Who do you use for SMSF?

[Sir Burr]

Re: Who do you use for SMSF ?

Sign up to the ATO SMSF mailouts and keep a list of online places that give regular free updates. Plenty of information out there.

Thanks hangseng, recently up to eSuper and good to hear from someone who has used them for some time.

Anyone interested, here's the link to subscribe to ATO:
http://www.ato.gov.au/subscription/Default.aspx?sid=42

Cheers, SB.

 

[jnalad]

Re: Who do you use for SMSF ?

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.

I like trading regularly and like to keep my portfolio position up to date. I have now decided to go with a new mob at www.unip.com.au They are offering at the same price as eSuperFund but with any broker and an online portfolio service that is quite advanced. I had a choice over Praemium and SuperEasy and UNIP.