SMSF and flat fees can make a huge difference to your ultimate retirement balance. When you first set up a fund there are a number of fees that your fund will need to incur.
Often SMSF administrators will require you to pay some of these fees by EFT or credit card when you first establish your fund. At Squirrel we will generally pay these fees on your behalf so you’re not out of pocket. Once your new SMSF is established and funds from previous superannuation accounts are transferred in, we will debit the SMSF to cover these costs.
As you can see these costs quickly add up to around $2,000 and of course every business needs to make a profit of some type.
At Squirrel we charge a fixed fee of $2,882.77 to establish each SMSF regardless of its complexity and we pay every government levy cost on your behalf, so there will be no surprise fees later on. You can either pay this up front, or it can come out of your SMSF – so there will essentially be no upfront cost to you. 90% of our customers choose to pay the fee direct from their SMSF, which makes it a pretty seamless process to get started.
There is also a $110 +GST per month ongoing fee, which covers every cost associated with the running of your SMSF. This includes auditing, accounting and compliance – with no add on costs.
Some providers will offer a “free” smsf establishment however it may come with a few tricky bits and pieces – like additional costs to register companies, additional costs for deeds for property purchase or you might find out that the ‘free’ offer is because they take a rebate or commission on the funds in your SMSFs bank account, trading shares or introducing you to a mortgage broker. Sure sometimes these ‘free’ offers sound great but that ‘free’ can end up costing you a lot in the long term.
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