1st time caller....

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Sunstoke, 8th Jul, 2016.

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  1. Sunstoke

    Sunstoke New Member

    Joined:
    7th Jul, 2016
    Posts:
    2
    Location:
    Sydney
    Hey Everyone :)

    Just joined up tonight, found this place via Google search, looks like an interesting place to ask questions & learn.

    I am looking at setting up a SMSF & investing my current Super money into precious metals for the time being.

    The investment / management side is new to me, however I am ready to jump in & take responsibility for my financial future rather than have someone else dictate my financial outcomes.

    What do I need to do in regards to setting all this up? Obviously I need to choose a SMSF, a PM broker, a storage facility, then a yearly audit. What other requirements do I need to be aware of - both financially, legally & tax wise?


    Thanks in advance!
    Tim
     
    Sunstoke, 8th Jul, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
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    41,943
    Location:
    Australia wide
    First thing would be to read the SIS Act and its regulations. This may be a bit complex so start with a good book on SMSFs and look at the legistation as it is mentioned.

    Then go and get some financial advice.
     
    Terry_w, 9th Jul, 2016
    #2
  3. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,412
    Location:
    Sydney
    Hi @Sunstoke - approximately how much will you have to invest in your SMSF?

    The costs of administration and compliance can be prohibitive for smaller balances.
     
    Simon Hampel, 27th Sep, 2016
    #3