The top five ways to cut down on the administrative costs of your SMSF.
Do you want to know the suggestions for reducing the cost of maintaining A Smsf? Cost is a common topic when people talk about Self-Managed Superannuation in today’s world. So, how much does it cost to set up, how much does it cost to run, and how much does it cost in comparison to a retail super fund?
In this case, it’s hard to come up with a correct answer to these questions because the prices of the items above vary so much depending on your investment strategy and who your fund is with in the case of retail super funds. So what are the top 5…
- Set up electronic data feeds of all your transactions, which could save you both time and money. This way, your data stays in Australia and you don’t have to enter each transaction one by one again come auditing time. This will also add an extra layer of security for auditing in the future. And should save on your accounting and auditing fees.
- It may be cheaper and give you more up-to-date information to switch to monthly administration, which is often cheaper than annual administration.
- Review the exchanges you are using if you are trading cryptocurrencies or shares (local and international). There are many platforms out there with different fee schedules so you should shop around to make sure you have the sharpest trading fees possible.
- Insurances attached to your SMSF or retail super fund such as life insurance or permanent disability insurance should be reviewed regularly. Are you getting the best cover here and have you got the appropriate pay out sums. Often the more the pay out the higher the fee. It is worth doing some research here.
- Have you shopped around your auditing fees? There are many providers who can do this service for your SMSF. They all charge different fees.
Please note this is not financial advice and you should consult proper financial advisors when required.