SMSF newbie

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Wukong, 29th Mar, 2017.

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  1. Wukong

    Wukong Well-Known Member

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    Hi All,
    In the midst of setting up a SMSF and am a little clueless on how it works :)

    Once we rollover our existing super (AMP) into the SMSF, how does day to day operations work?

    The bulk of funds are going into a business investment but once we start accumulating cash from dividends and contributions, how do we make use of the funds? i.e. to invest in LIC for example.
     
  2. 158

    158 Well-Known Member

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    STOP!

    What is the business investment?

    pinkboy
     
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  3. Wukong

    Wukong Well-Known Member

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    @pinkboy shareholding in a medical center.

    why 'STOP'?
     
  4. 158

    158 Well-Known Member

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    The way it initially reads, it reads like you were putting funds into an actual business venture. Now it is cleared up that it's a commercial property venture, that's OK.

    To answer your second question, you will probably need to set up a trustee company and bare trust within the SMSF and have it written in SMSF investment strategy that's what you plan to use for equity trading.

    pinkboy.
     
  5. Ross Forrester

    Ross Forrester Well-Known Member

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    If you want to learn about smsf go to

    www.smsftrustee.com

    It is a free online course run by Chartered Accountants ANZ. You get a little quiz at the end to see if you have learnt the stuff.

    It is a nice start.
     
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  6. Wukong

    Wukong Well-Known Member

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    it does, it includes the medical business too
     
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Establishing a SMSF generally will require financial advice that will explain all the issues. Only a licensed financial adviser can discuss and provide financial advice about establishing a SMSF.

    A SMSF cannot operate a business. It could result in serious offences. It can own the premises or an interest in the entity which owns the property used in the business also provided that rental income is received.

    There are many ways to structure medical premises and shared services.
     
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