There are costs associated with maintaining the fund annually. Generally a fund can expect annual costs commencing at $1200.00 as well as an audit charge.

Depending on the level of activity within the fund it can incur higher costs as to:

• Preparation of financial statements
• Preparation of annual tax return
• Preparation of the Regulatory Return and regulatory levies
• Possible actuary fees
• GST registration and BAS lodgment if owning a commercial property
• Quarterly account when required
• Audit fees

Generally trustees can save on the costs of compliance by keeping good records. Legislation requires that assets of the fund are kept in the name of the trustees and the SMSF and separate from other assets of the trustee.

To find out more about the regulatory requirements of a Self Managed Super Fund, just download our free ebook or call us on 1800 WEALTH (932 584).

See Also:

• Wealth Creation Plan
• Protect Your Assets
• SMSF Audit
• SMSF Borrowing
• SMSF and Property