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.
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
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.
For a basic SMSF you should expect to pay around $1,300+GST per annum. For more complex SMSF’s this will increase to $1,600+GST.
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