It is not always easy to set up a self-managed superannuation fund as it looks on papers. Not only are there many formalities to be completed, lots of paper work to be done, but it also consumes a lot of time and effort which is difficult to put in until and unless you are retired from your job.
Also, it has been seen that most SMSF funds started by people without much background in finance and accounting have suffered huge losses due to bad decisions and lack of required knowledge. Australian government is very stringent on SMSF and other funds for compliance of super laws because there have been cases of financial irregularities in management of public funds involving huge amounts of money.
Therefore, if you feel that you lack knowledge in finance, accounting, and management, then you should look for professional help from people who have the business of providing SMSF services to people wanting to manage their funds themselves.
There are hundreds of companies in the market that claim to be best SMSF service providers in one or all categories, but most of it is advertisement and you need to set up certain parameters through which you can find your best SMSF service provider.
Hereunder are some points that will help you locate your best SMSF service provider:
Registered and approved vendor
According to Australian laws all chartered accountants and SMSF service providers need to register themselves with regulatory authorities to provide their services. However, there are many companies that are not registered with regulatory authorities making you liable for all the mistakes that they commit on your behalf.
So, before choosing an SMSF service provider, it is better to check their credentials and registrations to gauge their competence and qualifications for the work.
Offer easy set up and management for you
If you are seeking professional help from an SMSF service provider, they should be ready to complete all your paperwork, offer to set up the SMSF after completing all legal formalities, provide solutions for issues contracted by you, and be ready to advice you on all issues that require your attention and help your fund grow.
Clear contract for all services and charges
The SMSF service provider that you wish to choose for your fund should be ready to make a legal contract stating clearly all the services that you wish and their charges for the period. These charges should be clear and should include anything and everything that is chargeable. There should be no hidden charges that may be difficult for you to prove to the members.
Many self-managed super funds close down after some years of operations because their SMSF service providers don’t provide them the service as efficiently as they should. Regular discussions and reporting of issues are a problem that is faced by most SMSF operators. They have the grievance that their service providers don’t talk to them regularly due to which either they face losses or are faced with government penalties for noncompliance.
So, if you are looking for a SMSF service provider that has been offering its services for a long period of time, and has the professionals to take your fund to the position that you aspire, then you should visit I Care Super. They are one of the best companies in Australia helping people manage thousands of self-managed superannuation funds with success.