SMSF Strategies

[moreld]

I have created a Excel spreadsheet for 2008-09 SMSF Taxation.
You can download the free spreadsheet here
http://www.fusioninvesting.com/2009/08/preparing-your-own-self-managed-super-fund-smsf-tax-return/

I guarantee it is worth every cent you'll pay for it

As many people on this thread have pointed out super laws are a nightmare and managing your own SMSF and tax is not an easy task. However, if you're a control freak like me and enjoy managing your own affairs then I hope this spreadsheet is of some use.

Please let me know if there are any errors in the spreadsheet and as always double check everything yourself as I take no responsibility for the use of this free tool.

 

[bongcso]

As many people on this thread have pointed out super laws are a nightmare and managing your own SMSF and tax is not an easy task. However, if you're a control freak like me and enjoy managing your own affairs then I hope this spreadsheet is of some use.

Hi Dean
Thanks for sharing your spreadsheet, it is very generous of you to share it for free. I wish you had posted it earlier as I have just appointed a new accountant to do my 2009 tax for my SMSF. Like you I think I am a bit of a control freak. I always do a pro-forma of my own tax to check against what my accountant does. I have started doing our own individual tax returns since last year after I attended a course from H&R Block, but I did not feel confident enough to do my SMSF tax return. I will try out your spreadsheet and maybe do it next year.

I prefer to DIY if I can. The H&R Block course which cost me a tax deductible $500 was one of the best investments I made. The course paid for itself within a year as we saved ourselves accountant fees of $2000 last year. I also found out that my accountant had made mistakes in calculating the CGT on one of our tax return in a previous year and I have just filed an amendment which should result in a nice tax rebate.

BTW, Great website as well, I have RSS'd myself to keep updated. I also invest in both Australian and US markets using stocks and options. I have also been tracking the Shanghai composite as well.

Christina
http://blog.sli-smsf.com/

 

[Michael9]

My wife has set up a successful business as a clinical psychologist in Canberra (2 years old) and we need to put a superannuation plan in place for her. One of our investments is a serviced apartment in Ascot, Perth which we've had for almost three years. That regularly returns 12% pa and was purchased for $280K or thereabouts. My thinking is that maybe her SMSF could purchase that from ourselves at an advantageous price (i.e low) but representing "full value". The idea would be for her to repay the loan to the SMSF from her business earnings. The property would always remain as a business. Should I be factoring our family trust/other property into the mix?

Any thoughts as to whether this strategy has any legs or not?

Michael

 

[harks11]

Been reading a lot about ETF, IF and LICs. Their proponents talk very strongly for them a favour them strongly over individual shares. To me every middle man between me a the investment is another commission. Thoughts?
Also do we in a smsf get the same tax advantage as share with EFTs etc.

 

[tinhat]

Been reading a lot about ETF, IF and LICs. Their proponents talk very strongly for them a favour them strongly over individual shares. To me every middle man between me a the investment is another commission. Thoughts?
Also do we in a smsf get the same tax advantage as share with EFTs etc.

I'd rather pick the one, two or three stand-out best companies in a sector. Companies with strong balance sheets, strong earnings per share growth and good return on equity rather than have my money spread out across all the winners and losers through a ETF. Even if a sector is on a bull run it doesn't mean that there won't be individual dud companies in the mix. That's what being a small investor is all about - not having to hold all the duds in the ASX 200 - companies such as AMP and TLS which have consistently and steadily destroyed their shareholders equity over the last decade or more.

 

[Julia]

Sensible comments, tinhat. Agree entirely.