HAVE YOU BEEN LET DOWN BY YOUR SUPER FUND ADMINISTRATOR?
SELF MANAGED SUPER FUND ADMINISTRATORS ARE INCREASING FEES BECAUSE OF A FAILURE TO MEET CLIENT REVENUE EXPECTATIONS.
RING 1300 664 118 FOR A SPECIALIST TO ANSWER YOUR QUESTIONS.
March is the deadline for Self Managed Super Funds to have their accounts and audit completed for the 2009 tax year. Some administrators that were offering a low cost administration service are now reconsidering the fee that they are charging.
How much should it cost to set up a fund?
The process of setting up a self managed super fund is time consuming and costly. You have to costruct a Trust deed for the fund, register the fund with the Australian Taxation Office(ATO) and then process the transfers of superannuation money into the bank account of the Self Managed Super fund. It would cost around $3,500 in time and legal fees to get to the first base and have a fund established.
How do some administrators afford to offer to set up funds up for free?
If you are wondering why some organisations are offering free set up then the explanation is they are expecting to be able to make a margin on the services that they offer and are hoping to retain you as a client for a very long time to recover the time and expense of setting up your account.
Can administrators increase their fees?
Administrators manage an increasing number of self managed super funds. Many clients are realising that setting up and managing a self managed super fund is a specialised field and are moving from their suburban Accountant. An administrator quite often does all the work in making a fund meet it's compliance requirements to protect the Trustees and members.
Can I move Administrators?
Yes you can at any time. Some administrators require you to make a certain number of share transactions so that they can meet their fee income target. If you fail to meet that target you may receive a fee increase to cover the services of an administrator. If you receive such a letter then call us and we can help you out.
Do I need $200,000 to set up my own fund?
No you do not. Their is no hard and fast rule that states that you need to have that amount. It makes more economic sense to pool your super with your partner and if you have more than $100,000 then it becomes cost effective.
The Superannuation review has now released it's finding into the whole superannuation industry and you can get the key findings in our special report. It is particularly interesting for the 35-64 age bracket.
email us at info@selfmanagedsuper.com.au for your free copy. It will change the way you think about do it yourself super.
FEES ARE BEING DRIVEN DOWN BY SELF MANAGED SUPER INSTITUTE.
"The Self Managed Super Institute can set up your own fund in 3 hours with our online application".
When you set up your self managed super fund with the Self Managed Super Institute P/L we will take control of the complete set up and administration for you.
As a financial services licencee (292925) we will provide you with all the tools that will make running your self managed super fund easy and put you in the drivers seat of your investment future.
"The number one reason why people set up and run their own self managed super fund is investment control and lower fees".
When you complete your online registration make sure you do the following:
Make sure the tax file numbers of all members are 100% correct. Make sure the names of all members are correctly spelt. Make sure dates of births of all members are correct. Also make sure that you have your beneficiaries noted on your trust deed.
Self Managed super will provide a complete administration service of your super fund. All you need to do is click on the link on your left and fill out your application online.
GET YOUR FREE E BOOK ON HOW TO DRIVE DOWN FEES.
You can now negotiate a better deal with your financial planner and service provider if you know what is value for money in funds management. The Global Financial Crisis has now forced fund managers to be more competitive and strip away fees. Is this the start of the end for the Fund managers? Will administrators move to a flat fee? Will Financial Planners revolt and not service anyone with less than $200,000 to invest?