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Re: super self managed

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  • 29-07-2014 10:42am
    #1
    Suain
    Closed Accounts Posts: 20 ✭


    Hi all,
    Does anyone know how to change your super to a self managed fund? Looking to use super as collateral to purchase a home in ireland? Currently I am with Australian Super and my wife with an education fund. Is it difficult or what are the implications involved? The Irish Echo mentioned it briefly the past week discussing buying property in ireland. Any inputs will be greatly appreciated.


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    #2
    sin_city
    Registered Users Posts: 899 ✭✭✭sin_city


    There are forms and information here:

    https://www.ato.gov.au/Super/Self-managed-super-funds/Setting-up-an-SMSF/


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    #3
    pa_
    Registered Users Posts: 40 ✭pa_


    I'd advise any financially literate person to do this. I have now left Australia but one thing I learned when it was too late is that Australian Superannuation companies charge obscene fees which they do not disclose up front - for doing basically nothing. If you have money to invest then you would be better putting it into ETFs (Exchange Traded Funds) rather than have all the value sucked out by putting it into a managed super fund.

    Example - I invested $10,000 over six months into a super fund with MLC. During the six months the fund grew by 10% - implying that my holding should be worth $11,000 minus whatever fees were applicable. After six months my fund was actually still just worth $10,000 meaning that they have siphoned off the profits as fees. I called them on numerous occasions to try to find out where the money went but they would not say anything other than to tell me that "my" investment was "performing excellently" - (for them).


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