We like to keep our fees simple and transparent.
When a new SMSF is established, regardless of whether it is active for 3 or 365 days during the year, there is still a minimum amount of work required and costs incurred - namely the independent audit but also to prepare the financial accounts and lodge the SMSF annual return.
The 1st year SMSF administration fee applicable is calculated as $480 plus either $85 or $125 per month for the number of months the fund was active during the financial year.
This means the minimum fees applicable is as follows:
- Essentials: $480 plus $85 x 1 month = $565
- Plus (Property Funds): $480 plus $125 x 1 month = $605
An SMSF is considered active from the month it's established and will be invoiced after it receives the first deposit into it's bank account.
The following tables illustrate the application of the minimum fees based on when the
SMSF first became active:
Essentials:
Plus:
Integrated:
Example:
An SMSF is established in March and receives it's first deposit in April. The fund fits into the 'Essentials' category. The applicable fee for the year is $855.
We have updated our sample SoA wording to assist you when it comes to new SMSFs: https://intelllo.box.com/v/SampleSoAWording