Looking at setting up a SMSF so who do ASF members use ?, any tips or advice, have looked at a few providers, this one sounds good value http://selfmanagedsuperannuationadvisor.com.au/ so does anyone here use them ?, very cheap compared to others so is there a catch ?
Yeah right like the ATO is gonna issue you with an ABN in quarter of an hour. Getting your existing fund to rollover your money into your own self managed fund is like pulling teeth too. If you're talking a long term investment why worry about a couple of weeks once you have made your mind up?
Anyhoo I have used http://www.esuperfund.com.au/ for two years now and has been very hassle free.
Costs $600 bucks a year for all the compliance reporting and stuff they take care of. Pretty happy with their service to date, other than the horrendous CGT bill they sent me
I have found www.equipdiysuper.com.au good. Low fees and professional service. Very happy customer
Got an email this week from Rabodirect about SMSF's. They are now offering this service so I got quite excited about it until I read the set up and fees part.
Setup is near $1,000 depending on whether you want to do it as trustees or as a company.
What really shocked me was the administration fee per annum, $2,880.
So I looked a bit deeper and found that they will be using a company called Cavendish. So apart from all your other fees like brokerage you still have to pay that admin fee. When I saw that I thought no way, it is a charge way over the top.
I currently use an Industry Super Fund, for a 100K account I pay $560 P/A all in for fees. I would have thought Rabobank could have run this SMSF administration themselves rather than using someone else.
So for the time being I am sticking to my industry super fund, it just isn't worth such a high fee to me to have someone do the books for me. (Before anyone says it, yes I know I can administer the fund myself but it is something I don't want to do.)
Link Here:http://www.rabodirect.com.au/smsf/default.aspx?utm_campaign=PR_111202&utm_source=AU00804&utm_medium=EMAIL
Appreciate your feed back as I am planning to take over from my accountant who is charging me over $2000.00 when the returns are low during this GFC period.
Your returns have no relationship to what your accountant needs to charge you.
He/she is required to prepare a very specific amount of detail in your SMSF tax return to meet the SIS regulations. Your actual profit or loss has absolutely no bearing on this.
An exception would be, perhaps, if you had moved all to cash and had no share related transactions.
Around $2000 would probably amongst the lowest most accountants would charge.
I've had quotes for well over $5000.
Your returns have no relationship to what your accountant needs to charge you.
He/she is required to prepare a very specific amount of detail in your SMSF tax return to meet the SIS regulations. Your actual profit or loss has absolutely no bearing on this.
An exception would be, perhaps, if you had moved all to cash and had no share related transactions.
Around $2000 would probably amongst the lowest most accountants would charge.
I've had quotes for well over $5000.
Yeah right like the ATO is gonna issue you with an ABN in quarter of an hour. Getting your existing fund to rollover your money into your own self managed fund is like pulling teeth too. If you're talking a long term investment why worry about a couple of weeks once you have made your mind up?
Anyhoo I have used http://www.esuperfund.com.au/ for two years now and has been very hassle free.
Costs $600 bucks a year for all the compliance reporting and stuff they take care of. Pretty happy with their service to date, other than the horrendous CGT bill they sent me
I have re-negotiated my fees etc with my SMSF accountant and will still cost just over $3000.
Absolutely no doubt that there are incompetent and unethical accountants out there.I trade regularly and I have found some accountants dont even know about some of the processes, example of how tax deferred works when calculating CGT on parcels. So what they charge is absolutely rubbish. I asked an accountant why are you charging over $1450.00, the answer was because everyone else is. When I asked how do you work out the capital gains etc. They were showing me how they do it and I realised they are charging more because they are wasting time on data entry etc.
Great post, hangseng. I'm sure esuperfund is perfect for a lot of people.I have used esuperfund for over 6 years now. Setup and first year cost me nothing and now I pay $699 a year.
It is a basic compliance service they provide no advice whatsoever and state as much. You need to keep up to date with all legislation yourself, of which I did anyway when I had so called "professionals" managing my super.
Now my fees are low and the fund has increased in value, exceeding the previous fund I had by far.
They aren't a set and forget provider, you need to keep them on their toes when you make changes and keep yourself well informed. If you aren't confident in doing that then they aren't for you.
The only reason I am considering a change is to give me more flexibility in selecting who I trade with and where the cash account is held. The current restriction increasing trading costs quite significantly now. ANZ V2 cash account and Comsec trading account, so no trading discount applies on brokerage.
I need to weigh up the cost of brokerage against the additional cost of a new provider. If esuperfund changed this restriction I would not consider moving.
I was going to use a Perth accounting firm that used to do my annual taxation. I say used to, as they knew nothing and charged me double for the privilege. I found myself telling them what had to occur after doing my own research. Research that they had the gall to charge me for after they reworded into accountant speak that meant the same as I told them.
Being an expat certain things had to change in regard to trustees and central management and control. They were lost on this and eventually I got my own ruling from the ATO. If I had listened to them it would have cost me and the fund a small fortune.
Do I regret having an SMSF or using esuperfund? No way, best move I ever made financially for my eventual retirement. But using esuperfund is certainly a hands on requirement. Wait for them to advise you and you will end up non-compliant.
Sign up to the ATO SMSF mailouts and keep a list of online places that give regular free updates. Plenty of information out there.
Yep, probably an important point for anyone new to SMSFs to remember when getting quotes, i.e. to make sure the audit cost is included.I probably should have said that this includes both the administration fees and the external audit fees, there are two components in the annual SMSF taxation submission.
Exactly. I think the last time I worked out mine it was around 0.4%.The cost probably also needs to be in context, ie. last year my total costs were 0.83% of the account, this year will be less than 0.8%.
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