Self Managed Super Funds (SMSFs) EXPLAINED

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  • Опубліковано 17 лис 2024

КОМЕНТАРІ • 64

  • @simondiesler5368
    @simondiesler5368 3 роки тому +5

    I worked for a financial planner and now I understand by viewing your videos. Thanks!

    • @DavieMach
      @DavieMach  3 роки тому +1

      Thank you for watching :)

  • @Alrukitaf
    @Alrukitaf 2 роки тому +7

    The government obviously wants to discourage misuse of super funds, as there were cases of people buying jetskis and such from their funds, but if the investment can generate income, it should be permitted. However, as smsf’s were becoming so popular, they had to introduce fees to make it less attractive. Then the super funds wouldn’t be losing so many clients. The returns from my super have been dismal, and it would not take a great deal to beat them, but the massive fees are a real stumbling block.

  • @EdL2814
    @EdL2814 3 роки тому +6

    such an important yet complicated topic, thanks for the video!

  • @smithchip2028
    @smithchip2028 2 роки тому +3

    Great info, I suppose you could use your super as deposit for buying investment property rather than buying in the SMSF. You could pay 10% interest as a return

  • @chipsNrice
    @chipsNrice Рік тому +1

    Thank you for that info. You made it easy to understand

  • @teodoragarbo7296
    @teodoragarbo7296 3 роки тому +4

    thanks for this simple yet very informative video.

  • @kipsandercock3924
    @kipsandercock3924 2 роки тому +8

    The big benefit you havent mentioned is when the market falls, retail funds cannot dump $4 billion in falling shares, there isnt enough liquidity in the market to buy those shares, whereas you as an individual trustee can liquidate a falling share early let if drop and save heaps of loss. Then you can if it is a wise decision get back into it and ride it back up. This is the actual large benefit.

    • @DavieMach
      @DavieMach  2 роки тому +3

      Thanks for adding that, Kip!

    • @razadaza9651
      @razadaza9651 2 роки тому +1

      Timing the market hey? Hmmm you know how that usually goes, especially those “investors” who can’t stomach a 5% drop, don’t forget the taxes and fees involved in that, even if “timing” works out..

    • @Anonymous-vh9tc
      @Anonymous-vh9tc Рік тому

      Unable to time a market sounds like a benefit to me. Most people lose huge timing the market

    • @yeh.80
      @yeh.80 2 місяці тому

      ​@@razadaza9651Lol my thoughts exactly

  • @michealmccoy9249
    @michealmccoy9249 2 роки тому +1

    Awesome reality check break down , love it 👍

    • @DavieMach
      @DavieMach  2 роки тому

      Glad you liked it, Michael!

  • @jakerice6584
    @jakerice6584 Рік тому

    What fees would be involved when investing in precious metals?

  • @brookeillingworth2753
    @brookeillingworth2753 Рік тому +1

    This video was really helpful!
    I do have 2 question I was holding you could help answer:
    Investment income/returns on property, for example if you purchased a commercial property with your SMSF does all the income have to go straight back into the SMSF or is there a way around that?
    Also, do all the members have to reach retirement age before any member can access the funds for retirement?
    Cheers B

    • @DavieMach
      @DavieMach  Рік тому +2

      Yes to both answers.
      You could take the money out earlier under exceptional circumstances but most of the situations you will get taxed heavily.

  • @briannguyen5017
    @briannguyen5017 Рік тому

    Hi Kuan, could you please do a video on an in specie transfer of investment property into your smsf account 😅

  • @oxoalan1
    @oxoalan1 Рік тому

    My friend wants to know why Dave hasn't ironed his sorry. Is this trustworthy? 😉
    Great info on the video. Thanks!

  • @tomvalino746
    @tomvalino746 2 роки тому +1

    Great informative video!

  • @camosimpatel3664
    @camosimpatel3664 Рік тому

    Nice informative video in less time

    • @DavieMach
      @DavieMach  Рік тому

      Glad to know you learned something new with us!

  • @womenofcrypto9925
    @womenofcrypto9925 3 роки тому +1

    Excellent explanation

  • @tubeitz
    @tubeitz 2 роки тому

    well explained, thank you

    • @DavieMach
      @DavieMach  2 роки тому

      Glad it was helpful, Varun!

  • @franklincabanlong4169
    @franklincabanlong4169 9 місяців тому

    Can you assist me how smsf works

  • @anti.ethical
    @anti.ethical 2 роки тому

    Can you review the Stake Super offering?

    • @DavieMach
      @DavieMach  2 роки тому

      Haha sorry can’t review another competitors offering

  • @trace.l1977
    @trace.l1977 7 місяців тому

    Can I transfer my current super balance which generated from employer to fund my SMSF?

    • @DavieMach
      @DavieMach  7 місяців тому +1

      ofcourse, you can also provide your smsf details to your employer so they can pay directly to your SMSF instead

    • @trace.l1977
      @trace.l1977 7 місяців тому

      @@DavieMach thanks for your reply! One more thing I want to clarify, the tax rate 15%, 10%, is this only applied every year before retirement age, then after retirement age, there would be 0% regardless whether I use it or leave within SMSF?

    • @DavieMach
      @DavieMach  7 місяців тому +1

      Yes up to the transfer balance cap of 1.9m. the tax is the profits/income of the SMSF.@@trace.l1977

  • @razadaza9651
    @razadaza9651 2 роки тому

    15% tax rate is standard across super regardless of SMSF

  • @trace.l1977
    @trace.l1977 2 роки тому

    Can we withdraw before retirement age 60+? If not, why would we get 15% tax charged? Or regardless whether you take it out, for rental income or dividends, you still pay tax?

