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SMSF setup for newbie

Discussion in 'Superannuation, SMSF & Personal Insurance' started by dlaalueren, 28th Oct, 2011.

  1. dlaalueren

    dlaalueren New Member

    Joined:
    28th Oct, 2011
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    Location:
    Melbourne
    First time poster long time reader. Watching my super do NOTHING since I began my working career in 1999 it's time to take control of MY future.

    Can anyone recommend SMSF providers/accountants in Melbourne? If possible ones who specialise or have experience using SMSF to purchase physical Gold and Silver. Has anyone done this?

    I have looked at ESuper but am not 100% sure it's the best way to go.

    Any help that anyone could provide would be greatly appreciated.

    Thank you,
    dlaalueren
     
  2. dlaalueren

    dlaalueren New Member

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    28th Oct, 2011
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    Location:
    Melbourne
    Nothing anyone?

    What about Supereasy in Melbourne? Has anyone dealt with them?

    Thanks,
    dlaalueren
     
  3. jorgon

    jorgon Active Member

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    Brisbane
    Hi dlaalueren

    Does it have to be in Melbourne?
     
  4. dlaalueren

    dlaalueren New Member

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    Hi Jorgon,

    I would prefer it but not an absolute pre-requisite.

    Thanks,
    dlaalueren
     
  5. Billv

    Billv Getting there

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    To me it doesn't sound like you need a SMSF you just need to take charge of your super and perhaps switch to cash and/or DIY options.

    Remember that the SMSF will have at least $2K per year in accounting and other costs.
     
  6. Andrew Newman

    Andrew Newman Well-Known Member

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    5th Nov, 2008
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    Location:
    Melbourne
    Hi dlaalueren

    I work with a SMSF Specialist Advisor and Tax Agent based in Moonee Ponds which is 5km north of the Melbourne CBD.

    His name is Rodney Knobel and his contact number is 9375 7935.

    You mention you want to purchase physical gold and silver but do you intend to purchase any other assets such as shares to diversify?

    Read an article about SMSF's on my website: Self Managed Super Funds

    Cheers
     
    Last edited by a moderator: 2nd Nov, 2011
  7. dlaalueren

    dlaalueren New Member

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    Billv:
    Since I started my current job my super has been in Option A which is 100% Cash, but has only returned 1.238099% YTD. Chicking my super into my Netsaver account with Commonwealth would return better, even with 2k annual fees which I already pay and then some with my current fund.

    Andrew Newman:
    Thanks for your reply. I don't plan to purchase shares. While I know people make a lot of money through the share market, I've seen way too many people's life savings obliterated when the market slumps and I know far too little to trust this asset class with my life savings. I would intend on purchasing phyical bullion and having funds in a Cash account.

    Thank you all for your input, much appreciated.
     
  8. Billv

    Billv Getting there

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    Hi mate

    I doubt that the cash option will earn you less than 4% pa
    and I also doubt that you pay $2K of fees in your current fund.
    If you do pay such an amount will be because you have life and/or income protection insurance.

    The actual fees for the cash option will be very small.
    Check it out
     
  9. Andrew Newman

    Andrew Newman Well-Known Member

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    Melbourne
    Hi dlaalueren

    I thought you may find the following comments from an article called All that glisters isn’t gold of interest:

    "To my surprise, historically, gold has not been great investment and has often been beaten by Australian equities over lengthy investment periods. Indeed, when we convert the gold price to Australian dollars and adjust for inflation, there have been twice as many financial years with negative returns for gold as with the CPI-adjusted All Ordinaries (including dividends)."

    There is a chart which shows the average annual (inflation adjusted) return between 1981 and 2010 for gold was 0.9% and for the All Ordinaries it was 6.1%.


    During an interview on CNBC Warren Buffet commented:

    "So there’s two types of assets to buy. One is where the asset itself delivers a return to you, such as, you know, rental properties, stocks, a farm. And then there’s assets that you buy where you hope somebody else pays you more later on, but the asset itself doesn’t produce anything. And those are two different games. I regard the second game as speculation. Now there’s nothing immoral or illegal or fattening about speculation, but it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something you expect to produce income for you over time…”

    “…With an asset like gold, for example, you know, basically gold is a way of going along on fear, and it’s been a pretty good way of going along on fear from time to time. But you really have to hope people become more afraid in the year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money. But the gold itself doesn’t produce anything…”

    Cheers
     
  10. QuietAchiever

    QuietAchiever Active Member

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    Location:
    Gold Coast, Qld
    Hey dlaaureen

    I have set up my SMSF recently with 4 of my friends and we are investing in an automated currency platform that we make 4% per month on our cash, and our super, which has done so for the last year, and worst case scenario if everything goes to **** we only risk losing 15% of our money. Most will think Im talking **** because forex trading platforms historically dont operate this way, but in a couple of weeks the first and only fully ASIC approved automated trading platform will be available in Australia to the retail sector. Exciting times ahead.

    No im not a licensed advisor or financial planner, and i dont intend to provide financial advice, just sharing my results cause i want others to have the same
     
  11. Terryw

    Terryw Well-Known Member

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    Sydney
    Sounds good, but with 4 people make sure you have your estate planning up to date. You wouldn't want to make a lot of money only to die with one of your friends taking control and your family missing out.

    Watch out fo incapacity too.
     
  12. roe

    roe New Member

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    Andrew can you please call me re financial advoce certificate, on 0430196654.
     
  13. Blueskies

    Blueskies Member

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    Location:
    NSW
    I must say that there are quite a few of these types of automated trading systems that return 4% per month and almost all of them come from the Gold Coast.....many of which are held in SMSF's that have greater than 4 members!!!!!