As the trustee, you will need to engage the services of a suitable professional to look after administration side of your fund, including your annual audit and tax return lodgement.
Some SMSF trustees choose to have their accountant look after the process, especially if they have an existing relationship with an accountant who is competent in the administration of SMSFs.
A growing number of trustees are choosing low-cost online SMSF providers. Part of the reason for this is that previously SMSFs were only used by wealthy business owners with existing accountants, but today workers are choosing an SMSF even if they don’t already have an accountant of financial planner.
There are a number of online SMSF providers in the market, and the prices differ just as much as the levels of service offered.
Over the coming months we will be putting together a comprehensive list of each of the SMSF providers along with a comparison of their costs and features. To start with, here’s a list of providers along with their setup and ongoing costs:
Setup Ongoing Name
$695 $990 SteppingStoneWealth.com.au
$0 $699 esuperfund.com.au
$345 $1,295 supereasy.com.au
$770 $1,980 diysuperservices.com.au
$0 $468 superannuationwarehouse.com.au
$0 $950 yoursuperaccountant.com.au
$9 $990 moresuperannuation.com
$0 $1,800 selfmanagedsuper.com.au
$585 $2,740 supafunds.com.au
$660 $1,760 superfactory.com.au
The above list only just scratches the surface, and there are dozens more providers out there offering this type of service.
As you can see, the setup costs as well as the ongoing costs vary considerably from one service to the next. In some cases the costs do reflect the level of service offered, but not always!
Until we put together our comprehensive comparison of online SMSF providers, we must recommend that you do your own thorough research being deciding on a referred provider.
There are plenty of advantages to having your own SMSF, but there are also a lot of decisions to be made, sometimes on a daily basis depending on how frequently you are buying and selling assets.
The first decision is which SMSF administration and audit provider to use, and hopefully we can help you to make the right decision.