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My wife and I are 35 years old and have a combined super balance approx. $300k. Between us, we make $42k per annum concessional contribution. We do not make non-concessional contribution. Our accountant has recommended that we consider setting up a SMSF account. His recommendation was to top-up the SMSF fund by making non-concessional contribution of $200k by selling one of our investment properties; and borrow in Super to buy a commercial property. While we’re not sure of contributing $200k to Super, we like the idea of starting an SMSF.
Is it too early (age wise) to consider SMSF at 35 with a balance of $300k? What are some of the investment strategies should we consider?
We’ll appreciate your advice.
A: Thanks for your question.
I don’t think you are too young to set up a SMSF, and I believe you need a minimum balance of around $300,000 – so you are in the ballpark here.
You will need to think carefully about the proposed strategy that your accountant is recommending. A lot depends on the security of your employment, personal tax rates etc, however at your ages, I would generally recommend investing outside super rather than inside super, particularly if you are gearing. Why does he want you to buy a commercial property? Is this business premises that you use professionally?
