SMSF BENEFITS AND RESPONSIBILITIES

Many Australians are setting up a Self Managed Super Funds (SMSF) and they are doing so to gain the some of these great benefits.

The SMSF Accounting and Administration services market is a large market with nearly 30% of all super funds in SMSF’s, it is also a market with a variety of providers. SMSF services vary, from accountants providing, transaction based pricing for smsf tax work. There are fund managers and brokers using a percentage of super­size or asset value, as a way of billing for their services and finally you have flat fee providers.

CHOOSING A SMSF ACCOUNTANT OR ADMINISTRATION PROVIDER

When choosing a SMSF accountant or administration provider for your SMSF you should check the following:

Q1. Are they just accountants or administrators with a variety of services and support.
Q2. Are they licensed to provider SMSF advice on super matters such as contributions, pensions?
Q3. What other services do they offer?

When choosing a SMSF accountant or administration provider for your SMSF you should consider:

  • Education and technical support
  • Reporting online, annual, face to face or via the internet
  • Additional services such as advice, lending, investment options

New government legislation requires accountants to be licensed to provider any super advice from 1 July 2016. This new legislation will affect a lot of accountants who are not able to provide this service, without obtaining, new licensing, education and putting in place insurance measures.

SMSF Accounting or Administration, involves more than completing your funds tax return and audit annually. It is not as simple as a personal tax return or a trust return or company return and many people group SMSF’s as purely an accounting service.

There are (3) very important elements to SMSF’s

COMPLIANCE

Accounting and Auditing of your fund annually

INVESTMENT

Selection and Management

ESTATE PLANNING

Asset protection and distribution of your accumulated assets

In our opinion, getting your funds tax return and audit completed for your SMSF, will ensure your fund is compliant. It will not address your investments, protection requirements, potentially leaving you with more work, risk and responsibility, so its well worth doing your research on the services available in the market.

3 TYPES OF SMSF SERVICE PROVIDERS

(1) Transaction based accountant services

These services are provided by local accountants who charge by each transaction on your account plus a fee for your funds audit

Comment: This can get costly as your funds grow and have more investments

(2) Percentage % based fees

Most of the larger providers including bank owned providers charge a % of your asset values

Typically, 0.75% – 1%

Comment: This is can be very costly and is a similar fee structure to retail and industry super fund. 

(3) Flat Fee providers

Flat fee providers like My SMSF charge a fee irrespective of the number of transactions or the size or asset value of your funds.

Our model is risk and work based and it’s the cheapest option with the most value for money.

OUR PRICING PLANS

  • BRONZE SMSF CARE
    POPULAR
    $91.66/ Monthly
    • Annual Accounting & Auditing*
    • Transfer of an existing SMSF
    • Cash / Fixed interest
    • ASX Listed Securities / ETFs / Funds
    • Exchanged Traded Funds (ETF's)
    • Bonds, Debentures, fixed interest securities
    • Managed Funds
    • Investment Property (residential only)
    • Technical Support
    • SOA Fee is $550
    • Gold, Platinum & other Metals*(*only if an independent vault provider is selected)
    • Support -  1-2 days( email)
    • Chat, Email
  • SILVER CARE SMSF
    $129.16/ Monthly
    • Annual Accounting & Auditing*
    • Insurance advice
    • Cash / Fixed interest
    • ASX Listed Securities / ETFs / Funds
    • Bonds, Debentures, fixed interest securities
    • Commercial Property
    • Residential Property
    • Term Deposits
    • Technical Support
    • SOA Fee is $440
    • Gold, Platinum & other Metals
    • Support - 5 hours, (email, text)
    • Phone, Email, Chat
  • GOLD CARE SMSF
    $$212.50 / Monthly
    • Annual Accounting & Auditing*
    • Review investment strategy, Binding Nominations
    • Cash / Fixed interest
    • ASX Listed Securities / ETF's / Funds
    • CFD's, Collectables, Currency
    • Bonds, Debentures, Fixed interest securities
    • Managed Funds / International shares
    • Investment Property (Residential / Commercial / Foreign)
    • Technical Support
    • SOA Fee is $330
    • Gold, Platinum & other Metals
    • Support - Phone, Email, Skype
    • Phone, Email, Skype, Chat

Start typing and press Enter to search