Costs of Running a SMSF
There are a number of costs in running a SMSF but you will find that these costs are competitive with the administration costs you would have been paying when being part of a large superannuation fund. The fees can be broken down into a number of sections, as below.
First Annual Fee
- All year taxation, accounting and bookkeeping advice
- Annual financial accounts & member statements
- Preparation of annual tax return
- Preparation of audit work papers
- Annual review and analysis of fund position from a tax perspective
- General day to day correspondence with yourselves and the ATO
Second Annual Fee
Is for the preparation and lodgement of the ASIC company annual return which is assessed on the registration date of your company each year.
Third Annual Fee
Is an Audit fee. It is an annual requirement that the financial statements and income tax return of a SMSF are audited by a registered auditor each year, something we arrange for our clients.
Excluded from the above are
- Changeover costs associated with existing SMSF’s accounts transferring from a previous accountant with extra work such as tax returns required to be lodged
- Any requirements for actuarial certificates or government authority audits or investigations
- Consultant fees and specialist technical research work taking longer than a half hour
- Fund tax and regulatory fees and levies
- Quarterly accounts and member statements