SMSF Auditor Registration Fees

Just to make it clear...
This $3,429 fee isn't going to be fully passed on to SMSF holder right?
The auditor pays that. If they have say 34 clients then they may pass $100 to their clients.
Is this right?

 

No. The $3,429 is a set up fee for new auditors.

Your current auditor is not going to incur this fee at all!!

And therefore does not need to pass it on.

 

They could have a revenue-sharing arrangement as my Accountant chose an auditor to do the audit for me as part of his lodgement

 

That audit fee is hefty. You need to give instructions to the accountant and ask them to find you a better deal or find it yourself. Its your fund. I'm assuming you are saying acctg and tax is $1500 PLUS audit $1k. If they charge $500 something isnt right.

SMSF compliance audits (Melbourne) is a firm I use. $484. CA firm.
SMSF Auditors Melbourne - Super Fund Audits Melbourne - SMSF Audit

 

The annual fee for all SMSF auditors wll

We provide all clients with written assurance that we have no fee arrangements and always provide a copy of the auditor invoice as proof of the original charge.

Same with Actuarial Certs. We use a low cost provider that integrates calcs in our software. This means what used to take HOURS of work is now a single click and costs $99.

And all the required docs involved with compliance eg pension docs, pension resets, new pensions, reversionary and binding nominations, member component and relevant dates, transfer balance reporting and even member choice forms and electronic service address - All part of the work.

 

but have they announced an increased to the annual fee? I can not find it. The only talk I can find is the registration fee (which is not the annual fee) and the cancellation fee (which I think is crazy)

The current $54 is a cost I can cover.

If ASIC were to increase the annual fee, which I can not see that they have. I might have cover in my 2019 audit fee. 2018 will not be affected as I have just paid this years. A lot of auditors would be the same boat as they would have registered when ASIC took on registration, as I did.

 

The total does not appear to bad.

As a % of the total it does appear high, if correct. Look your SMSF 2017 tax return at items 12 H1 and H2 and see what they recorded as the audit fee (most like to be 2016)

 

I am not complaining I am fine with that as a total fee but any added cost to SMSF and doesn't apply to larger super fund is not fair dinkum

 

I asked nick moustacas at strategic wealth as well and he said this fee was for new smsf auditors not the current ones. Is that incorrect ?

 

Correct. Gotta love the fee to quit. Maybe just ignore them and they strike you off for free ?
I question when existing auditors will have a fee impact ? Like when ATO introduced the TPB fee.

 

Probably not a lot. The TPB fee is only 500 aud. I just renewed my company registration. I wouldnt pass the costs on. Its not a real imposition to be honest.

 

Ummm.. I also have same issue. Its irrelevant. Imagine if the 500 fee became 3k. Overnight.

 

If it was for annual registrations then its an issue but it seems like its for first time registration not 3400 per annum. Spread over the life of the smsf audit business it would be palatable.

Even if it was annual and someone was doing 100 smsf audits. We used to do around that at guardian it is $35 a fund. Maybe one less smashed avocado sandwich per annum. Its less than inflation.

 

Avocado is bad snot

 

Lovely to read first thing of a morning when I was just about to have some avocado for breakfast. Think I’ll pass on it today.