One of my biggest financial mistakes was not setting up a Self-Managed Super Fund (SMSF) earlier to take control of my retirement savings. The flexibility and investment choices available with an SMSF can be game-changing, but navigating the complexities can be daunting without the right guidance.
Timing the right investments and managing compliance is notoriously difficult, even for seasoned investors. Consulting with a financial advisor can provide tailored advice to help you make the most of your SMSF, from tax strategies to portfolio diversification.
I've been working with a financial advisor ever since I started managing my super fund. Knowing today’s financial climate, the challenge is understanding when and where to invest. My advisor carefully selects the right assets and manages compliance, ensuring my SMSF grows steadily. Over the last year, my fund has seen a growth of over 90%, thanks to their expertise in setting up and managing everything efficiently.
Great info, I suppose you could use your super as deposit for buying investment property rather than buying in the SMSF. You could pay 10% interest as a return
The government obviously wants to discourage misuse of super funds, as there were cases of people buying jetskis and such from their funds, but if the investment can generate income, it should be permitted. However, as smsf’s were becoming so popular, they had to introduce fees to make it less attractive. Then the super funds wouldn’t be losing so many clients. The returns from my super have been dismal, and it would not take a great deal to beat them, but the massive fees are a real stumbling block.
@@DavieMach thanks for your reply! One more thing I want to clarify, the tax rate 15%, 10%, is this only applied every year before retirement age, then after retirement age, there would be 0% regardless whether I use it or leave within SMSF?
This video was really helpful! I do have 2 question I was holding you could help answer: Investment income/returns on property, for example if you purchased a commercial property with your SMSF does all the income have to go straight back into the SMSF or is there a way around that? Also, do all the members have to reach retirement age before any member can access the funds for retirement? Cheers B
Can we withdraw before retirement age 60+? If not, why would we get 15% tax charged? Or regardless whether you take it out, for rental income or dividends, you still pay tax?
You can but there are strict rules when withdrawing. It’s basically not possible if you want to take it out to invest. Best to speak to an accountant or financial planner.
If I set up family trust to invest first, can I rollover to SMSF when approaching to retirement without capital gain tax incurred? If company is the trustee under family trust, can the same company be trustee under SMSF, then I don't have title change in my assets?
The big benefit you havent mentioned is when the market falls, retail funds cannot dump $4 billion in falling shares, there isnt enough liquidity in the market to buy those shares, whereas you as an individual trustee can liquidate a falling share early let if drop and save heaps of loss. Then you can if it is a wise decision get back into it and ride it back up. This is the actual large benefit.
Timing the market hey? Hmmm you know how that usually goes, especially those “investors” who can’t stomach a 5% drop, don’t forget the taxes and fees involved in that, even if “timing” works out..
hi davie, companies seem to be charging a premium to do the reporting on this, i literally own bitcoin on my smsf, its for holding.. no trading whatsoever, just one chunk of bitcoin... is it easy for someone thats useless at accounting stuff... to do this on my own?
No, that’s the thing with crypto It’s too new so it’s really expensive to manage as accountants need to spend the time to ensure it’s done right. It takes twice the amount of time to do it. Regulation and compliance in Smsf is a lot already and crypto makes it worse.
If your managing bitcoins, and your finding it hard to monitor the funds. Basically all accounting firms struggle like David said. Just a tip there is a website offer monitoring feature for bitcoins makes the process so easy. As junior Accountant I myself use it. Give it a go you might find it helpful.
What if I basically already know the tax and finance stuff? Why can't I pay $0 on admin fees and just do it all myself? Surely it would be just like doing stuff on the stock exchange? but only where it's its own account?
@@DavieMach Thanks for the reply. Just wish there like a "locked" share trading account that gets funded by your super contributions where you choose the company and the share amount with discounted trading fees.
Good video! Very informative but yeah as others have said, why can't retail funds invest in crypto. In the states you can in your 401k. And this is the same place as the SEC we are talking about. Totally incompetent and corrupted organization. Here in Aus, ASIC need to pull their finger out and stop hampering innovation, as demonstrated by their roadblocks to CBA offering Bitcoin. There's literally no reason NOT to allow this. Other countries have spot ETF and even use it as their legal tender. Australia's financial system is really looking backwards I'm sorry to say. This SMSF thing looks like a pain in the arse
Unfortunately not everybody is well educated and understand investments, crypto and SMSFs. I have heard horror stories of people losing all their super. There are regulations in place to protect people. But I do understand your frustration.
