of current interest. Cheers.
Taxes finally sorted out, next thing for me is sorting the SMSF and will go with the same as Skate and the OP @12Percent.
I wonder if the the OP has any more to ad on the experience as being a recent convert.?
This thread may be of current interest. Cheers.
Taxes finally sorted out, next thing for me is sorting the SMSF and will go with the same as Skate and the OP @12Percent.
I wonder if the the OP has any more to ad on the experience as being a recent convert.?
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Had my SMSF with Esuperfund for quite a few years and i am finding it extremely restrictive in what i can trade with it . Thinking of going down the route of managing the audting myself and wondering is anyone out there can give me a ballpark figure on the cost of doing this . Many will find this strange but seeing i am a fulltime pro SPI/AU200 daytrader i want to daytrade my SMSF , piggybacking my day trades super easy as ive already done the work . Its no extra work on top of what i already do outside tapping a key a couple times a day . Anyway curious out there what people are paying to manage SMSF auditing
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I have been running the fund since 2007, but I'm fairly conservative, no day trading or overseas shares, very beige.
So my costs are pretty low, around $1,500 from memory.
You would probably need a niche provider.
So my costs are pretty low, around $1,500 from memory.
You would probably need a niche provider.
galumay
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You cant audit yourself and no auditor should sign off on an SMSF that is day trading, but you will probably find one if you look in dodgy places.
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Thanks appreciate feedback . Somehow i dont think im getting it done that cheap , I dont really want to trade International shares that much tbh . Or any shares for that matter . Its what im trying to get away from , i do well enough trading shares but i can get multiples of return daytrading pretty well nothing but indice . Shares is too much work for the return compared to just trading Indice . Id be happy to never have to do another spreadsheet . I was thinking IBKR as SMSF broker but would even be ok with using IG if its possible . Anyone out there using IG for SMSF . Prefer a one stop shop if its possible . IBKR probably the preferred at this early stage of looking but open to anything suitable . I really only need indice futs/cfd to trade and a few options in the mix so why i thinking IBKR . All thoughts appreciated
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Why wouldnt they sign of on daytrading ? I am not talking about actually auditing it myself , I know i need an accountant . I am saying i will Organizing/managing the auditing instead of leaving it in the hands of Esuperfund where i am locked into their broker . The only reason im doing this is so i can choose .
"managing the auditing myself" as in finding an accountant . I thought i clarified this in my original post .
I am looking for feedback from real life experiences not one line opinions , but thanks anyway
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If you dont mind who are you trading through ? Finding the right accountant will be most important part i think
Ok reading through this atm
What are the setup and running costs for an SMSF?
Many people are in the dark about how much it costs to set up and run their own SMSF, or whether they are paying a fair price for SMSF advice and services.
www.superguide.com.au
Guide to SMSF Setup Costs | BlueRock
Explore the various costs associated with setting up an SMSF. Our SMSF team provides a general overview of what to expect. Check it out.
- Option 2: Corporate Trustee structure – $2,750 GST inclusive (a company is established to act as trustee for the SMSF and all members are directors, this is the recommended structure for SMSFs)
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galumay
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Because its speculating. Its unlikely the fund would be compliant if your deed and strategy allowed day trading.
"A SMSF is able to buy and sell shares in the name of the fund for the purposes of portfolio restructure. However, there is a fine line between this practice and trading multiple stocks on an intra-day or frequent basis in a bid to maximise profits from trading’.
In addition to restrictions for SMSFs in share trading are limitations on geared investments including Margin Lending."
Auditing and accounting are quite seperate, and neither can be done by yourself. You need an accountant to lodge the tax return at a minimum and you need an auditor to audit the SMSF and they cant be the same entity as the accountant.
I assume you mean you want the ability to make all the investment decisions yourself, yes, you can do this as long as you comply with all the requirements of running an SMSF and the Auditor will sign off on your SMSF at the end of the financial year. Obviously record keeping is a big part of what you need to do to run it yourself
I have run my own SMSF for over 10 years, if thats not enough real life experience, you may struggle to find it!
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All what i have read point to the ATO allowing investing but not trading for super.
This is what @galumay was stressing.
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From the research ive done so far i believe i will be able to day trade but i am going to need to consult a professional to get to the specifics of the definitions of the various rules that need to be followed . It's going to be a complicated process but i am willing to go down this road . You can trade CFD's in a SMSF and from the information i have found i should be able to daytrade them . The tax implications of this is what i need to determine by consulting with possibly a tax lawyer . I need to define the trust structure best suited to reduce the tax paid . I will likely not be elligble for the ' standard ' SMSF tax but yet to be determined at this stage . Of course i want to reduce my tax as much as possible but i am willing to pay whats required to get the returns i desire . Lot of work to do and the only way i give up on this is if i hit a full roadblock . Where most see problems i see solutions and until i run out of solutions i will persist . I have skills and aspiration beyond your average SMSF player . If i told you the returns i actually seek you'd tell me it's impossible tbh . I have 2 decades of experience in what i do , i am no half assed rookie . I will be taking full advantage of all the rules i can . I can return 1/2% return daily daytrading on average and i want to reproduce this in my SMSF and if i can do this i will start to take full advantage of concessional contributions on my trading income . I got a plan and i am going to try and make it work , Not a lot to lose if its doesnt work out . Few grand paying consultancy etc . Not easy to find facts on all this online so i need to go make enquires with experts . I have managed my own SMSF for 7-8 years using Esuperfund , i am just sick of not being able to manage it like i want to .
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Please keep us informed, from what i read, even a systemic approach (aka weekly) might be frown upon..but you are right, this is not clear.
And you might be able to do it with an ATO ruling for safety.
Good luck
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Hey @Chipp this might be some use. I use Stake smsf $990/ year for everything. As others have suggested you are going to run into problems day trading in your smsf. I'm not sure how you day trade stuff or whether it's straight futures or options or both. What I do is use Stake(smsf) as my D1 position (gear & bboz) and then outside of the smsf create the position/payoff I want using futures and options.
EOFY contribute the maximum allowed to smsf to lower tax bill.
EOFY contribute the maximum allowed to smsf to lower tax bill.
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