This is an example of poor (unqualified?) guidance that distorts views on SMSF costs. Firstly, $236 is the annual fee for most companies and yes you got the sole purpose price right at $44. For someone who claims to setup smsf property arrangements I am astounded by the lack of knowledge. Establishing a Company does NOT cost $444. Not ever, not once, nada, zip, nil, no. Oh and who is doing the ABN application etc.... And it assumes its all DIY. I dont do things for free....And I suspect you either. These can take min 30-60mins +. Having worked in company formation I have seen so many mistakes from accountants - Imagine how bad client prepared Co orders would be ??
$444 is only the ASIC fee component. You have to fill in a form and take it to ASIC and even then you have stuffed it up. You probably would incorporate the company in NSW. You definately cant setup a sole purpose smsf trustee co that way. A company usually has a constitution and a lender will require one. $444 doesnt provide a constitution and you cant just find one floating around and photocopy it. And if you do its just stupid. Especially a SMSF trustee company one. FAIL.Penalties apply.
Then there are the required registers and other documents - Consents etc. And I question if the constitution for that company and the custodian trustee co and the bare trust are all compliant with the smsf trust deed. That is one of the problem issues cheapies find when Gadens look at their docs when doing a LRBF. Its why a $500 legal cost becomes $2,000 + and requires costly amendment.
That is why shelf company providers charge more than $444. They include all the documents as well as the govt fee. And specialised changes to companies (eg voting rights, share classes, etc will cost more when lawyers draft changes). And when its combined with advice on such simple things like name, directors, shareholders, benefically owned etc , PPOB and registsred office and then ABN assistance it explains why $1,000-$1500++ isnt a bad price. Thats up to three times your estimate.
The ASIC fee hasnt doubled. The higher fees represent a bring-forward of levy that used to be around 2 years in arrears. They have slightly increased it then reduced it and also bought two years fwd over a two year period. Thank Wayne Swan. ATO doesnt set the price. Treasury do.
And all this from someone who claims to do SMSF admin ??? Maybe its a sign of doing things fast for a low price ? My tip to anyone would be find a adviser who takes time and does things for an agreed price. One who can address financial and smsf issues rather than seperate advisers. Spending a tad more that the cheapest price would be clever.
Paul, no its not 'unqualified' guidance and your post is offensive. We are chartered accountants with a heap of experience. Just because you disagree with a view, please don't come to such a conclusion. I'll let the readers decipher below.
Another attack on my post. Many educated SMSF Trustees would like to set up the company themselves such as lawyers. SIS fees have doubled was not referring to ASIC fees.
You can set up a company with all docs including constitution/ minutes and consents for $494 with Ecompanies, I have mentioned this in another post. Simple print it out add sign here pages. An educated trustee/ member can do this for him/herself if they like.
The cost of the company is $444 (ASIC fee) -as mentioned above- what is your issue? plus $50 for the docs by the provider, cleardocs is marginally higher. What is misleading? its the truth. I have covered this in another post.
ABN/ TFN application takes 10 minutes - maximum perhaps 20 minutes with 4 members. As an FYI, We charge $990 for the full set up of a SMSF (all are corporate trustee), everyone has a right to charge what they want, including accountants, financial planners. We stand by our price.
My post detailed the ACTUAL cost of ASIC fees, so take off the rose coloured glasses. My post did not detail Trust Deeds however, we provide Trust Deeds with legal liability coverage is part of our set up cost.
Re your attack on our brand, we specialise, we can set up a company and apply for ABN and TFN in 30 mins
What you consider a good or bad price is your opinion, we have a fee structure and stand by it and you can have yours.
I did not mention bare trust docs and your reference to 'cheapies' is comical. We have all the banks refer us Bare Trust only business for good reason - we get the job done correctly, our deeds come with legal liability coverage from a leading Barrister. We have a strong relationship with all the lawyers including Gadens, after all we have completed 100s of bare trusts. Many in this industry will back up our reputation.
Again, the question was actual costs, I replied, you divert - again.
Sorry to the other readers who have to read this.
All the best,
Ivan