Don't believe everything one may read about costs, especially if it comes from a group which may have a self-interest against SMSF's - sticky fee money.. A claim of $3k for an audit is audacious. The cost to the SMSF of which I am the Trustee was $880.
Could depend on the complexity involved however.
I see the inflated costs thrown out all the time re SMSF's my fees are the same $880 and like SP that covers both my wife and myself, converting to pension phase cost $0.
I see the inflated costs thrown out all the time re SMSF's my fees are the same $880 and like SP that covers both my wife and myself, converting to pension phase cost $0.
You obviously need to research different providers, they all offer different services, I mainly have cash and stocks so a simple online super provider is all i require.I've looked into this a few times. Are your fees only $880 because of your SMSF structure? If you don't mind sharing, what kind of structure do you have? My goal is to use funds to trade shares and property eventually, but want to leave the trust open to using all available investment options such as Options, Futures, Overseas Equities, basically anything if I want to.
As it's been stated, I've seen quoted fees for SMSF as being much much higher ($5,000 to $7000 after audit and accounting fees). Though I have seen $100,000 as being quoted as the absolute minimum, not $200,000. But obviously the greater the starting the less fees will drag on the account.
I also didn't know about the Direct Investment options that are available too. That is certainly a idea!
I have a family trust and have an accountant for that, so I will use them. There fee's for the trust have been pretty good. The investment for the SMSF will be simple as well, but I will make sure with the deed that I keep all options for the future.
Some good info in this thread
I can't remember but I'm pretty sure the accountant helped me source all that last time, not the FP. Not a big deal though. I'll sort it all out when the time comes (hopefully within 12months?). This thread has certainly helped clear up a few things though.
Hi fiftyeight, I changed over to QSUPER. I needed somewhere where I could buy and sell my own ETF's or stocks and QSUPER allows this and their fees were much less than ING.
They have what they call "Self Invest" you can buy most of the ASX top 300 plus a range of ETF's, 27 I think. Self Invest has it's limitations and I have contacted them about that but there has been no change with that.
Pros: Low Fees, 27 ETF's, invest inmost of the top 300 stocks, fees are capped at $900 p/a (not including ETF/shares and brokerage), they have several of their own structured funds, no audits, no reporting to the ATO as they handle all paperwork including capital gains and annual reports, reversionary pension arrangement or binding arrangements. Basically all I do is pick what I want and they do the rest.
Cons: Brokerage is a bit high (for me not an issue as I don't trade much), Can not invest in LIC's (asked but no action), Not enough ETF's (I like A200, not on the list), need to have 13 Months in pension payments in one of "their funds" so they can draw on it.
Generally I like QSUPER a lot. I've changed super funds a number of times and I have found QSUPER to be the best so far. Hope that helps.
Link to list of available ETF's: https://qsuper.qld.gov.au/investments/options/self-invest/exchange-traded-funds
and
While fees are necessary to cover the cost of managing your money, QSuper has an annual cap on administration fees.2 If you ever pay more than $900 a year, we'll refund the difference in July of the following financial year as a rebate – meaning more money towards your retirement.
https://qsuper.qld.gov.au/our-products/our-fees/fee-details
I've looked into this a few times. Are your fees only $880 because of your SMSF structure? If you don't mind sharing, what kind of structure do you have? My goal is to use funds to trade shares and property eventually, but want to leave the trust open to using all available investment options such as Options, Futures, Overseas Equities, basically anything if I want to.
As it's been stated, I've seen quoted fees for SMSF as being much much higher ($5,000 to $7000 after audit and accounting fees). Though I have seen $100,000 as being quoted as the absolute minimum, not $200,000. But obviously the greater the starting the less fees will drag on the account.
I also didn't know about the Direct Investment options that are available too. That is certainly a idea!
A couple of guys from work used esuper and they were happy with the service. I use online super fund, been using them for a long time and happy with the service, plus local (Perth).I use Esuper have a read through their website its fairly straight forward.
My SMSF is like SP cash and stocks with myself and wife as members I hold an IP but outside of the SMSF.
Its all online and 99.9% of the admin is done by Esuper very straightforward and well organised.
I previously used an accountant, costs were around $2K per year but found Esuper to be better all round.
They introduced a massive fee increase and as I warned them at the time customers would leave. When I pulled out my account surprise surprise they called me and asked if I could come into their office and have a talk about why I left. It was all too late, I would only give them 1 star now. Have a look at a website called productreview.com.au and check out ING Living Super and you will see what I mean, cheers.
Hi and welcome to the forum.Hi Bill, thanks for your advice which is really useful for me.
One question comes out of my head. How did you transfer your stocks from ING Living to Qsuper? Did you have to sell all your stocks before you can make a transfer?
the explanation I have heard is along these lines: They are transferring a pile of clients over from BT Wrap, and its taking a little longer than they thought.The Panorama site is currently offline. The planned weekend outage has been extended. We anticipate your online access will be available from 9am, Tuesday 23 March 2021 AEDT. Please visit our website for more information.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?