So, you’ve set up a self-managed super fund for more control over you financial future, but start to consider if it’s too costly! Am I paying too much in administration and compliance costs for my SMSF? Are there too many incidental costs such as the annual SMSF audit?
These are all reasonable questions that can be answered to some point by looking at aggregator sites like Canstar. The costs for running a SMSF vary a lot. For example, annual compliance fees can cost anywhere from $800 to well over $5,000. Annual SMSF audits can easily be upwards of $700 – $1000.
You may then have the costs of managing the investments (through a financial adviser or fund manager) to also consider. If you think the costs are getting too high in relation to the size of your fund, you might wish to wind it up. It seems like it’s a big task but luckily at Wewind, we can get this done in under 30 days – plus we’ll take care of all the necessary paperwork.
So if you think you’re paying too much to run your SMSF, and you want to wind it up, talk to us. We’ll help you every step of the way.