Newly established SMSFs - pro-rata fees payable in year 1 (Old method)

The following information applies to SMSFs established by Superfund Wholesale PRIOR to 12 September 2016

From Monday 12th of September 2016 the standard 1st year fee for all new SMSFs is $990 including GST.

More information here: New SMSF - Flat $990 1st Year Administration

 

When an SMSF is established and not operating for a full financial year, a pro-rata calculation of our administration fees will apply.

We consider a fund operating from the month the it receives its first deposit (either a contribution or rollover).

All our SMSF administration fees include the fee from our independent auditor, however the audit fee we incur is flat whereas the fees relating to our admin work can be pro-rated.

For this reason in the first year a fund is running we need to raise an additional invoice to ensure that we collect enough fees to cover outgoings (i.e. the auditor). To put it another way we have a minimum applicable fee for new funds in their first year.

The following tables show these fees payable for the first year a new SMSF is running:

'Adviser Friendly' funds:

First deposit

Monthly fees Additional Fee Total Fees
July 12 m @ $120/m n/a $1440
August 11 m @ $120/m $33 $1353
September 10 m @ $120/m $66 $1266
October 9 m @ $120/m $99 $1179
November 8 m @ $120/m $132 $1092
December 7 m @ $120/m $165 $1005
January 6 m @ $120/m $198 $918
February 5 m @ $120/m $231 $831
March 4 m @ $120/m $264 $744
April 3 m @ $120/m $297 $657
May 2 m @ $120/m $330 $570
June 1 m @ $120/m $363 $483

 

Property funds:

First deposit

Monthly fees Additional Fee Total Fees
July 12 m @ $150/m n/a $1800
August 11 m @ $150/m $42 $1692
September 10 m @ $150/m $84 $1584
October 9 m @ $150/m $126 $1476
November 8 m @ $150/m $168 $1368
December 7 m @ $150/m $210 $1260
January 6 m @ $150/m $252 $1152
February 5 m @ $150/m $294 $1044
March 4 m @ $150/m $336 $936
April 3 m @ $150/m $378 $828
May 2 m @ $150/m $420 $720
June 1 m @ $150/m $462 $612

The additional fee will be raised in arrears on completion of the 1st year accounts of the fund at our discretion.  In some circumstances, we will decide not to raise an invoice for a small amount and will absorb it for simplicity. 

Where a new SMSF invests in property during its first year of operation, the higher additional fee under the property funds table above will apply.

 

Please also remember that all SMSFs have to pay the annual SMSF levy as when their SMSF tax return is lodged. For new SMSFs established in the 2016 financial year they have to pay 2 x years which equal $518!

More information in this article: What is the ATO Supervisory Levy?

This information applies to SMSFs established by Superfund Wholesale PRIOR to 12 September 2016

 

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