Hi Greg The principle here is that an SMSF is unable to borrow, hence an SMSF cannot hold a credit card. A prepaid card or a Paypal account...
Quite a lot of my clients do. In order to set up your fund, you could consider a DIY set up pack which is very cost effective and gives you...
My main driver for my own personal SMSF is my belief that I can do it as well, or better than other people. Therefore why pay those others.
Hi jeffery85 Whenever people ask this sort of thing, my answer is that "it depends". You can set up an SMSF with individual trustees for as...
Hi Muhanda1 Starting your own SMSF is a popular way to try to improve on the performance of your super fund. Before you do this you need to...
Hi greyst I'm finalising Excel spreadsheets (to be provided with my SMSF set up packs). These are capable of producing the annual report of...
Hi Tony It would be better if you could email me directly about this.
Some online stockbrokers' accounts require customers to charge or pledge the assets of the fund as security for the payment of any debt owed to...
Hi netd The position with establishment costs is as follows:- The establishment costs include all the costs associated with setting up the...
This is not quite the rule. The rule in section 67A(1) of the Superannuation Industry (Supervision) Act 1993 is that if the SMSF borrows money to...
Hi Greg999 I excluded a fund in pension phase from my comments because of the complexities which arise in this area. The main concern when...
The following comments apply if there are no concerns about the fund having to pay tax upon any capital gain event which might arise, and where a...
Yes. Only lawyers are permitted to offer legal advice in Australia!
You are prudently thinking of the possible variations in advance which could cause the scheme to go wrong. I would suggest you and your friend...
Hi leebie1 This can be done, but it would have to be set up and maintained carefully to withstand the scrutiny of the ATO. One thing they would...
Hi Mark This is quite normal and is because your fund is not actually a legal entity. In other words it cannot itself hold assets nor can it...
Dear MAT55 Sorry but I don't think you can get a definitive answer on this public forum because it is completely unsafe to rely on "what...
Dear MAT55 Sorry to hear about your troubles. Normally you would find the answer to all three of your questions in the fine print of the...
Hi dlaalueren Does it have to be in Melbourne?
Hi Mirabella I agree that it is difficult to say whether an SMSF would be right for you but depending on your personal circumstances certainly...
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