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Currently my fund sits at $830,000 which is mainly a balanced fund.
Over the last 2 years, it has cost us around $2,500 per year to prepare our taxation for lodgement.
Is this expensive for the preparation and lodgement of taxation within an SMSF?
I will turn 60 on 3/11/14. My wife is 58.
A: Thanks for the question.
It depends a little bit on just what your accountant is doing for your fund and also on the complexity of your investments (more work involved in unlisted securities, collectibles, property or trusts).
That said, $2,500 for financial accounts/record keeping/preparation of the annual return is a touch on the high side, but not out of the ordinary. Is the Audit fee extra?
If you are doing the book-keeping and all your accountant is doing is transcribing your records to prepare a financial statement and lodge an annual return, then I think you are paying too much.
Hope this helps,
Peter
