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

  1. Sunstoke

    Sunstoke New Member

    Joined:
    7th Jul, 2016
    Posts:
    1
    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
     
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  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    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.
     
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  3. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,619
    Location:
    Sydney, Australia
    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.
     
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