| Choosing a self-managed superannuation administration service |
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| 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. |
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| 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. |
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| 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. |
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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? |
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Does your existing fund administration service provider give you secure access to all your documents and key information online? |
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Does your existing fund administration service provide up to date reporting on any oustanding issues/non compliance matters relating to your fund? |
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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? |
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Does your existing fund administration service provide a transparent and realistic price of services? or are some fees hidden/clawed back later? |
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