moving a SMSF over to ESUPERFUND

B

beamseeker

New Member
Have been impressed with the product ESuperfund, see they have minimal set up charges 699 {free at moment pre 15 Aug 2011}, their ongoing audit fees are very cheap too, 699 with them compared to the 1800+ quote I got from my accountant who set mine up 8 mths ago. He said they cant compete with Esuperfund s pricing no way...was told alot of the work load is sent off shore to India.

This has lead me to enquire about transferring my very new SMSF { no tax returns or audits done yet}over to ESuperfund. They state they dont like to take on already set up SMSFs, costs for them to process are too high....if wish to look further, go to their websites 'existing' page.

It states you more or less have to start a new SMSF again to join them...though it cost 2000 to set up, to save the ongoing auditing fees of 1800 + per year, compared to 699 it still seems viable in the long run. Has anyone gone down this road, or can add any words pls?
 
beamseeker said:
Have been impressed with the product ESuperfund, see they have minimal set up charges 699 {free at moment pre 15 Aug 2011}, their ongoing audit fees are very cheap too, 699 with them compared to the 1800+ quote I got from my accountant who set mine up 8 mths ago. He said they cant compete with Esuperfund s pricing no way...was told alot of the work load is sent off shore to India.

This has lead me to enquire about transferring my very new SMSF { no tax returns or audits done yet}over to ESuperfund. They state they dont like to take on already set up SMSFs, costs for them to process are too high....if wish to look further, go to their websites 'existing' page.

It states you more or less have to start a new SMSF again to join them...though it cost 2000 to set up, to save the ongoing auditing fees of 1800 + per year, compared to 699 it still seems viable in the long run. Has anyone gone down this road, or can add any words pls?
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Check around and negotiate your accountants/auditor fees. Mine, when I had it, cost $330 to setup, accountants fees including auditor were circa $550-650 per annum.
 
I don't know what you are doing in your fund Boston but the accounting plus audit at 650 / year is very cheap. We wouldn't be able to do a set of accounts and audit for this price. Again if there are no transactions this reduces the cost but very good deal there.
 
Elemental said:
I don't know what you are doing in your fund Boston but the accounting plus audit at 650 / year is very cheap. We wouldn't be able to do a set of accounts and audit for this price. Again if there are no transactions this reduces the cost but very good deal there.
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I know. :)

But I have since closed the SMSF.
 
beamseeker said:
was told alot of the work load is sent off shore to India.
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That's the first negative thing I've heard about esuperfund. O_O

*is against offshoring*
 
I think it's automated rather than offshore. Thats why you're required to have certain types of accounts where information can be downloaded into tax software.
 
Like elemental said I think its more that they have direct oversight of your ANZ V2 account and your commsec account so when it comes to audit time its very easy to see exactly what you have bought and sold etc
 
I couldnt care where e-superfund get their administrative work done. Long as its accurate and it saves me money. Dont see why I should pay $1 more than I have to. I dont expect anyone to pay me more in my job than they have to!
 
Matthew 26:14 said:
I couldnt care where e-superfund get their administrative work done.
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I do :|

This practice of offshoring is unsustainable.
It does save money in the short-term, but long-term, unemployment rises.

The day when few people can even earn money to put into super, you probably won't be one to care. >_>
 
My info re Esuperfund using offshore accountants came from my accountant when I rang to check their fees...it was not a negative comment ie dont use ESuperfund ..it was more a white flag waving comment stating at 1800+ dollars audit fees p/ year. we cant compete with their cheap pricing at 699 dollars
Who knows my accountant might be ill informed about India and it is an automated system that keeps the costs down.I do know ESuper is directly linked to comsec...they have adds on the comsec website.
All I know is that my accountant didnt even try to keep my business, just said we cant compete, so good luck...tad strange really.
Anyway, my quest as you do is to keep my ongoing SMSF year to year costs down...
Can anyone suggest a good accountant anywhere cheaper than mine?
 
