Choosing an accountant doesn’t have to feel like getting a root canal at the dentist!
Speaking of dentists – my friend (let’s call him Mike), had a long overdue appointment with one.
Mike is a very tough individual and had been putting off the dentist and ignoring the pain because he knew it wasn’t going to be pleasant.
Chewing on one side of the mouth and grimacing with every bite gets pretty old though for even the strongest person.
To skip straight to the end, after several months, finally the pain overcame Mike and he knew he had to solve the problem..
4 Root Canals, 11 Fillings (and more to go) and a few hours of drilling later, he was in a world of pain with a very impressive dental bill.
What a lesson! Easy to see how sometimes putting things off can have a snowball affect and have a greater negative effect on our future. If only Mike had seen the dentist 5 years ago, it likely would have been a much better outcome.
Picking the right company to help with your SMSF tax can also feel daunting. There are just so many factors to consider.
Let’s break it down to three core categories:
Depending on your individual situation the order of the above items may change, however they will generally all remain important considerations when choosing the right accountant to manage your SMSF.
When you choose an accountant, you want to make sure that they effectively communicate with you to help ensure that your SMSF stays compliant and all required legal obligations for your SMSF are met. It’s important that they answer the phone when you ring them ,and when you send an email, they get back to you promptly. We pride ourselves on always answering the phone, and offering top notch customer service to all of our valued clients. We specialise in SMSF’s, in fact it’s all CloudSuper does, so you can be sure that we’ve got your SMSF compliance in check.
According to superguide.com.au, one of the key points from the Productivity Commission was the huge difference in that an under performing fund can have on superannuation balances. The Productivity Commission found “…being defaulted into a single top-performing MySuper product would lift the retirement balance of the median 55 year old by up to $61 000 when they retire, compared to being defaulted into two underperforming products. For a new workforce entrant today, the gain would amount to $407 000 by the time they retire in 2064.”
Another article on superguide.com.au, found that the average cost of operating an SMSF, based on the average operating expense ratio was 1.1% or $12,200 of the average fund balance of $1.1 million, which they based on figures from the ATO. It goes without saying that the more money that is spent on SMSF administration, the less money that will be left inside the superannuation fund.
CloudSuper offer the lowest comparable SMSF audit & administration fee on the market(compared to your suburban accountant).
Generally speaking, the bigger the level of retirement savings that is held inside an SMSF, the lower the percentage that will be required on fixed operating expenses.
CloudSuper are on a mission to reduce accounting and audit fees for SMSF’s.
You also want to ensure that your accountant delivers the annual compliance documents on a timely basis. There is nothing worse than having to chase up an accountant time and time again in order meet your tax obligations. Here at CloudSuper we understand the importants of prompt service, which is why we generally get all funds complete within 10 days of receiving the required information from our clients.
To summarise, finding the right expert in any field isn’t always easy, but (shameless plug), if your looking for the right team to manage your SMSF Administration, then we can offer you an unbeatable SMSF service at the lowest comparable price on the market. You can find out how it works here.
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