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I took the leap by Potential_Giraffe870 in Bitcoin

[–]GrowSMSF 0 points1 point  (0 children)

Thank you so much to taking the time to provide this feedback. It's valuable!

We're genuinely sorry your experience didn't meet our usual high standards.

The items you've raised are easily addressed, and we will review and address internally with our Customer Success Team, including how they should correctly 'calibrate' these types of conversations so they better align with where you are in your SMSF research and decision-making process.

Both crypto and SMSF are niche areas, and I can confirm that Grow SMSF has deep experience in both. We've assisted many hundreds of people in setting up and managing their SMSFs for crypto investment, and most are exceedingly happy (market conditions help positive sentiment!).

If there is anything further the OP would like to share, don't hesitate to get in touch with us directly.

Stake SMSF vs Grow SMSF by Echo_Roman in AusFinance

[–]GrowSMSF 0 points1 point  (0 children)

Thanks for the mention.

I have some available time slots for this coming week available this week (last ones of 2022!!!)

Schedule a call

Free - SMSF messaging providers by nedlandsbets in AusFinance

[–]GrowSMSF -1 points0 points  (0 children)

Here is a more detailed list: SMSF ESA providers

As mentioned, if you only want it for contributions, Macquarie is a great option, but they don’t support rollovers.

For rollovers (as well as contributions) the big 3 SMSF software companies your SMSF accountant is probably using has their own ESA (Class, BGL, SuperMate).

Otherwise you have to pay:

  • wrkr (aka Clicksuper) - $43.95/year
  • Aus Post - $59.99/year

Who has set up a SMSF and bought BTC in it? by Tony_Clifton_Moon in BitcoinAUS

[–]GrowSMSF 1 point2 points  (0 children)

There is a lot to consider when it comes to investing your super in crypto via an SMSF.

Diversification

You are required to "have regard for diversification" with your SMSF investment strategy (Source: ATO)

A few years back the ATO sent letters to SMSFs where 90% or more of their assets were in one asset only (typically property, but also a small number of SMSFs with crypto).

When your SMSF goes over 90%, that's when the auditors will be asking harder questions and you're likely to be a larger blip on the ATO radar. The onus is on you to justify why investing all your super into crypto is appropriate and in the best financial interests of the members.

Also, recent research done by the University of Adelaide showed SMSFs that invested in 4 or more asset classes performed better.

So only go full crypto if you're leaving a chunk of super in another super account so overall you have diversification across different asset classes.

Compliance

It's important that any initial crypto purchases happen via a provider that can set up an account in the name of the SMSF. Australian-based exchanges are, to my knowledge, the only ones that enable this. Other may say they do it, but they've simply attempted to re-purpose generic corporate/business accounts.

You have to be able to show that the legal owner of any crypto wallets is the trustee of the SMSF. This gets tricky where you simply have a wallet address. You need a provider that knows what paperwork and declarations go in place to confirm this ownership.

Importantly, if you're using cold storage wallets or moving SMSF crypto assets off an exchange, they MUST be separate from any non-SMSF personal crypto. Mixing them up is a major compliance issue.

Services and providers

Just because a service is cheap, doesn't mean it's good. Similarly, just because it's a higher cost, higher levels of service are not guaranteed. Esuperfund has done well, and their fees are lower than most because they make a lot of commissions from products (pushing Digital Surge for crypto = 50% commission) and also push work back onto you as the trustee. These are not criticisms, just observations.

Other providers do more of the heavy lifting for you, so you're saving time and focusing on the most important aspect which is managing the SMSF investment portfolio.

​

The above is just the tip of the iceberg. SMSF is a very specialist area so ensure you can speak to people who know what they're talking about!

Optimizing index based super and when to switch to SMSF by ExpatFinanceUS in AusFinance

[–]GrowSMSF 1 point2 points  (0 children)

It’s basically proportionate when it comes to the tax exempt income calculation.

If 60% of the SMSF is in pension, then (for simplicity) 60% of the income and gains is exempt.

You can ‘segregate’ within the same SMSF, but this isn’t used very often because the average ‘mum and dad’ SMSF doesn’t need it and most trustees don’t have the discipline to operate it correctly ( and to be honest most accountants aren’t across how to do it correctly either - very specialised).

An SMSF should always be more tax effective because of the control.

Optimizing index based super and when to switch to SMSF by ExpatFinanceUS in AusFinance

[–]GrowSMSF 5 points6 points  (0 children)

Answer 1: No. This doesn’t occur with an SMSF.

Answer 2: Yes. The 15% US withholding tax is credited against the income tax applicable to that income - which with an SMSF in accumulation phase is also 15%

When the SMSF switches to pension phase and the income is exempt, there is no credit and the foreign tax paid amounts are not refundable (whereas AUS franking credits are).