I wouldn't touch Esuper with a barge pole. But thats just me I want to control my own future. If your looking for a cheap alternative and your happy to have someone else steer your ship that is your choice.

You cannot have a limited recourse loan with a property in Esuper and I would not want my details sent to timbucktoo in India.

There is a group in Melbourne called SMSF Trustees Australia (Melbourne East Group) They are a group of individuals who started about 6 years ago to help individuals who wish to take control of their SMSF. There is no joining fee. The first meeting I went to about a year ago they spent 10 minutes discussing why the attendance fee had to go up from $2 to $3 to cover the coffee and the hire of the hall:lol: They now have about a 140 members and the retired individuals who run it are as sharp as tacks. They have a variety of speakers every month and they pick the eyes out of everything.

Earlier in the year they ran a sub group to teach individuals how to do their own SMSF tax return and they had an auditor who would do the audit for $400 if you were up to standard.

Meeting Time and Venue
Neighbourhood House, 6 Mount Street, Glen Waverley (Melways 71, D3). Meeting runs from 6.30 to 8.30 pm, on the first Tuesday each month. Meet and talk with other members from 6.00 pm.

Kind Regards
nonrecourse
 
Thank you Nonrecourse for that...

Am keen to do the due diligence to find both the most cost effective and safest way to manage my SMSF.
Your audit figure mentioned of 400 dollars for a straight fwd audit seems on song, when I contacted my accountant to check annual audit prices they gave me the name and number of their auditor who told me he charges approx 370, so its the to and frowing by the accountant that spikes it up to their previously mentioned 1800+ figure.

I am in Qld so attending SMSF Trustees Australia meetings is an issue. Is it only a Vic based group or is it national as the title might suggest?
Googled cant seem to get anything for a point of contact...
can you help us there if possible pls?
Thanks again.
 
nonrecourse said:
I wouldn't touch Esuper with a barge pole. But thats just me I want to control my own future. If your looking for a cheap alternative and your happy to have someone else steer your ship that is your choice.
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Not sure what you mean by this - they don't manage your portfolio, only require that you use Commsec (which I do anyway) and a V2 account (which I don't care about - most bank transaction accounts are fairly similar). All they do is provide financials and a compliant audit for a very low price. Sounds good to me.

I am an accountant and can complete my own financials and tax return (which I will do to make sure what they are producing is correct) but in terms of set-up of a new superfund deed and completion of two years of audit for $700 - I couldn't get anywhere near that price.

Is it the fact that you can't borrow to buy property why you wouldn't touch them?
 
Not sure I agree nonrecourse. All my super money is in investments I control - esuper dont have any authority over them. Esuper only submit the paperwork to the ATO annually based on the figure I provide.
 
Hi Matthew & Elemental; The issue is cloud computing they send your info to india or wherever to crunch the numbers. When you look at the amount of identity theft online.... ok I'm ano retentive:P but that is why our super fund is where it is. No one looks after your money like yours truely.

Also elemental the other reason is I wouldn't touch them is we have through our SMSF control of a pre 1999 unit trust of which is a goose that keeps laying golden eggs and the run of the mill service that Esuper offers isn't appropriate. Having said that we have over the years had 4 different sets of accountants who struggled with what we managed to achieve. In the end I found an SMSF lawyer and attended his seminars for advisors and we do it our way.

Kind Regards
nonrecourse
 
Thanks nonrecourse, but esuperfund (and probably similar products that others have) suits my wife's and my needs just fine.

More commission fees coming my way :D
 
I have a question I'd like to ask if someone could answer it for me?

With a Esuper fund account, can you withdrawal money from that account and buy precious metals from a mint or a bullion shop or is it all bank transfers to maintain a paper trail?

Thanks
 
IMO it would be possible to draw out cash. However, you would need an invoice for the exact amount of cash taken out. You couldn't take out 1000 and buy 990 worth of metal and then keep the 10. I think it would also be a problem if you redeposited the extra 10 back in - although you may get away with this.
 
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