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FREE SMSF Setup and First Year's Administration and Tax Return

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FREE SMSF Setup and First Year's Administration and Tax Return
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Lspendinghacker on 08/09/2012 - 14:40 esuperfund.com.au (331 clicks)

This company has been around for awhile now and specialise in setup and management of SMSF.

They are currently offering FREE setup and FREE first year's administration for new SMSF. Existing SMSF's can transition to their platform for free as well but do not qualify for the free administration.

They have various restrictions about which products and service providers you need to use but basically allow you to invest in almost anything you would want with the two main exceptions being foreign real-estate and options of non-Australian stocks.

All investments are held in DIRECTLY in the name of the SMSF. This is NOT a 'wrap account' service.

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  • busterau on 08/09/2012 - 14:45
    +2

    Not sure this is a deal, they give a months expiry on the deal and yet every month it mysteriously gets extended. I believe it has been doing this consistantly for a number of years!

  • pana on 08/09/2012 - 15:29
    +1

    I was looking to setup a self managed super fund about a year ago and had a very good look at all of my options online.

    While these guys might be cheap what I found is that if you have enough super to setup a SMSF the last thing you want to do is go with the cheapest option.. we are talking about your retirement money remember.

    I spoke to 5 or 6 different companies before deciding to go with super funds online. They answered all my questions and gave me all the ongoing support that I needed.

    http://selfmanagedsuperannuationadvisor.com.au/

    • A Banana4scale on 08/09/2012 - 17:31
      +2

      I heard Dixon Advisory was pretty good as well

      • oleglap on 09/09/2012 - 02:13

        They are very good, I used to work for them!

        The benefit of using a well established, full-service company like Dixons is they really make sure your fund remains compliant. For example, if you are about to rich the contribution limit for the year, they'll be on the phone to you. If legislation changes and your constitution needs updating, they'll send you a form to sign. You also got access to financial planners, investment advisors and so on.

        I don't know how proactive these online companies are, but chances are you get what you pay for.

        • joannatan on 09/09/2012 - 03:34

          How much is the cost per year on compliance mate? I know u need pay extra if you are active trading

    • mskeggs on 08/09/2012 - 17:40

      What are their fees? I'm using superannuation Warehouse. The way SMSF works is that the trustee (you or a shelf company) holds the assets, so I'm not sure what the benefit of using higher priced services brings. It's not like you could lose your money if they go out of business, for example.

    • Crownanchor on 08/09/2012 - 18:45

      What are the other SMSF providers? There was very little info, does super funds online allow trading CFD's?

  • djlee on 08/09/2012 - 16:26

    You have to use comsec for share purchases and you can't purchase foreign shares. So I would look elsewhere if you intend to buy shares overseas.

    • Crownanchor on 08/09/2012 - 18:43

      You can buy international shares (CFD) through CMC, and while CMC is not the best company to deal with, there is also the benefit of short selling shares.

      • oleglap on 09/09/2012 - 02:07
        +2

        Beware that if you start actively trading, or short selling, you are in breach of the 'sole purpose' test for SMSF, which could mean your fund is non-compliant.

        This is in place to prevent people from gambling away their retirement savings on speculative bets - and one of the key requirements of the trustees. Same reason you can't buy a Ferrari using your SMSF money.

        I think it all comes down to how strict your auditor is and how much they'll let you get away with.

        Just a warning in case some of you are thinking that settings SMSF gives you full and unrestricted access to your super.

        • joannatan on 09/09/2012 - 03:36

          Can u purchase property in overseas and claim the deduction?

        • Crownanchor on 09/09/2012 - 05:45

          Thanks oleglap very interesting. What if you were using CFD's over a longer period? I have done this in the past on both CFD shares and FX and had exceptional results, and my intention on short selling is to find stocks like RIMM, GRPN and FB, all of which have had large falls. If you have a good performance record at trading the SMSF, you are able to short sell stocks?

        • oleglap on 09/09/2012 - 12:19
          +2

          joannatan, yes, there shouldn't be any reason why you couldn't buy a property overseas and the superfund can cover reasonable expenses associated with maintaining your property. With some of the (relatively) recent changes, SMSFs can borrow money as well.

