SMSF Query

[ARES]

Looking at setting up a SMSF and using it to obtain property

My question is who would be the right or should I say "better" financial institution to set it up promptly and correctly

I use "better" lightly as there are fees to set it up and they vary with who you go with (Don't want to be burnt)

I understand there are financial institutions that can help set it up, Banks can, private finance companies that deal in setting up SMSF and even accountants

Who has had experience in setting one up and what would you recommend

Appreciate any info

 

[The BIG X]

My suggestion is you start up your Super Fund with your Accountant. He is the one who will be doing your Yearly Tax Returns.
If you are not happy with your current Accountant - then this is the time to move and start afresh.

 

[AvantGardener]

Your accountant.

 

[rdhopkins2]

Be aware of large setup costs and annual review fees.

I don't know that much about it other than property wise it needs to be an investment property if purchasing residential; you can't live in it.

I think you may be able to purchase commercial property but best seek specialist advice.

 

[Papa G]

Set it up with your accountant, but a word of caution, it would appear that the property market is at it's peak and thus you will be buying at the top of the market. If you are buying through one of those investment property companies you are down at least $30k before you start. Most SMSF loans are a minimum 70% LVR these days. Seriously reconsider if you are looking at buying a new apartment. Having all your money in one investment class isn't the smartest idea.

 

[ARES]

Set it up with your accountant, but a word of caution, it would appear that the property market is at it's peak and thus you will be buying at the top of the market. If you are buying through one of those investment property companies you are down at least $30k before you start. Most SMSF loans are a minimum 70% LVR these days. Seriously reconsider if you are looking at buying a new apartment. Having all your money in one investment class isn't the smartest idea.

Thanks guys.

PapaG, the general consensus is that the property market is at its peak, but it kinda has been for at least the last 2 years and it has been on the increase. I don't think property will decrease, more so prices will be not as inflated. the gradual over supply of apartments is what will suffer, but the investors wont suffer, the builders/developers would be the first to be hit and there will be some cheaper bargains at hand. But that is at least one year off.

I think if you want to invest for the long term property will be fine.

Good thing is that consensus says an Accountant is the way to go...