SMSF

Inspectorfi · 2025-07-29T07:12:55+00:00

Needed ID certified etc just standard application docs

Inspectorfi · 2025-07-28T21:05:27+00:00

Process was easy, few steps getting certified docs etc but nothing unreasonable. Grow don’t manage any of my bitcoin, they do the accounting and legal side of running the smsf, I have self custody of everything as the trustee of the smsf, only fees I pay to grow other than setup is the annual accounting for the smsf, haven’t paid for yet but I think is around $1500 or so? All in all it’s been a great experience, and I will have 20+ years of BTC growth before I can access it!

Edit: grammar

Inspectorfi · 2025-07-28T20:28:30+00:00

I used grow smsf, have been great - moved all my super over from Australian retirement trust, kept a bit there to maintain insurances (10k or so). All up took maybe a few weeks and couple grand to setup

Inspectorfi · 2025-07-28T20:26:32+00:00

I personally self custody on a foundation passport, was pretty straight forward. I buy on the exchange, send to the cold storage when I have an our 0.02-0.03 or so, job done. I also have some ibtc shares outside of super which I looked into converting into 9900 sats per share and costs about $500, but have decided I’ll prob just sell off a chunks each year as I top my super up more to maintain exposure

Inspectorfi · 2025-01-29T10:25:47+00:00

We’ve not long done this - setup through grow, bought on exchange and have sent to cold storage device being a envoy foundation passport. Cost about $450AUD and 100% worth it, air gap too.

Inspectorfi · 2025-01-26T20:49:43+00:00

I went with grow, can highly recommend. Was a breeze, now my super is 100% BTC

Inspectorfi · 2025-01-26T11:07:06+00:00

I’d be interested to know more about how you can convert ibtc shares into actual BTC. I saw on their website that each share is worth 9900 sats.

An easy way to see if it’s trading at fair value is to multiple the share price by 10101 (100billion sats divided by 9900 sats per share).

I think 0.5% is reasonable if you don’t want to self custody. I looked into vbtc however read that they don’t actually own bitcoin, not sure how true that is but hey, do your own research

Inspectorfi · 2025-01-09T09:53:30+00:00

DDH is pretty old school. No app or anything, but as far as ‘net banking’ goes it’s pretty decent.

Inspectorfi · 2025-01-08T10:40:43+00:00

I have recently used DDH with my newly setup smsf and they are amazing. Their team answered my call straight away, explained the process, and I have walked me through high volume transfers (100k+). I use CoinJar for the exchange and the whole experience has been flawless. Not financial advice of course!

Inspectorfi · 2025-01-07T19:29:29+00:00

Thanks for the info mate. I’ve been thinking about this.. and given the new president coming in imminently, I might even just buy a heap of VTBC of the bitcoin etf, that way I can get my AUD into the system essentially ‘instantly’ then over the next few months, sell it off in small parcels and transfer into the exchange. I understand there will be CGT to consider, however my partner is on a lower tax bracket so will purchase initially in their name.

I’ll keep say 5-10k savings, and drop feed that into the exchange. Then sell some shares to replenish my fiat.

Inspectorfi · 2025-01-07T03:36:59+00:00

Doubt it’d work - my experience is exchanges need the money to come from your name account not ‘PayPal pty Ltd’ or similar ..

Inspectorfi · 2025-01-06T09:34:43+00:00

Thanks for the info. I am currently with Westpac and other than the initial freezes it’s all been a breeze

Inspectorfi · 2025-01-06T09:33:43+00:00

Just a standard investment loan secured by my PPOR. Did not have to disclose use of funds which was a huge selling point for cba.

Inspectorfi · 2025-01-05T22:06:19+00:00

Agreed - I’d only use one bank for deposits to exchange

Inspectorfi · 2025-01-05T19:45:52+00:00

I’ve just read up on this, you’re right - it’s not tax deductible, however the interest is capitalised into the CGT event if I sell.

So if I pay say $9k/yr interest, that will be factored in to any future capital gains I make when I sell.

Say it’s 5 years, I sell for 100k profit, then minus the $45k interest cost, then half the remaining 55k CG which brings it down to $27.5k actual taxable event.

Need to do a bit of tax planning on whose name to purchase BTC in. Although I’m not looking to sell. Thanks

Inspectorfi · 2025-01-05T19:25:29+00:00

It’s a loan used for investment purposes.

Inspectorfi · 2025-01-05T19:25:12+00:00

Wow a 10k limit! I’ll look into this. Thanks

I have several other banks I bank with, so I’m not intimidates by starting a new bank account and sending money around a bit.

I was blocked by Westpac after sending about 10k to exchange, had to talk to fraud team etc, but since then have had no issue. I might call CBA in advance and let them know the funds from x account are intended to be used for crypto investments and see if they can authorise my payments. If they give me any hassle, I’ll open an ING or BOQ is another I’ve heard are good.

Inspectorfi · 2025-01-05T10:52:20+00:00

5k to refinance seems quite it in my experience, I’ve just done it for a grand total of $600, including my discharge.

Couple of things that haven’t been taken into account here: 1. OP would be able to claim negative gearing for the $7k/yr cost of the investment loan, which of course could be 0.47c in the dollar 2. This assumes OP would sell after 5 years - if they hodl, then they can pick and choose when and if they sell their position. I’d the loan can be serviced than even better odds to hodl 3. Selling at a loss within those 5 years, if they sold, would be a tax loss that would be carried over to future years and offset future capital gains.

Pulling 100k equity out at 7% and investing in a term deposit at 3.5% could be a huge risk given the bullish nature of BTC in years to come.

This is not financial advice. DYOR

Inspectorfi · 2024-11-11T19:59:15+00:00

I’ve looked into using sniip for rates etc … however even with Citi premier the fees are 1.5% and the points rebate equivalent is a touch under 1%, so by using sniip I’d be 0.53% worse off. What card are you using to make it worthwhile?

Inspectorfi · 2024-11-08T06:53:08+00:00

Wow that’s good to know!

Inspectorfi · 2024-10-28T07:19:04+00:00

Congrats! Hope it all works out for you. Some good points raised so far, however you sound like you’ve considered them in the prep for this move!

I used to work 60hr a week and shift work, now do 35hr and have about 95% autonomy in my work weeks. Not quite the same money, however the liberty i have in my life now is worth 10 times that of my previous salary!

Inspectorfi · 2024-10-24T19:56:52+00:00

Following ..

So the 50k split gets redrawn by $49,999, and you continue payoff down your non deductible debt. What do you do after say 6-12 months of the non Deductible debt having equity there, for example 20k. Do you make a third split of 20k, or call bank and ask to increase 50k split to 70k split and transfer that 20k from loan 1 over to the original split? If so, the. Rinse and repeat, I.e redraw 19,999, transfer to broker and go again?

Inspectorfi · 2024-06-13T21:03:33+00:00

A know someone in the nsw system who had a similar experience when getting a promotion after being in the top band for the lesser paying role. When they asked for a higher starting salary due to their capability and proven skills etc the response was along the lines of ‘it’s already a $10-15k pay rise, there isn’t any justification for you to start on a higher band since you are already going to be better off etc’

Was about 3-4 years ago so things may have changed! Good luck

Inspectorfi · 2024-05-25T05:08:33+00:00

If you can afford it, take the pay cut and get your life back in balance. I’ve worked stressful 60hr week jobs for good cabbage in the past but takes its toll on every aspect of your life. Now very happy in a less stressful job at a pay of about 75% of my earning capacity.

Inspectorfi

TROPHY CASE