    • @DavieMach
      @DavieMach  2 роки тому +1

      You can but there are strict rules when withdrawing. It’s basically not possible if you want to take it out to invest. Best to speak to an accountant or financial planner.

  • @salvagedsandwhich7886
    @salvagedsandwhich7886 2 роки тому

    Very insightful

  • @trace.l1977
    @trace.l1977 2 роки тому +1

    If I set up family trust to invest first, can I rollover to SMSF when approaching to retirement without capital gain tax incurred? If company is the trustee under family trust, can the same company be trustee under SMSF, then I don't have title change in my assets?

    • @DavieMach
      @DavieMach  2 роки тому +1

      Yeah there will be capital gains issues unfortunately.

  • @razadaza9651
    @razadaza9651 2 роки тому

    Anyone know what the admin fee breakdown is?

    • @DavieMach
      @DavieMach  2 роки тому

      Accounting fees & bookkeeping fees - 2000 - 3000
      Govt fees + misc - 300 - 500
      auditor fees 200 - 400

  • @Landers2024
    @Landers2024 2 роки тому

    Great education

    • @DavieMach
      @DavieMach  2 роки тому

      Glad it's valuable to you!

  • @jamskof
    @jamskof 3 роки тому

    hi davie, companies seem to be charging a premium to do the reporting on this, i literally own bitcoin on my smsf, its for holding.. no trading whatsoever, just one chunk of bitcoin... is it easy for someone thats useless at accounting stuff... to do this on my own?

    • @DavieMach
      @DavieMach  3 роки тому

      No, that’s the thing with crypto
      It’s too new so it’s really expensive to manage as accountants need to spend the time to ensure it’s done right.
      It takes twice the amount of time to do it. Regulation and compliance in Smsf is a lot already and crypto makes it worse.

    • @muhammedhzumry8326
      @muhammedhzumry8326 Рік тому

      If your managing bitcoins, and your finding it hard to monitor the funds. Basically all accounting firms struggle like David said. Just a tip there is a website offer monitoring feature for bitcoins makes the process so easy. As junior Accountant I myself use it. Give it a go you might find it helpful.

  • @AChannelFrom2006
    @AChannelFrom2006 2 роки тому

    What if I basically already know the tax and finance stuff? Why can't I pay $0 on admin fees and just do it all myself? Surely it would be just like doing stuff on the stock exchange? but only where it's its own account?

    • @DavieMach
      @DavieMach  2 роки тому +2

      It needs to be signed off by accountants and auditors

    • @AChannelFrom2006
      @AChannelFrom2006 2 роки тому

      @@DavieMach Thanks for the reply.
      Just wish there like a "locked" share trading account that gets funded by your super contributions where you choose the company and the share amount with discounted trading fees.

  • @kevinfinnan
    @kevinfinnan 5 місяців тому

    ‘Tax free’ - unless the balance is over 3m 😢
    Which despite being a rarity for most in 2024- with inflation will become ‘standard’ within a generation…

  • @juicerlol
    @juicerlol 10 місяців тому +1

    Wealth advisor = Black
    😂😂😂😂😂😂

  • @LawrenceAbramoff
    @LawrenceAbramoff 2 роки тому +2

    Good video! Very informative but yeah as others have said, why can't retail funds invest in crypto. In the states you can in your 401k. And this is the same place as the SEC we are talking about. Totally incompetent and corrupted organization. Here in Aus, ASIC need to pull their finger out and stop hampering innovation, as demonstrated by their roadblocks to CBA offering Bitcoin. There's literally no reason NOT to allow this. Other countries have spot ETF and even use it as their legal tender. Australia's financial system is really looking backwards I'm sorry to say. This SMSF thing looks like a pain in the arse

    • @DavieMach
      @DavieMach  2 роки тому +3

      Unfortunately not everybody is well educated and understand investments, crypto and SMSFs. I have heard horror stories of people losing all their super. There are regulations in place to protect people. But I do understand your frustration.

    • @oxoalan1
      @oxoalan1 Рік тому

      And now you've seen SBF and FTX go down, you * still* want to speculate on unproductive crypto gambling?

    • @LawrenceAbramoff
      @LawrenceAbramoff Рік тому

      @@oxoalan1 keep thinking that and enjoy the inflation and working till you 70. Work smarter, NOT harder mate! I'm on the side of BlackRock, Van Guard, Fidelity, Franklin Templeton plus 100s more but I can't be bothered explaining to keyboard warriors

    • @The_Wandering_Donkey
      @The_Wandering_Donkey Рік тому

      Hey mate, im 30 years old and have a decent amount of super already im willing and happy to lose investing in Bitcoin, looking at moving to an smsf to do this, can you confirm if this is possible or not currently? Also if i understand correctly you can withdraw captial gains but just pay tax at my personal tax rate? any clarification would be greatly appreciated.

    • @LawrenceAbramoff
      @LawrenceAbramoff Рік тому

      @@The_Wandering_Donkey it is 100% possible to buy crypto in your SMSF. However the second point, no the funds are not to be commingled. That's actually illegal. The SMSF Funds have to stay with the SMSF as it is its own legal entity.
      Let us know how you get along. There are only few people that will do Crypto SMSFs

  • @andrewmartin712
    @andrewmartin712 Рік тому +1

    I am very interested in learning more. Do you provide services that would assist me in gaining the information required? If so how do I contact you and what are your fees?

    • @DavieMach
      @DavieMach  Рік тому

      Hi Andrew - check out box advisory services for further information. A quick google should get you to our site