What Types of Cost are Involved in SMSF Accounting Services



Investigating SMSF Accounting Services to ensure you make the right decision for your self-managed super fund? From setup costs to ongoing fees, this guide covers all the key considerations when looking into professional SMSF accounting services.

Fixed setup costs.

There are commonly fixed setup costs when first engaging professional SMSF accounting services. Such costs may include legal advice, bank account setup fees and review of existing investments, depending on the size and complexity of your fund. These will generally be upfront in nature, lump sums rather than ongoing payments.

Recurring annual fees.

Subsequent to the setup stage, there will be regular administrative and management fees associated with the ongoing performance of your SMSF. Annual accounting is generally completed by a licenced professional in order to remain compliant with ATO regulations, along with preparation of financials and lodgement of annual returns. A full financial statement audit is also required each year.

Service and maintenance fees.

Ongoing administrative costs for SMSF Accounting can vary greatly depending on the complexity of the fund. Typically you can expect to pay an annual fee for accounting, administration services, tax advice and compliance reporting. This annual fee usually comprises a portion for servicing and maintenance of your SMSF as well as a fee for investment performance review. The cost will also depend on how often you need someone to do performance review regarding your investments.

Investment-related fees (including brokerage).

If you are dealing with managed funds and structured products, there may be additional fees payable to those third party providers. To get an accurate cost estimate for your SMSF, it is important to consider all investment-related fee components when evaluating SMSF accounting services and administration costs.

SMSF auditor and audit costings.

Any SMSF requires a financial and regulatory audit each year. This involves an independent auditor examining the fund’s financial statements, investments and compliance with the Superannuation Industry (Supervision) Superannuation Act 1993. Fees for auditing services generally range from a few hundred dollars up to approximately $5,000 per fund depending on size and complexity of the Fund. These fees can vary between accounting firms, so it is important to consider all potential costs before making any decisions.

Consider Tax App

Tax App is an excellent choice for starting an SMSF due to a variety of reasons. Firstly, we offer affordable prices starting from $102 per month, which makes it accessible for small businesses and individuals. Additionally, we offer a crypto SMSF service, which is perfect for those looking to invest in cryptocurrencies within the framework of an SMSF.

Secondly, we have a team of experienced accountants who provide the best services to our clients. We have a deep understanding of the SMSF regulations, and we can provide personalized advice to ensure that your fund is set up and managed in compliance with the regulations. Our team is approachable, friendly, and always available to answer any questions that you may have.

Thirdly, we provide an online app that enables you to speak to your accountant whenever you need to.

Fourthly, Tax App is a technologically advanced firm that uses the latest software and tools to ensure that our clients receive the most efficient and accurate service possible. We are committed to staying up-to-date with the latest trends and developments in the industry, ensuring that our clients receive the best possible service.

Lastly, Tax App has great qualifications and a proven track record of success. We have been providing SMSF services for many years, and we have a long list of satisfied clients who can attest to the quality of our services.

In conclusion, if you are looking to start an SMSF, Tax App is the best choice due to our affordable prices, crypto SMSF service, experienced accountants, online app, technological advancements, and great qualifications. We will provide personalized advice, ensuring that your fund is set up and managed in compliance with the regulations, and we will provide ongoing support to ensure that your investments are performing optimally.