Switching SMSF funds - Aussie Stock Forums

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  1. #1

    Default Switching SMSF funds


    I have a SMSF but am very unhappy with the financial group I use for advice and admin services.

    I am interested in using online admin service e-super , but they require me to wind down my existing fund and start a new SMSF.

    Has anyone done this , or are aware of issues? I would prefer to transfer existing investments and not to cash out and rebuy. Also CGT issues?

    Any help appreciated


  2. #2

    Join Date
    Mar 2009
    Sydney N.S.W.

    Default Re: Switching SMSF funds

    Hi Brad
    Did they say that you have to unwind it all together or to simply rewrite the deed docs?
    Why do you want to go with e-super?
    For their low fees?
    Cheap isn't always the best.
    Last time I checked their deeds they didn't cover buying property so I gave them a miss

  3. #3

    Default Re: Switching SMSF funds

    Thx Billy

    E-super want me to fully wind down current SMSF

    E-super are low cost but the setup with Commsec/ANZ suits me well

    Buying property within SMSF is OK


  4. #4

    Default Re: Switching SMSF funds

    There's another post on here re esuper that may provide additional info. Just do a serach as I don't know how to link.

    You will not get any advice for the flat fee they charge. I mention this because you included advice as a gripe re current provider.

    As soon as you sell an asset CGT will come into play (unless you are in pension phase). So if you have large capital gains you need to consider the tax consequences.

    Why not run your SMSF yourself? - check out the ATO site - there's a booklet you can download that offers advice on how to do it. It's not rocket science.

    Then you'll need to find a cheap auditor and tax guy to lodge the return.
    Hope this helps.

  5. #5

    Default Re: Switching SMSF funds

    Brad, any particular reason you're not actually managing your own SF?
    Often 'professional advice' for which you pay a fair amount, is not as good as you could achieve yourself with a little education and experience in the market.

  6. #6

    Default Re: Switching SMSF funds


    Goal of switching out of current setup is to manage investment side myself - I have been reasonably successful with same for wealth creation outside of super - this has given me confidence to take on board the larger SMSF task

    I just would prefer some help with the admin now - hence my interest in eSuperfund


    Thanks - I found thread and read up - overall looks OK to my needs ( just a pain to have to wind down current fund and start again with new fund )


  7. #7
    awg's Avatar
    Join Date
    Sep 2007
    Newcastle, NSW

    Default Re: Switching SMSF funds

    Hi Brad,

    Pretty sure that you cannot rollover shares from one fund to another without effectivly cashing them out.

    Re property, can be in SMSF, but difficult to use leverage, must be via special non-recourse warrant.

    Esuper are great, but I think they have prescribed conditions to suit there low cost model.

    Be very careful, advice can be needed.

  8. #8

    Join Date
    Mar 2009
    Sydney N.S.W.

    Default Re: Switching SMSF funds


    A SMSF is self managed so I don't see why you have to be with anyone.
    Mine is managed by myself with the assistance/guidance of my accountant

    There is no much managing to do in fact.
    The hardest thing is to get all the information together and online sites such as esuper give you the online managing option but their deed docs from what I know are restrictive.

    If you do have a SMSF I don't see why you have to unwind it.
    All you probably need to do is to convert the deed docs to something standard if it's not already in a standard format.

    I don't know what your deed docs are like but you could ask someone independent like Peter Johnson of CST for opinion on how to convert the docs of what you have to a standard doc.
    (CST sell deed docs btw, that's where I bough mine from)

    I hope this helps

  9. #9

    Default Re: Switching SMSF funds

    I agree with Billy. If you're happy to manage the investments yourself, you just need someone to prepare the tax return and audit. E-super if you want to do it on the cheap. I pay my accountant about $2000 p.a. which I think is very reasonable. This includes all intra-year phone and personal visits for advice as required.

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