Choosing a self-managed superannuation administration service
Where trustee(s) of a self managed superannuation fund are not able to dedicate sufficient personal time and effort into maintaining the administrative obligations of the fund, they may choose to select a specialised self managed superannuation administrative service.
What is a self managed superannuation administrative service?
A self managed superannuation administrative service is an appropriate qualified individual or organisation who undertakes the administrative, reporting and complying duties of the trustee(s) of a fund in exchange for administrative fees.
A provider of such services may be an accountant, a financial adviser and/or a larger financial advice firm. As a result, both the fees charged for administrative services as well as the quality of services provided may vary greatly.
However, because the success and ongoing operation of a self managed superannuation fund depends critically on the trustee(s) meeting their ongoing obligations, any decision on selecting an administrative service should be very carefully considered.
Quick checklist of key things to consider when choosing a self-managed superannuation administration service
Here is a quick checklist of some of the things to consider when choosing a self-managed superannuation administration service. This is not an exhaustive list. Please consult your financial advisor for the right advice on making your decision.