Hi there,
I have a SMSF and I pay a tax accountant .6% of my portfolio each year to handle my tax, audit requirements, and any taxation issues.
Is this an average cost?
A: Thanks for the question.
It depends on two things – how big is your SMSF, and whether the service includes all the administration (book-keeping, production of financial accounts. member statements etc).
A fee of $3,000 plus GST (which would apply on a fund of $5000,000) that includes administration, taxation and audit is “reasonable” (it is not cheap, however) – if the fee was $6,000 plus GST (which would happen if the fund was $1,000,000), I would say the fee is expensive.
If I was happy with the service, I would be talking about moving to a fixed fee arrangement.
I hope this helps.
