What is the minimum balance you should have prior to opening a SMSF? Opinions on this vary greatly, but the absolute minimum quoted amount is $50,000 and the the usual minimum quoted is $100,000. Some commentators put the figure even higher, last time I checked the ATO recommended a whopping $200,000 minimum balance. With costs to manage a SMSF falling, as the industry becomes more competitive, I think $50,000 is enough. However, the more important question is are you up to managing your own superannuation fund.
How do I setup a SMSF? Please read this article: Self Managed Superannuation Fund (SMSF) Setup
Can I prepare and lodge my own SMSF tax return? Yes, please read this article: Preparing your own self managed super fund (SMSF) tax return
Should I register my SMSF for GST? According to this thread at ASF Registering for GST is only worthwhile if pay a lot of brokerage. You get back 75% of the GST on the brokerage if you register for GST. The downside is you have to do quarterly BAS statements and claim it back. I haven’t bothered to register for GST.
Which is the best SMSF software? Due to the high cost of ownership of MySF and BGL Simple Fund I use and can only recommend GnuCash [Update 7 Nov 12 Free SMSF Software package from Mclowd that will help drive down most of the associated costs with running a self managed super fund.]
- Free SMSF accounting software package
- Preparing your own self managed super fund (SMSF) tax return
- Self Managed Superannuation Fund (SMSF) Setup
- Cost of ownership for SMSF Software/ Accounting Programs
- All articles filed under SMSF
- AllThingsConsider.Biz has an excellent has an excellent library of SMSF articles.
Free SMSF Tools and Spreadsheets
GnuCash is an excellent free double entry accounting system.
I have created this free Excel spreadsheet to help prepare my DIY SMSF 2008-09 tax and CGT.
SMSF Blogs and Sites of Interest
- SMSF Investment Strategies Sharing Simple Strategies for Self Managed Super Funds. They provide a good free sample of an SMSF investment strategy.
- Switzer Super Report Investment Advice for the smart SMSF
If you have or know of other sites that should appear on this list then please leave a comment on any post of use the contact form at the bottom of the About page.
Please note, the above is for entertainment purposes only and should not be considered advice. I am not an accountant and am not qualified or registered to provide advice. You should seek independent advice and not rely on any information written here.