We like to make things simple.
The 1st year SMSF administration fee applicable for all new will be a minimum of 4 months of the applicable monthly fee.
This means the minimum fees applicable is as follows:
- Essentials (Adviser Friendly) - $120 x 4 months = $480
- Property Funds - $150 x 4 months = $600
Monthly fees commence from the time the SMSF receives it's first deposit.
Where there are less than 4 monthly fees charged before 30 June of the 1st year of the SMSFs operation, a catch up fee will apply upon completion / finalisation of the accounts for that year.
The following tables illustrate the application of the minimum 4 months of fees:
An SMSF is established in March and receives it's first deposit in April. The fund fits into the 'Essentials' (Adviser Friendly) category. The applicable fee for the year is 4 x $120 = $480.
The $480 dollars is levied via 3 monthly payments of $120 (April / May / June) plus a final completion fee of $120 when the accounts are finalised after the end of the financial year.
Based on feedback from advisers we work with, this method is SIGNIFICANTLY easier to understand compared to our old pro-rata method which confused everyone - including us!
We have updated our sample SoA wording to assist you when it comes to new SMSFs: https://superfundwholesale.box.com/v/SampleSoAWording
Our SMSF Establishment form has also been updated to reflect these changes. You will be provided with information about the charges that will be incurred based on your answers: