Full administration is more than simply the basic compliance administration which includes the mandatory preparation of financial statements and SMSF annual return.
As defined by Rice Warner Actuaries in their report they prepared for ASIC (download here) ‘Full administration’ provides additional services including: investment accounting, access to online investment platforms, investment analysis and reporting.
In addition to the up to date investment and member reporting (including contribution caps and pension limits) Superfund Wholesale also provides additional SMSF technical support via our qualified and experienced team.
Generally no. By doing so many of the efficiencies built into our system are lost and it will impede the service we are able to deliver to you as an adviser.
Our default auditor is familiar with our systems and has been involved in the development process. Alternate auditors may not have the same economies of scale and efficient systems, and the increased fees charged may undermine the some of the benefits of the Superfund Wholesale system.
Our default auditor is ASF Audits. ASF is one of the largest and most experienced specialist SMSF audit businesses in the country and all their work is conducted in Australia at their Adelaide office.
Our two current trust deed and documentation providers are Now Infinity (default) and Topdocs (alternate).
All prices quoted on our website are based on our default document provider Now Infinity. Where you chose to use our alternate provider Topdocs, an additional fee of $286 (inc. GST) will be incurred for all SMSF establishments, deed upgrades or changes of trustees.
We don’t mandate a particular deed / document supplier or force advisers to switch to our preferred deeds.
Although we prefer you utilise the same trust deed for all your SMSF clients, we do not mandate this either.
Our currently monthly fees are $120 including GST per month ($1440 per annum) for SMSFs that fit into our ‘Adviser Friendly’ service.
When an SMSF has property (residential or commercial),with or without a limited recourse borrowing, the fees increase to $150 including GST per month ($1,800 per annum).
We reserve the right to quote a higher fee in certain situations where the scope of the work required significantly exceeds a standard SMSF. In these cases, we will quote up front. We note this is very rare as we like keeping things simple – for you, us, and your clients.
The most common additional fees relate to actuarial certificates. For a standard actuarial certificate the cost is $165. For a defined benefit actuarial certificates the cost is $495.
Please refer to our Pricing page for further information on our fees.
The monthly fee covers the preparation of the SMSF accounts (daily transactional data reconciled on a monthly basis), preparation and lodgement of the annual SMSF return and independent audit of the fund as well as technical support from our team.
Actuarial fees are extra. Please refer to our Pricing page for further information.
Technology – our specialist SMSF administration software provides huge efficiency gains through the use of automated data feeds from our approved broker, wrap and cash management account providers. Combined with our unique web based systems that streamline the establishment and ongoing management of SMSFs, we can prepare SMSF accounts with significantly less manual interaction compared to traditional paper based systems.
You are in control – we believe that as your clients primary adviser, you are the best placed to source the documentation and information necessary for us to administer your clients SMSF. Our fee structure takes this into consideration, enabling you to be compensated for the time you spend providing the necessary information via our web based system.
Scale – because of the number of SMSFs we administer and the limited the range of approved investment platforms available, we have obtained significant economies of scale and have past these efficiency savings onto you through a reduced fee.
No. We are completely agnostic on the choice of bank accounts, brokers or platforms you utilise for your SMSF clients.
We have the largest range of data feeds available which ensures we can keep your clients SMSFs up to date with minimal manual processing.
Any accounts mentioned on our website are for example only.
We also road-test a lot of accounts, brokers, etc. Our current preferred broker for advisers is OpenMarkets and our preferred cash account is the Macquarie CMA (with CBA’s Accelerator Cash Account a close second).
Because of the nature of the clients we look after on your behalf (i.e. advised clients) the overall risk of an ATO compliance audit in our opinion is lower than the overall SMSF population.
Due to our constant reporting and review of your clients SMSF transactions throughout the year, in most cases any unusual transactions will be discovered quickly and you can work with your client to rectify any compliance matters.
Where the ATO requests documentation as part of a review or audit, Superfund Wholesale will provide all documentation available to us. Additional documentation may be required from you as the adviser or your client.
Where additional work is required resulting from an ATO review or audit which is outside the scope of the Service Agreement with Superfund Wholesale, we can re-engage you and your client on a stand alone basis for that work.
Copies of the end of financial year reports will be made available through our website. There will be two report packages that users will download, print and send to their clients:a copy for the client’s records, and a copy to be signed by the client, then uploaded back onto our system to enable finalisation of the audit and lodgement of the SMSF annual return.
Signed audit reports will be made available through our system when issued.
As part of the adviser registration and approval process, we will provide you with online access to your clients SMSF accounts.
These reports generally are updated daily with transactional and investment pricing data, and manually reconciled by our team on a monthly basis (although more and more transactions are coded automatically).
No. The only place your clients will see our details will be the tax agent details on the SMSF annual return and any Service Agreements that are put in place.
We also recommend full disclosure of the relationship between your business and Superfund Wholesale, including where the work is carried out (i.e. all in Australia compared to other low cost providers who do the work offshore sometimes without informing their clients).
Online accounts access will be re branded for your business, as will any PDF reports generated from the online portal and the end of year financial statements.