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Is $300,000 enough to start a SMSF?

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I’m starting a self-managed super fund with about $300,000. Is this enough and do I need a financial adviser to start?

Generally I tell our clients that you need about $200,000 to make a SMSF work, as long as you keep your costs down to about $3000. Obviously if your costs are such, you’d have a ‘fee’ of one per cent, which is dearer than many industry funds but cheaper than most retail super funds.

Many people use an adviser to create an investment strategy and then get help annually on investments. Even if you can eventually do it yourself, either spend a lot of time researching SMSFs and investment strategies or get some professional help.

Many people go it alone totally, but many people do make a lot of mistakes with their SMSF, which can be costly in terms of overall returns and can even mean your fund could be ruled non-compliant by the tax office.

If you want more help consider signing up to my new partner website and newsletter www.switzersuperreport.com.au

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Monday, January 23, 2012

The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer, Roger Montgomery, Paul Rickard and Charlie Aitken the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.

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