How Much do Accountants Charge for SMSF?

How Much do Accountants Charge for SMSF?

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.

You also need to factor in the ATO SMSF levy of $259.

See below table showing how much accountants charge for SMSF.

How Much do Accountants Charge for SMSF?

How Much do Accountants Charge for SMSF?

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.

You also need to factor in the ATO SMSF levy of $259.

How Much do Accountants Charge for SMSF?
Annual Pricing Basic Fund Complex Very Complex
Total fees (including Accounting, Audit & Software)
$1,300 + GST
$1,600 + GST
From $2,000 + GST
Compliance
Annual Financial Statements
Annual Compliance Documents
Dedicated SMSF Accountant
Annual SMSF Audit
Lodgement of Annual SMSF Tax Return
Class Super Annual License Fee
Investments Included
Bank Accounts/Term Deposits/Cash Savings
Share Trading/Managed Funds
Wrap Investment
Direct Property Holdings
Up to 2 Properties
3+ Properties
Unlisted Assets, Foreign Assets, Derivatives, Warrants & Options
Precious Metals/Bullion and other Collectable Assets
Cryptocurrency Investments
Add-ons
Business Activity Statements (For GST Registered Funds)
$160 + GST per lodgement
$160 + GST per lodgement
$160 + GST per lodgement
Actuarial Certificate (oncharged at cost)
$89 + GST
$89 + GST
$89 + GST

Setting up a Self-managed Super Fund, commonly referred too as an SMSF, is an appealing idea when you want to manage your own retirement savings based on your ethical principles and asset choices. However, you will need to plan carefully and budget for ongoing support.

One of the key aspects of having a Self-Managed Super Fund is its accounting. Fortunately, there are companies in Australia that specialise in Self-Managed Super Fund accounting. SMSF Australia has a team of professionals that provide complete SMSF solutions. Whether you are just setting up a new SMSF or need consultation regarding an existing account, our professionals are there to guide you through the process.

Before you seek a consultation, you should  have an idea about the accounting costs for Self-Managed Super Fund set-up and maintenance. In this article, we will break down what type of accounting services you need as an SMSF owner and how much you will be charged for them.

What is a Self-Managed Super Fund?

A Self Managed Super Fund is form of private super fund that allows members to manage their retirement savings themselves and save money for retirement.

These super funds can have one to six members while all members must generally also be directors of the corporate trustee. The idea of SMSFs is quite appealing because it offers control over the super fund.

However, it bears the risk and requires a lot of work. To make your job easy and minimise the risk, companies such as SMSF Australia offer accounting services that help you stay on top of the annual compliance work.

What are the costs of Owning SMSF?

If you want to create a Self-Managed Super Fund, then you need to take into account the costs that come with it. Keep in mind that, initial fees are higher but once you complete the setup process then costs get lower.

These are the essential fees for SMSFs:

  • Accounting Fees
  • Annual Audit Fees
  • ATO Supervision levys

What Services are Essential for Managing SMSFs?

  • Preparing Financial Statements – Self-Managed Super Fund requires preparing financial statements which are usually handled by an accounting company. This service includes the preparation of balance sheets, member balances, and operating statements.
  • Tax Return – The accounting company also manages the SMSF tax return process and lodgement with Australian Taxation Office.
  • Organisation of Independent Audit – SMSFs must be audited annually by an independent auditor.

Ongoing Accounting Costs

Generally, when we look at how much do accountants charge for SMSF the ongoing accounting costs of SMSF can be quite different from one fund to another as shown in the table above.

The number of ongoing costs depends on the complexity and the size of the fund. At SMSF Australia, we offer different pricing options for annual accounting costs.
Basic SMSF accounting is worth $1,300 + GST.
SMSF Accounting services for more complex funds are $1,600 + GST.

SMSF Set-up Costs

At SMSF Australia, expected SMSF set-up costs include:

Accounting Time – $753

This specific service includes creating all the necessary SMSF files and full accounting support during the SMSF set-up process.

ASIC Fee – $597
This is a fixed government fee that is charged by the Australian Securities and Exchange Commission for the setup of a new company to act as the corporate trustee of your fund.

SMSF Deed – $400

This is a fixed fee for creating a legal document that informs the details of fund setup and operation. The deed must be compliant with the Superannuation Industry (Supervision) Act 1993.

Class Super Fees – $250

This is an annual fee for the Class Super system which provides the electronic service address ‘smsfdataflow’ allowing the fund to be compliant and receive contributions. The Class Super system also helps the accountant to manage the super funds compliance using bank feeds and other custom tools and generate the auditors reports.

Overall the set up fees are $2,000 + GST

SMSF Audit Costs

In addition to accounting, SMSFs must be audited each year. The audit company must be independent. The audit fees are $385 plus GST.

If your SMSF accounting is done by the team of SMSF Australia, then we will arrange an SMSF audit on behalf of you via our panel of independent auditors and the price is included in your SMSF accounting fee.

Do you want to learn more about our SMSF Accounting Services?

Give us a call on 1300 392 544 or get in touch online.

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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.

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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

Contact Us

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.

Contact Us

Name(Required)