Hi all,
I've got roughly $60,000 in my super account and looking to go self managed.
I'm wondering if anyone has any suggestions on the best bank to go with? Which bank has the best SMSF product/support offering?
I'm looking to eventually purchase a property with the fund but until then I'll be investing in cash and shares (both australian and international)
Thanks in advance!
Can you elaborate on this further?
Do you mean like not have the SMSF held with a bank? (Sorry if I've misunderstood!)
With $60K your better off joining a fund that lets you invest in shares directly. It's not really enough to make it worth going SMSF.
Also, the government is considering an ammendment to legislation that allows SMSF's to borrow money so if that goes ahead it will take you a long time to accumulate the necessary funds to buy a property
Hmm I see what you mean.
Do you have an example of a fund that allows that?
For me I love the idea of holding the actual shares of a company and participating in their dividend reinvestment plans etc.
From a tax perspective dividend imputation seems very attractive in the super environment (from a tax perspective)
60k is too small for doing smsf as you have to pay fees. Wait it become 600k.
$60,000 is not enough for a SMSF. Your compliance costs including accountant , auditors etc will eat up any returns you make.
Have a read of the Barefoot Investor for some more insights
You want an arrangement where the entity managing your assets has no incentive to make money from you. For example, you own the entity (via shares with other investors).