Accountant for SMSF setup in melbourne cbd

Hello all,
I am planning to setup a SMSF to buy investment property and a shares portfolio. Looking for accountant/financial advisor recommendations in melbourne cbd.

Thanks in advance,
Syed

 

I find that for every five enquiries like this approx only one is truly financially positioned to consider a property and this puts the structure and your super at peril. If I was you I would seek advice on the capacity to have a SMSF that can buy property before looking at establishment

1. How much super ? I see heaps of people with under $200K and unless you are looking at cheap rubbish property somewhere its probably insufficient
2. Speak to a broker who knows smsf deals and understand what the out of pocket costs will be and the cash buffer and what happens when a high LVR is badly chosen
3. The broker will then be in a position to indetify the value of a property and based on this then
4. Consider if a SMSF is even feasible then seek this establishment guidance.

Just because a smsf can borrow doesnt make it a good financial strategy. Negative gearing principles DONT apply to super. Quite the opposite

 

Hi,
Thanks for the quick reply.
Pleaae see inline comments.

 

https://redwoodadvisory.com.au/

 

Hi there

Thanks Terry for the mention much appreciated.

Syed, More than happy to have a conversation re your smsf strategy. In discussing the matter with Redwood, we are required to issue Financial Advice to you on the establishment of the fund - this will include your smsf strategy to borrow (sounds like you are open to this which is great). We are brokers also but happy to give you detailed info on how much you can borrow.

The Statement of Advice is extremely informative and will be around 85 pages of detailed info identifying your strategy, your alternatives, your costs, comparisons to your current funds and insurance.

Fun and games.

Look forward to having a chat and my mobile is below.

In any case happy investing.

Cheers Ivan

 

ASIC came out last week to say SMSF balances under $500K, on average, perform worse than retail or industry funds. The costs are significantly higher too.
How much super do you need to set up an SMSF?

Out of interest, are you planning on doing the property investing yourself or through a BA (or similar)?

 

I have posted my views on ASIC gross generalisations here : Anything and Everything about Superannuation

Its like ASIC are now just making stuff up.

 

Here's the article: Got an SMSF worth less than $500k? Think again, ASIC says

The reason I mentioned it here is that ASIC are saying they want to crack down on dodgy property advisors encouraging people to set up SMSFs to invest in property.

 

So they should.

The ATO has just written to a very large number of funds with a single asset (property).
I regularly get enquiries from people with $200-$250K. No way its it enough. The strategy is very high risk and typically will result in a long term loss.

The concept of neg gearing property are a complete opposite for a super fund. You WANT positive taxable income to be as high as possible. Low LVR. Or no loan. Often its those who think of borrowing money and gearing as an opportunity to gear up further and a reason why SMSF borrowings should be curbed. They see a super statement and think of a property they can now afford. Its a poor decision process to approach it that way.

 

If you are still looking for a specialist SMSF accountant that is based in Melbourne also a specialist in property. You may want to consider Denis Durand of Durand Financial Service.
This is a video you may find useful.

[New Video] How To Buy Australian Real Estate In Your Self-Managed Super Fund – By Denis Durand & Konrad Bobilak

 

So the ATO believe this ! ? It appears people are claiming 3x more than what it actually costs.

 

Just happened to have received my 18/19 SMSF report, Accountancy fee $3,454, admin $53, ATO supervisory Levy $259. on 7 figure sum. SFA. Originally started with 200k 6 years ago because the SMSF fees where much less than the poor performing industry fund where any profits went in fees.