If you have already set up an SMSF and you are shopping around for a more cost effective provider then compare the benefits of My SMSF Property.
When choosing an SMSF accountant or administration provider for your SMSF you should check the following:
Q1. Is your provider just an accountant or administrator?
Q2. Are they licensed to provide you with SMSF advice on super contributions, pensions strategies, reserving and investments?
Q3. Do they offer any other services?
Consider the following for your SMSF:
New government legislation as of the 1st of July 2016, requires accountants to be licensed to provider any super related advice. This new legislation will affect a lot of accountants who are not able to provide this service, without obtaining a new AFS license or by being an authorised rep of an existing licensee. They will need education and insurance measures to operate their business
SMSF Accounting or Administration involves more than completing your fund’s tax return and audit annually. Many people consider SMSF’s from a purely accounting perspective, but you need to look at these 3 key areas you need assistance with
Accounting and Auditing of your fund annually
Selection and Management
Asset protection and distribution of your accumulated assets
In our opinion, getting your fund’s tax return and audit completed for your SMSF will ensure your fund is compliant. It will not address your investments, asset protection, and succession requirements, potentially leaving you with more work, risk and responsibility, so it’s well worth doing your research on the services available in the market.
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 asset value, as a way of billing for their services and finally, you have flat fee providers.
These services are provided by local accountants who’s fees, are based on the number of transactions on your fund account, plus a fee for your funds audit
Comment: This can get costly as your funds grow and you have more investments and transactions
Most of the larger providers including bank owned providers charge a fee % 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 funds. The higher your asset values, the more you pay.
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.
WATCH THE SMSF EXPLAINER VIDEO