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.

Is your fund administration service a dedicated specialist service staffed by people with substantial experience in self-managed super, or an add-on service with an existing service provider?
Does your existing fund administration service provider give you secure access to all your documents and key information online?
Does your existing fund administration service provide up to date reporting on any oustanding issues/non compliance matters relating to your fund?
Does your existing fund administration service provide easy access to accurate online reporting on fund performance, investment strategy, issues, tasks and fund chart of accounts?
Does your existing fund administration service provide a transparent and realistic price of services? or are some fees hidden/clawed back later?