@@oxoalan1 keep thinking that and enjoy the inflation and working till you 70. Work smarter, NOT harder mate! I'm on the side of BlackRock, Van Guard, Fidelity, Franklin Templeton plus 100s more but I can't be bothered explaining to keyboard warriors
Hey mate, im 30 years old and have a decent amount of super already im willing and happy to lose investing in Bitcoin, looking at moving to an smsf to do this, can you confirm if this is possible or not currently? Also if i understand correctly you can withdraw captial gains but just pay tax at my personal tax rate? any clarification would be greatly appreciated.
@@The_Wandering_Donkey it is 100% possible to buy crypto in your SMSF. However the second point, no the funds are not to be commingled. That's actually illegal. The SMSF Funds have to stay with the SMSF as it is its own legal entity. Let us know how you get along. There are only few people that will do Crypto SMSFs
I am very interested in learning more. Do you provide services that would assist me in gaining the information required? If so how do I contact you and what are your fees?
One of my biggest financial mistakes was not setting up a Self-Managed Super Fund (SMSF) earlier to take control of my retirement savings. The flexibility and investment choices available with an SMSF can be game-changing, but navigating the complexities can be daunting without the right guidance.
Timing the right investments and managing compliance is notoriously difficult, even for seasoned investors. Consulting with a financial advisor can provide tailored advice to help you make the most of your SMSF, from tax strategies to portfolio diversification.
I've been working with a financial advisor ever since I started managing my super fund. Knowing today’s financial climate, the challenge is understanding when and where to invest. My advisor carefully selects the right assets and manages compliance, ensuring my SMSF grows steadily. Over the last year, my fund has seen a growth of over 90%, thanks to their expertise in setting up and managing everything efficiently.
Sounds interesting! Could you share your advisor's information? I'm looking for someone experienced in SMSFs.
Just ran an online search on his name and came across his website-it’s clear he’s well-educated and experienced. Thank you for sharing!
I worked for a financial planner and now I understand by viewing your videos. Thanks!
Thank you for watching :)
such an important yet complicated topic, thanks for the video!
Glad you liked it!
Thank you for that info. You made it easy to understand
Thanks for watching!
thanks for this simple yet very informative video.
Glad you liked it
Awesome reality check break down , love it 👍
Glad you liked it, Michael!
Great info, I suppose you could use your super as deposit for buying investment property rather than buying in the SMSF. You could pay 10% interest as a return
The government obviously wants to discourage misuse of super funds, as there were cases of people buying jetskis and such from their funds, but if the investment can generate income, it should be permitted. However, as smsf’s were becoming so popular, they had to introduce fees to make it less attractive. Then the super funds wouldn’t be losing so many clients. The returns from my super have been dismal, and it would not take a great deal to beat them, but the massive fees are a real stumbling block.
Nice informative video in less time
Glad to know you learned something new with us!
Great informative video!
Thanks !
What fees would be involved when investing in precious metals?
Excellent explanation
Glad it was helpful!
well explained, thank you
Glad it was helpful, Varun!
Hi Kuan, could you please do a video on an in specie transfer of investment property into your smsf account 😅
Can I transfer my current super balance which generated from employer to fund my SMSF?
ofcourse, you can also provide your smsf details to your employer so they can pay directly to your SMSF instead
@@DavieMach thanks for your reply! One more thing I want to clarify, the tax rate 15%, 10%, is this only applied every year before retirement age, then after retirement age, there would be 0% regardless whether I use it or leave within SMSF?
Yes up to the transfer balance cap of 1.9m. the tax is the profits/income of the SMSF.@@trace.l1977
Anyone know what the admin fee breakdown is?
Accounting fees & bookkeeping fees - 2000 - 3000
Govt fees + misc - 300 - 500
auditor fees 200 - 400
Can you assist me how smsf works
This video was really helpful!
I do have 2 question I was holding you could help answer:
Investment income/returns on property, for example if you purchased a commercial property with your SMSF does all the income have to go straight back into the SMSF or is there a way around that?
Also, do all the members have to reach retirement age before any member can access the funds for retirement?
Cheers B
Yes to both answers.
You could take the money out earlier under exceptional circumstances but most of the situations you will get taxed heavily.
Very insightful
Thanks!!!
Can you review the Stake Super offering?
Haha sorry can’t review another competitors offering
Can we withdraw before retirement age 60+? If not, why would we get 15% tax charged? Or regardless whether you take it out, for rental income or dividends, you still pay tax?
