Once you are setup with SMSF Australia please inform your employer that the Electronic Service Address (ESA) will be smsfdataflow which will allow you to accept contributions into your SMSF. There is no additional cost or charge for the Electronic Service Address as it is part of our fixed fees.
Do you provide templates to update death benefit nominations and investment strategy documents?
We certainly do and these are included as part of the service. We can either draft these up per your instructions for you to just sign as and when requested. It’s also not limited to death benefit nominations or investment strategies, we can also provide any pension documents, Centrelink schedules or any other reports or templates you may need. The only exception is for any Amended Trust Deeds as these need to be prepared by a solicitor, which will require them to quote based on your individual circumstances.
SMSF Australia is not affiliated with any of the major banks or financial planning firms. You have complete discretion as to what bank you use, what trading platform and how you choose to invest providing it does not breach to SIS Act or is contrary to the trustee’s investment strategy.
When you quote on the setup of the SMSF, what is included in the fee?
We do not believe in underquoting and then making everything an add-on cost. The fee for the setup includes everything you need to run your Self Managed Super Fund including the solicitors cost of the deed, constitution and consents as well as the ASIC fees for the corporate trustee, the Class fee for the first year, an active Electronic Service Address, Registered Office Services, ATO registrations, and our support with your rollover applications and any template documents you need, such as a proforma investment strategy.
If you have pre-quoted fees then why do hourly rates appear on your engagement letter?
There are certain items that we are unable to quote in advance which apply to a minority of funds. The most common example of which is non-compliance with the SIS Act. If you have broken the rules relating to investments, such in-house assets or related party transactions, then your fund is in contravention and will result in ATO review, penalties, and a lot of additional time on our part to resolve. We cannot quote contraventions in advance as they can take an undeterminable amount of time depending on the scope of the contravention.
Historically 99% of the funds we complete match the pre-quoted amounts and the very few with major issues are informed before we go over the quoted amount and given the opportunity to head elsewhere if they would prefer.
Is the Class Super subscription included in your fixed fees?
Yes, we will pre-quote our annual fees for your Self Managed Super Fund which includes your annual Class Super subscription.
No, we can’t. Our job as SMSF Accountants is to help you meet the ongoing administration and tax obligations for your fund, but we are not Financial Planners and are our crystal ball isn’t good enough to tell you a good investment from a bad investment.
That’s a speciality we leave for the financial planning industry who are licensed via ASIC with an AFSL (Australian Financial Services Licenses) to provide just this kind of advice.
Does a Self Managed Super fund have to have a unique name?
No, the fund itself doesn’t need to have a unique name, but companies do. This means that your Corporate Trustee must have a unique name. We always recommend making it obvious what the company is for, so it isn’t accidentally used for another purpose. For example if you start the Bloggs SMSF then look to register a trustee company name such as Bloggs SMSF Pty Ltd. Remember you will need to check if the company name is available on the ASIC website: Check Name Availability
Do you provide a Registered Office Service to meet the ASIC requirements for my corporate trustee? Do you charge anything extra for providing the registered office and sending on the annual ASIC renewal documents?
All companies, including corporate trustees, must have a “registered office” which is staffed 9-5 during standard workdays for legal correspondence. This is mandated by the Australian Securities and Investments Commission. We provide a complimentary Registered Office service at our Adelaide Head Office address for all of our clients. This involves us providing the address and passing on the annual ASIC documentation. We do not charge extra fee for this service as it is part of our holistic fixed fees.
The reports are customised depending on the clients investments and size but a generic Demo SMSF Report is downloadable below to giving you an idea of what to expect. Example SMSF Financials
Can we physically meet in Adelaide/Sydney/elsewhere when necessary?
We are certainly happy to have physical meetings for additional advisory support but, as these fall outside of the pre-quoted fees, they do involve an hourly rate cost of $300+GST per hour. Also, keep in mind that with difficulties caused by COVID-19 we may not be in a position to have a physical meeting depending on your location in which case our SMSF Accountants are still available for phone/digital meetings.
It goes without saying that diversification is an important part of investing but as the law stands the rules merely say that you need to give consideration to diversification and formulate an appropriate investment strategy.
There is no mandate on how diversified you need to be within that investment strategy providing that you have considered its impact on your investments and be able to pay the SMSF debts as and when they fall due.
In short, as the trustee, it is your obligation to develop an investment strategy for the fund and the ATO will audit if that strategy exists, but not the content of the strategy.
For a basic SMSF accountants will charge $1,300+GST per annum.
The SMSF costs of accounting for more complex accounts will increase to $1,600+GST per annum with both including accounting, audit and software.
Read our in depth article showing how much accountants charge for SMSF remembering the ATO will also change an annual SMSF Levy of $259.
If you’re interested in learning more about our SMSF Accounting Services please reach out for a confidential quote. Simply submit your details and one of our friendly team will be in touch as soon as possible.
Do you want to learn more about our SMSF Accounting Services?
Give us a call on 1300 392 544 or fill in the form above