Sick of high fees? Here’s why you should transfer your SMSF
Attention all SMSF trustees! If you have a straightforward SMSF that’s invested primarily in listed securities, cash or property without any exotic investments (like collectibles), you need to ask yourself whether you’re paying too much each year for SMSF tax, administration and auditing.
You probably are – the average SMSF pays over $2,500 each year. If you are a self-directed SMSF trustee/member, you may like to compare SMSF providers, or, benefit from transferring your SMSF to a fintech platform, like Selfmade. Let’s take a look at some of the reasons why.
SMSF accountants are costly
Traditionally, an SMSF accountant deals with what has already happened in your SMSF. They typically take the paper trail of what you did in the previous financial year and form a coherent picture for tax and record keeping purposes.
Historically, the cost structures and highly manual nature of traditional accountants means this service usually costs a few thousand dollars each year. Add to that the opportunity cost of retaining a provider for an extended period of time without renegotiating terms. Think of it like your mortgage or other long term financial commitment – if you've stayed with your existing loan provider for the last 10 years, you’re probably not getting a good deal!
Selfmade’s fees are lower
For SMSFs with standard investments, Selfmade asks for $82.50 per month for administration and tax services. That’s less than $1,000 per year! Additionally, there's currently no charge to transfer your existing SMSF to the Selfmade platform.
There are other costs such as the annual SMSF audit and some standard government charges, however all SMSFs face those costs. To help mitigate these costs, signing up with Selfmade gives you access to our SMSF audit partners, where we negotiate a competitive price for your compulsory audit.
Selfmade offers more than a traditional accountant
Technology is at the heart of
everything we do. Our goal is to reduce fees and friction for SMSF members. We offer
the same core services as an accountant, but we invest heavily into tech so
that we can provide a more advanced service at a competitive price.
Moving to a tech platform like Selfmade means you won’t be directly or indirectly paying for face to face meetings, hourly rates, and many of the overheads of traditional accountants. You’ll get access to a member’s only dashboard that will give you a useful overview of your SMSF investments, as well as other helpful features to help with tax time and regular compliance.
Are you unhappy with the service your regular accountant is providing? Ready to take control of your financial future? Get started with Selfmade today.