EvolveMySuper

An update of the recent happenings here at EvolveMySuper including a new SMSF administration solution for trustees, accountants and financial planners, new SMSF trust deed supplier and the upcoming launch of the comprehensive guide – How To Buy Property With Super.

I believe that Self Managed Super Funds (SMSFs) are absolutely fantastic vehicles for wealth building, asset protection, saving tax and looking after your family when you die.

However – they are not for everybody.

This article will look at the reasons why somebody simply shouldn’t have a SMSF. As you are reading, examine your own motivations for having a SMSF or wanting to set one up.

Not all SMSF trust deeds are created equal – which is why if you try searching by yourself on the internet you will find numerous trust deed providers with a range of prices.

When it comes to SMSF trust deeds, it is definitely a case of getting what you pay for.

One common question in regards to the establishment of a SMSF is ‘how much do we need to start one?’

The answer is simple: It depends!

If you read the information out there regarding this subject, you will find that the recommended minimum amount required for establishing a SMSF is $200,000. This figure is based on one thing – the cost of operating an SMSF when compared to the management and administration fees charged by retail and industry superannuation funds.

Yesterday (25th of August 2010) there was an article in the Australian Financial Review (AFR) which illustrates the why a SMSF not only needs adequate insurance cover, but why it is essential that a company as trustee is used – especially when it comes to investing in property.