You can but there are strict rules when withdrawing. It’s basically not possible if you want to take it out to invest. Best to speak to an accountant or financial planner.
If I set up family trust to invest first, can I rollover to SMSF when approaching to retirement without capital gain tax incurred? If company is the trustee under family trust, can the same company be trustee under SMSF, then I don't have title change in my assets?
Yeah there will be capital gains issues unfortunately.
The big benefit you havent mentioned is when the market falls, retail funds cannot dump $4 billion in falling shares, there isnt enough liquidity in the market to buy those shares, whereas you as an individual trustee can liquidate a falling share early let if drop and save heaps of loss. Then you can if it is a wise decision get back into it and ride it back up. This is the actual large benefit.
Thanks for adding that, Kip!
Timing the market hey? Hmmm you know how that usually goes, especially those “investors” who can’t stomach a 5% drop, don’t forget the taxes and fees involved in that, even if “timing” works out..
Unable to time a market sounds like a benefit to me. Most people lose huge timing the market
@@razadaza9651Lol my thoughts exactly
hi davie, companies seem to be charging a premium to do the reporting on this, i literally own bitcoin on my smsf, its for holding.. no trading whatsoever, just one chunk of bitcoin... is it easy for someone thats useless at accounting stuff... to do this on my own?
No, that’s the thing with crypto
It’s too new so it’s really expensive to manage as accountants need to spend the time to ensure it’s done right.
It takes twice the amount of time to do it. Regulation and compliance in Smsf is a lot already and crypto makes it worse.
If your managing bitcoins, and your finding it hard to monitor the funds. Basically all accounting firms struggle like David said. Just a tip there is a website offer monitoring feature for bitcoins makes the process so easy. As junior Accountant I myself use it. Give it a go you might find it helpful.
My friend wants to know why Dave hasn't ironed his sorry. Is this trustworthy? 😉
Great info on the video. Thanks!
What if I basically already know the tax and finance stuff? Why can't I pay $0 on admin fees and just do it all myself? Surely it would be just like doing stuff on the stock exchange? but only where it's its own account?
It needs to be signed off by accountants and auditors
@@DavieMach Thanks for the reply.
Just wish there like a "locked" share trading account that gets funded by your super contributions where you choose the company and the share amount with discounted trading fees.
Great education
Glad it's valuable to you!
15% tax rate is standard across super regardless of SMSF
‘Tax free’ - unless the balance is over 3m 😢
Which despite being a rarity for most in 2024- with inflation will become ‘standard’ within a generation…
Good video! Very informative but yeah as others have said, why can't retail funds invest in crypto. In the states you can in your 401k. And this is the same place as the SEC we are talking about. Totally incompetent and corrupted organization. Here in Aus, ASIC need to pull their finger out and stop hampering innovation, as demonstrated by their roadblocks to CBA offering Bitcoin. There's literally no reason NOT to allow this. Other countries have spot ETF and even use it as their legal tender. Australia's financial system is really looking backwards I'm sorry to say. This SMSF thing looks like a pain in the arse
Unfortunately not everybody is well educated and understand investments, crypto and SMSFs. I have heard horror stories of people losing all their super. There are regulations in place to protect people. But I do understand your frustration.
And now you've seen SBF and FTX go down, you * still* want to speculate on unproductive crypto gambling?
@@oxoalan1 keep thinking that and enjoy the inflation and working till you 70. Work smarter, NOT harder mate! I'm on the side of BlackRock, Van Guard, Fidelity, Franklin Templeton plus 100s more but I can't be bothered explaining to keyboard warriors
Hey mate, im 30 years old and have a decent amount of super already im willing and happy to lose investing in Bitcoin, looking at moving to an smsf to do this, can you confirm if this is possible or not currently? Also if i understand correctly you can withdraw captial gains but just pay tax at my personal tax rate? any clarification would be greatly appreciated.
@@The_Wandering_Donkey it is 100% possible to buy crypto in your SMSF. However the second point, no the funds are not to be commingled. That's actually illegal. The SMSF Funds have to stay with the SMSF as it is its own legal entity.
Let us know how you get along. There are only few people that will do Crypto SMSFs
Wealth advisor = Black
😂😂😂😂😂😂
I am very interested in learning more. Do you provide services that would assist me in gaining the information required? If so how do I contact you and what are your fees?
Hi Andrew - check out box advisory services for further information. A quick google should get you to our site