          Crownanchor, it wouldn't be about your track record, rather about managing your exposure. As long as your downside is limited, you should be ok. I presume a good SMSF administrator/auditor would require you to have stop losses in place - because one bad event can wipe out your entire retirement savings.

  • jackofspade on 08/09/2012 - 18:01

    ING Direct just launched a new super fund that gives you some of the flexibility of a SMSF for a fairly low fee.

  • Yowiefied on 08/09/2012 - 19:25

    Just wanted to add my 2 cents, i've been with esuperfund since the start of this financial year and they have been nothing but exceptional. You sign up, they send you a welcome pack and the paperwork to establish your trust, anz v2 account and commsec account if you choose. Then in about two weeks you're ready to rollover your super. Once that is done you can invest in whichever way you want, be it in commodities, cash, shares, property, bonds, etc. Taking control of your financial future instead of having some fund manager who gets paid regardless if they lose your money or not seemed like a no brainer to me. Can't recommend these guys enough.

  • sydboy007 on 08/09/2012 - 20:03

    I've just signed up with this company. Also had to use ecompanies since I was going to have a single member SMSF and needed to set up a trustee company.

    So far they've been really good. Pretty quick in answering questions I've emailed to them.

    What I like about running my own SMSF is that I now have a relatively fixed fee structure. I'll pay $699 a year for esuperfund to do all the boring admin work that is very important to ensure you remain a compliant fund. There's another $200 fee for the ATO. Share trades with ebroking are just $19 and you get free live data access as well. prob the only downside is the lowish interest rate with the ANZ V2 account, but there's nothign stopping you from opening a ubank SMSF account to get 5.7% interest on unused cash.

    I've yet to have a reason I understand and agree with as to why someone with 500K in super pays 5 times as much fees as someone with 100K of super.

  • [Deactivated] on 08/09/2012 - 20:06
    +1

    I look after approximately 100 super funds in my accounting firm. I think the pricing is exceptional for funds that frequently trade shares. Many smaller DIY funds would be better served with their local accountants. I also could not find anything about their professional qualifications. They do not appear to present themselves as Chartered or CPA and this often helps with the integrity of the organisation.

    • Memo14 on 04/10/2012 - 10:09

      Even for the smallest fund you would be charging more than $599 ?

  • gstfree on 08/09/2012 - 20:49

    Esuperfund is a long established compay. That's nothing more to comment.

  • jv on 08/09/2012 - 22:03

    It's good to see that we are all doing so well out of Ozbargain to be considering a SMSF…

  • JetBombat on 08/09/2012 - 23:47

    How much it costs to maintain SMSF pa? At what point / amount it gives benefits over normal super?

    • A Banana4scale on 09/09/2012 - 10:27
      +1

      when you have over $100,000 super then go for the online smsf
      When you start getting over $500,000, then a brick and mortar smsf is more attractive and manageable.

      • Memo14 on 04/10/2012 - 09:59

        Why I have never seen any benefit other than waste time and money!

  • StewBalls on 09/09/2012 - 01:03
    +1

    I would strongly recommend that anybody considering a SMSF should first go along to one of the free evening seminars run by Centrelink…it is a very worthwhile investment of your time, highly educational for a free workshop.

  • joannatan on 09/09/2012 - 01:15
    +1

    it is worth if you have at least $50k in your super, in average cost you around $1k for compliance

  • mskeggs on 09/09/2012 - 10:47

    An SMSF is a terrible idea unless you are prepared to spend time managing your investments. Assuming you value the management of a public super fund at $0, for which they charge ) 0.5% and up, it is probably break even on c. $50k and a bit in front at $100k. Depends on a bunch of elements too. For example, I can get an extra 1.5% on cash by going to uBank rather than my previous super funds best cash rate. For that alone it is worth it.
    The record keeping is a bit tiresome, especially if you invest in equities.

    • Memo14 on 04/10/2012 - 10:05

      If you invest in equities you are forced to use comsec and they keep records for you . Only off market transactions you need to keep track and report on their automated system once a year.

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