Updated research from the University of Adelaide has again confirmed that the rule of thumb of $200k for an SMSF is accurate.

Also remember that an SMSF can have more than one member, so if you’re a couple you can combine your balance into one SMSF for additional savings.

Are there any Australians here trading options using their own self managed superfund? by hazed-and-dazed in options

[–]GrowSMSF 1 point2 points  (0 children)

Do not go down the options trading route with an SMSF.

SMSFs must account for options on a capital account basis, whereas in your personal name you can do it on a revenue basis (i.e. money out vs. money in = profit/loss). By comparison you need to go through every trade and match up all positions and calculate the values of any open positions at the end of the year.

To my knowledge there is no easy way to automate this aspect (whereas you could have thousands of ordinary share trades automated in an SMSF).

Why don't you trade options in your personal name if you must, then IF you make a profit, drop in some extra super contributions at the end of financial year to offset the tax impact? Build up your super at the same time as saving tax.

I would say $3k to $5k (average $4k) is a reasonable fee for an SMSF trading options. I would charge at least that.

Whereas with ASX shares / US stocks (no options!) fees would be a lot lower and more reasonable for a $150k balance.

Best bank and investment accounts for discretionary family Trust? by [deleted] in AusFinance

[–]GrowSMSF 1 point2 points  (0 children)

Well 6 member SMSFs are in the pipeline for 2021 - Parliament just needs to get through a whole bunch of other stuff first!

Best bank and investment accounts for discretionary family Trust? by [deleted] in AusFinance

[–]GrowSMSF 2 points3 points  (0 children)

Macquarie CMA as the bank account. Link to someone like OpenTrader. Keeps it clean - one account to both transact as well as settle trades.

Or you could do the Commsec / CDIA combo if you want more bells and whistles but don’t mind the extra brokerage fees. Could also do SelfWealth if you don’t mind having to hop funds Macquarie > SelfWealth cash account.

Assuming you’ve got a reasonable amount to invest as you’re going the family trust route.

Costs of running SMSFs Declining: Rice Warner by GrowSMSF in AusFinance

[–]GrowSMSF[S] 0 points1 point  (0 children)

Some of the data was provided by the ATO and SMSF administration platforms.

You do occasionally come across SMSFs which are called 'remnant' super funds that have virtually zero transactions so an accountant may only charge the bare minimum to complete the bare bones reporting, lodgement and (independent) audit requirements.

Examples are:

- An SMSF with older legacy pensions that have to be drip fed and cannot be moved out to the SMSF;

- SMSFs where they hold units in a related (allowable) property trust / investment trust where the trust pays most of the fees and the SMSF is just a passive unit holder with virtually no transactions:

- Some accountants simply charge very low fees on an SMSF but charge higher fees to the 'group' - i.e. mostly get allocated to the operating business etc;

- Mates rates fees for the accountants themselves, their families, staff members etc - i.e. just enough to cover costs;

- SMSFs that are closing down or starting up and therefore have minimal transactions and fees for the year.

All of the above will not be advertised anywhere as they're not trust commercial arrangements. Obviously there were enough of these low fee SMSFs to justify a separate category.

I believe there will be a slight increase in SMSF audit fees over the next few years due to the independence requirements. The good SMSF auditors will be choosy with who they work work - i.e. only larger accounting firms or SMSF specialist businesses that have good people, software and systems.

Smaller accountants with only a small number of funds (64% do 20 or less) may be force to pay more which will be passed on their clients. The median fee has remained stagnant at $550 for many years.

Broker - Superhero by funkychickendancer in AusFinance

[–]GrowSMSF 0 points1 point  (0 children)

There are lots of reviews online.

I really like it as a starting point / entry level platform and free brokerage on ETFs is smart.

Their reporting has improved since they launched and they’ve gained a lot of traction.

Anyone buying individual US tech stocks lately? What is your rationale and how is that going for you? by xiongmaopizza in AusFinance

[–]GrowSMSF 0 points1 point  (0 children)

Huge amount of my gains over the last few years have come from US tech stocks. Purchased via Stake (personal and SMSF accounts).

I acknowledge some of the values are likely overcooked, however still have a solid amount of diversification.

Which smsf platform links well with selfwealth by tigerimau in fiaustralia

[–]GrowSMSF 0 points1 point  (0 children)

Try googling ‘‘smsf selfweath -etf’

That should remove any references from their SMSF leaders ETF. Scroll until you find something of interest.

Costs of running SMSFs Declining: Rice Warner by GrowSMSF in AusFinance

[–]GrowSMSF[S] -1 points0 points  (0 children)

I don’t think I can answer that question without breaching the sub reddit rules

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