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Offline TomE


  • Joined: Aug 2010

  • Location: ADL
Another article which is clear as mud .
Says it shouldn't he done but then offer weak issues such as insurance, storage and potential personal benefit.

The whiskey example is poor. The journalist seems to think the investor is going to drink hundreds of barrels in retirement rather than sell it off to create an income stream.

"There's too many self-Indulgent wieners in this city with too much bloody money! Now, if I was driving a 1967 275 GTB four-cam... "



Offline Brenton

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  • Joined: May 2009

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Another article which is clear as mud .
Says it shouldn't he done but then offer weak issues such as insurance, storage and potential personal benefit.

The whiskey example is poor. The journalist seems to think the investor is going to drink hundreds of barrels in retirement rather than sell it off to create an income stream.

So since I have a cellar that I hardly use (in fact I forgot I had it for a while) I am open to offers / bribes to house your treasured whiskey  :D



Offline 360c

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So what are the implications for the new owners of Andecorp's old Esprit?

There is no reason that car could not be owned by an SMSF provided the rules are adhered to rigidly. However doing so would remove the joy of owning the car in the first place in my view.

Trustees also need to be aware that once they reach the transition to retirement or retirement phase, there is an age based requirement that requires a certain % of the funds assets to be paid out each year, and that % rises as you get older. This can cause considerable difficulty if the fund is loaded up with illiquid assets and doesn't have enough cash to make these payments.

Running an SMSF comes with some extremely onerous responsibilities and you need to keep up to date with ever changing rules and laws. It is a minefield on many levels with traps and pitfalls everywhere. As Tristan says, it definitely isn't for everyone.



Offline 360c

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Another article which is clear as mud .
Says it shouldn't he done but then offer weak issues such as insurance, storage and potential personal benefit.

The whiskey example is poor. The journalist seems to think the investor is going to drink hundreds of barrels in retirement rather than sell it off to create an income stream.

Anyone who doesn't invest in their SMSF with the sole aim of maximising investment return for retirement is crazy IMHO. This is THE most tax advantaged investment vehicle that there is and you should be taking advantage of it rather than using the money as a means to indulge yourself.


FWIW the door is about to shut on the SMSF good times too. The upcoming budget will severly limit how much money you can pour into your SMSF, you can see it a mile off.



Offline robertb

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Anyone who doesn't invest in their SMSF with the sole aim of maximising investment return for retirement is crazy IMHO. This is THE most tax advantaged investment vehicle that there is and you should be taking advantage of it rather than using the money as a means to indulge yourself.


FWIW the door is about to shut on the SMSF good times too. The upcoming budget will severly limit how much money you can pour into your SMSF, you can see it a mile off.
spot on ,as you would know ,few collectors around Melbourne at the moment very busy removing classic cars out of there SMSF's .
 
Thankfully non of my wine was in my SMSF ,when the arsehole crushed his pool and flooded my cellar. destroying 420 bottles to the value of 50k..mind you Penfolds 389's i paid $19.95 for the insurance company paid me over $100's a bottle.



Offline amgsl55

  • Tooth hurty

  • Joined: Feb 2011

  • Location: Adelaide
FWIW the door is about to shut on the SMSF good times too. The upcoming budget will severly limit how much money you can pour into your SMSF, you can see it a mile off.

I've already done my maximum deductible allocation because of the budget fears, and will likely do the 3 years of undeductible allocation soon as well.




Offline amgsl55

  • Tooth hurty

  • Joined: Feb 2011

  • Location: Adelaide
spot on ,as you would know ,few collectors around Melbourne at the moment very busy removing classic cars out of there SMSF's .
 

how would you remove the car from the SMSF - no doubt you will buy it from the fund but how would one assess what is a fair value for it's exit?

would it need to be an arms length transaction?



Offline robertb

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how would you remove the car from the SMSF - no doubt you will buy it from the fund but how would one assess what is a fair value for it's exit?

would it need to be an arms length transaction?
i thought the same ,but couldn't put it into words as you have.



Offline 360c

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how would you remove the car from the SMSF - no doubt you will buy it from the fund but how would one assess what is a fair value for it's exit?

would it need to be an arms length transaction?

Easy, if you want to buy it yourself you get an independent, arms length valuation from a recognised market expert and pay the fund that figure.
Otherwise sell it on market or at auction and the sale monies stay within the fund.



Offline TomE


  • Joined: Aug 2010

  • Location: ADL
So since I have a cellar that I hardly use (in fact I forgot I had it for a while) I am open to offers / bribes to house your treasured whiskey  :D

I've ripped up floor boards in circa 1900s house, but yet to find a cellar. I've just built a 36m2 attic room that i'm open to offer / bribes to house your treasured plants. PA can supply pictures.
"There's too many self-Indulgent wieners in this city with too much bloody money! Now, if I was driving a 1967 275 GTB four-cam... "



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