Mark and Rebecca are in their late 30’s with 3 children. They were one of those pre-‘Royal Commission’ days who were convinced rolling the retail superannuation into a SMSF and purchasing a residential unit in Gippsland. At this time, they only had combined superannuation balances of $100,000. The unit cost $198,000 with a debt of $165,000. Today this would not be permitted.
They came to us after the fact and had been trying to sell the property. Eventually it was sold for $120,000, further eroding their superannuation balance down to $50,000. They were considering whether or not to close down their SMSF. They do have aspirations of purchasing the factory they currently rent, through their SMSF.
We were asked to assist them with retirement building strategies as we could not provide advice on their SMSF since it was under $200,000
member balance (legal/insurance requirement).
We've set up a clear plan for superannuation contributions to assist them with building up their superannuation balances, whilst also
ensuring they can meet their daily costs of a young family.
Mark and Rebecca now have a plan to help them build up their superannuation balance.