The top 10 frequently asked questions - SMSFs

Azure Group Wealth's Managing Director, Norman Howe, gives the latest Wealth 101 video and answers the frequently asked questions regarding SMSFs, and covers the reasons for setting up an SMSF, the costs involved, the legal requirements, and investing in property.

The Top 10 frequently asked questions include: 

1. What are the main reasons to set up a SMSF?
2. Is it true you need around $190k in super before establishing a SMSF?
3. Why should I use a financial adviser and not DIY SMSF?
4. Does a financial adviser need to be qualified to set up a SMSF?
5. How much should I expect to pay to set up an SMSF?
6. How much work is involved with having a SMSF?
7. I heard SMSF trustees are required to have insurance in place for members, is that true?
8. What is involved if a SMSF wants to borrow to buy an investment property?
9. Is it true that if a SMSF wants to borrow to buy an investment property, the bank will ask for Financial Planner Certification?
10. Why is a Bare Trust required when a SMSF borrows to buy an investment property?

This article is intended to provide general information only, and is not to be regarded as legal or financial advice. The content is based on current facts, circumstances, and assumptions, and its accuracy may be affected by changes in laws, regulations, or market conditions.  Accordingly, neither Azure Group Pty Ltd nor any member or employee of Azure Group or associated entities, undertakes responsibility arising in any way whatsoever to any persons in respect of this alert or any error or omissions herein, arising through negligence or otherwise howsoever caused. Readers are advised to consult with qualified professionals for advice specific to their situation before taking any action.