Hi to all we are self funded retirees aged 56 and 59 we have a self managed super fund currently using a bundaberg accountant for tax and audit services. Our problem is they charge like a wounded bull and give no information at all. If annyone in the Wide bay area has a reasonably priced accountant, who will give tax and other advice please reccomend them. thanks vic
Do it yourself, it's not rocket science, all you need is an easy to set up a spreadsheet and keep it up to date. You're not required by law to have an accountant, just to lodge your returns. We gave up accountants more than 40 years ago, if you set up your super properly, you can do very well and make claims for many things you use on the road. All you need is a small business operation to work and claim through. We have friends who are self funded retiree's, (retired at 55) took it out of their managed super fund and into bricks and mortar, wit some in short term high paying bank investments (bridging finance). They started a small company buying and selling at markets etc. From that they claim all their expenses against their savings and buildings income and live very well on the road.
Being retired and in this volatile world, it's much better to have full control over your finances and not waste money on useless accountants. The ATO site has all the details you need and there are lots of sites dedicated to simple financial management.
I remember my work super statements showing after fund admin costs I had made 2% on my investment.
At the time, bank term deposits were giving 6% and I reckon that even with tax on the 6% interest I would have been better off having it in a private super fund using only term deposits and no admin/accountant.
I had a number of private shares too not in a fund (self managed), they were ok while I had them and I did my own tax return, but I had to get an accountant to help me with my tax return on those when I cashed them in as it was a bit of a nightmare working it out.
-- Edited by Vic41 on Monday 28th of April 2014 10:26:34 AM
thanks all we just need a better advisor to make sure we are not missing any benefits available, we have been managing it ourselves for 10 years and have done well, i am now questioning if it is worth having a smf at all, tax advantages plus and against. i will do some more study through the tax ofice.
We have used eSuperfund for many years and found them to be excellent they do not give financial advice but can certainly help in any other info you may need I have used their advise on many occasions and you cannot go past the fee of $699 for the return and Audit
hi patto contacted esuper, do you use them or know someone tfhat does, i feel insecure giving bank details away.
vic
Yes, I have been with them for 2 years. They open new accounts for you but only have access to the information for accounting purposes. They cannot access the actual account, so it is safe.
We have had a SMSF for a total of 8 years but the accountant/auditor retired and our fees jumped sky high. That is why I transferred to esuper.
