Online Superfund: $0 Setup, $0 First Year Then $790 Per Year after That
Last edited 25/01/2016 - 07:25 by 2 other users
Standard disclaimer: This is not financial advice, I am not an accountant/financial advisor/lawyer/inventor of bitcoin/jedi knight/master of the universe… Do your own research! This is just here to give you a kick start!
I got in touch with Jarred from Online Superfund to see if he could provide a deal for us. Although I couldn't get one for myself, he did offer the following for new and transferring SMSF, which are valid until April 15:
New Online Superfund SMSF Customers
$0 SMSF Setup (Current offer on the website)
$10 Annual discount of the administration fees if you watch a SMSF presentation (Current offer on the website)
$0 2016 Administration fee (Usually $790!)
Existing SMSF Customers with another provider
$0 SMSF Transfer
$10 annual discount of the admin fees if you watch a SMSF presentation (Current offer on the website)
$0 2015 Administration fee (Usually $790!)
You'll need to contact them directly and mention FY16SO to get this offer
If you came here just for the deal. That's it above, go get it tiger!
From last time, I know there are some comments and questions about SMSF and super in general (which is awesome!) - So I have also provided more details below!
Why I did/do this
It is that time of year again, where I make a bunch of new year resolutions I barely keep (although, the Ozbargainer in me usually concentrates to 'get my finances in order' so I can buy more eneloops and xiaomi headphones).
Three years ago, I decided to switch to managing my own super and posted my research here, which was pretty popular at the time (1111+ clickthroughs and 62 upvotes). This year I decided to do a check up to see if I was still getting a good deal from Online Superfund (spoiler alert: I am) and post my research results here again.
Not much has really changed to be honest. The same 'best-bang-for-buck' three are all still around, which is a great sign. Once again Online Superfund comes out ahead in fees.
Simple SMSF fees:
|Name||Upfront Fee||First Year Fee||Ongoing Annual Fee||ATO Superlevy surcharge||Total Fees after two years|
Just to be clear here, that is the cost for the (required) auditing of your SMSF. You may have other fees charged by whatever investment method you choose to use!
For a small super balance of say $50k, it works out to be an annualised fee of about 1% for the first two years for full administration and audit including fees and levies
Of course, there are other charges which may apply for more complex arrangements, but the fees are all similar across the board to setup and administer a corporate trustee SMSF.
You'll need to do research to see if a individual or corporate trustee configuration is best for you anyway!
At the very least I hope this thread gets you thinking about your superannuation!
2) If you don't know how much super you have, or how it is performing, log into your account and look!
You'll need to go to your super funds website and log into the members area there. It's ok, they will have a 'forgotten password' section for you!
No really, that is it. Just log in and have a look. Here is a link you can have, to open in a new tab and make a start right now!
3) I can't tell you how much super you should have at the moment, or will need when you retire… But you should at least have an idea if you are on track. Here are three calculators to assist you!