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NEW BRIGHTON CAPITAL

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NEW BRIGHTON CAPITAL

NEW BRIGHTON CAPITALNEW BRIGHTON CAPITALNEW BRIGHTON CAPITAL
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  • 10 step guide
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  • NEED TO KNOW
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    • Home
    • 10 step guide
    • SMSF Application
    • Pricing
    • NEED TO KNOW
    • FAQ's
    • Book your FREE consult
    • Transfer Existing SMSF
    • Blog
    • Trade
    • Contact us
  • Home
  • 10 step guide
  • SMSF Application
  • Pricing
  • NEED TO KNOW
  • FAQ's
  • Book your FREE consult
  • Transfer Existing SMSF
  • Blog
  • Trade
  • Contact us

Understanding The Costs

Set Up Costs

Ongoing Costs

Ongoing Costs

$1600

Ongoing Costs

Ongoing Costs

Ongoing Costs

$150 a month

Once Off Set Up Fees

Return Not Necessary Option

Monthly Accounting Fees

bitcoin SMSF

The set up fee of $1600 is eventually paid by the SMSF, but because the fund does not exist yet, the set up costs need to come from somewhere. This is why you need to pay the establishment fees ($1600) out of your own money when you fill in the application. 

Once the fund is set up and you have received your super into your new SMSF bank account, then you reimburse yourself the $1600.

Monthly Accounting Fees

Return Not Necessary Option

Monthly Accounting Fees

bitcoin smsf

The accounting fees are $150 per month ($1800 per financial year). Once you have the SMSF bank account set up we set up a direct debit. The first monthly debit brings the fund up to date for the financial year. 

For example: if a single member fund is set up in December the first debit will be $150 x 6 = $900. From then on the monthly debit is $150.

Accounting fees are a tax deduction for the fund. 

Return Not Necessary Option

Return Not Necessary Option

Return Not Necessary Option

bitcoin superannuation

If  you set up the SMSF later on in the financial year and no funds were held in the SMSF until July 1st or after, we can make a "return-not-necessary" lodgement. In this case you still have reporting obligations for the year but you do not need to complete a full tax return. A return-not-necessary lodgement can be submitted for $220 instead of the full year's accounting fees of $1800.

Annual SMSF Levy

Annual Company Renewal

Return Not Necessary Option

bitcoin SMSF

The SMSF supervisory levy is annual fee the ATO charge you to have an SMSF. The levy is currently $267 a year and this is added to your tax bill in your annual SMSF tax return. You pay it twice in the first year and once for all following years. 

Annual Company Renewal

Annual Company Renewal

Annual Company Renewal

bitcoin smsf superannuation

The company name renewal fee is currently $54 per year.  The company name renewal fee is automatically debited from your SMSF bank account on the anniversary of your SMSF establishment. 

Annual ESA

Annual Company Renewal

Annual Company Renewal

bitcoin smsf superannuation

ESA fees are currently $55 per year.  The ESA  (or Electronic Services Address) is a system that notifies you and the government when your employer makes contributions to your SMSF. The ESA fee is automatically debited from your SMSF bank account on the anniversary of your SMSF establishment.

Contributions Tax

Contributions Tax

Contributions Tax

bitcoin superannuation smsf

Just like with any super fund, your employer contributions are taxed at 15%. For more on contributions tax see here. 

Capital Gains Tax

Contributions Tax

Contributions Tax

cryptocurrency smsf superannuation

If you sell any assets and overall made a profit during the year, your profit will be taxed at 15%. Any losses are carried forward until you make the losses back. For more on SMSF tax see here.

Total costs Example

Pricing example

Here is an example of the running costs of a typical client with a single member SMSF. The SMSF makes 60 transactions a year with shares, crypto and some gold. 

Note: All costs except the set up fee to start the fund are paid out of the SMSF bank account.


Costs for 1st financial year: (regardless of month fund is established)

Set up fees:                   $1600   (paid upfront)                                                  

Accounting  fees:        $1800   (direct debited at $150 per month)       

SMSF Levy:                      $534   (paid at tax time)                                           

Company Renewal:          $0   (payable from year 2 onwards)               

ESA:                                         $0   (payable from year 2 onwards)               

Total:                             $3944



Cost for 2nd financial year (and following years)

Accounting  fees:          $1800   (direct debited at $150 per month) 

SMSF Levy:                        $267   (paid at tax time)  

Company Renewal:         $54    (direct debited on anniversary of the fund set up)

ESA:                                        $55    (direct debited on anniversary of the fund set up)

Total:                              $2176



See below for a complete price schedule.

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Price Schedule

Setup Cost

Cost to set up your SMSF

Establishment of SMSF

$1600.00

What is included...

  • SMSF establishment documents
  • ABN and TFN application for the fund
  • Initial audit assistance pack if required
  • All ASIC set up fees covered
  • $1600 paid back to you from your super after set up


Upfront payment is paid via Paypal at the time of application and paid back to you from your super after you receive your rollover, which is normally approx. 3 weeks from application. 


You should ensure all trustees are eligible to run an SMSF as there are no refunds on the establishment fees. 


Ongoing Fees

The costs to run your SMSF (all paid from your super)

Monthly Fee

$150.00

 Monthly fees include the following...

 

  • Annual SMSF tax return and lodgement
  • Annual SMSF audit
  • Annual compliance reviews
  • No lock-in contract. You can leave the ongoing service at any time.

Additional members

$20.00

If you have more than 1 member in your SMSF, there is an additional $20 fee per month for each additional member. You can have up to 4 members in an SMSF. Additional members must be immediate family.

For example: 

Single member monthly fee: $150

Two member monthly fee: $170

Three member monthly fee: $190

Note

Monthly fees are automatically debited from the SMSF and are a tax deduction for the fund. The first debit will bring the fund up to date for the financial year. This means the first debit payment will be $150 for each month from July this financial year to the first debit.  


There is no discount for funds only being operational a portion of the year. This is because the cost to do the accounting, compliance and audit are the same regardless of how many months the fund is open for the year.

Return-Not-Necessary (first year option)

$220

If you establish your SMSF near the end of the financial year and do not want to pay for a full year's worth of fees, you can make a Return-Not-Necessary lodgement. This will cost $220 instead of the full year's fees of $1800. This is only available if the SMSF never holds any assets or money in any accounts within the first financial year.


Additional Fees

Fees not included in the monthly service fee.

Government fees

$267.00*

The government charge an annual fee to have an SMSF. It is called the SMSF Supervisory Levy and is payable at tax time each year. You pay this twice at your first SMSF tax return, then once per year.

Company Name Renewal

$54.00

Each year you need to pay ASIC to keep your company's name registered on their database.  The ASIC fee is payable each year on the anniversary of establishment and will be automatically debited from your SMSF bank account.

https://asic.gov.au/for-business/payments-fees-and-invoices/payment-options/business-name-fees-and-payment-options/

Electronic Service Address

$55.00

ESA stands for Electronic Service Address which is a system that notifies you and the government when your employer makes contributions to your SMSF. Annual fee for ESA is payable each year on the anniversary of establishment and will be automatically debited from your SMSF bank account.

Real estate

$220.00

Cost per property held in the SMSF (per annum)

Unlisted company

$110.00

For each company the SMSF invests in that is not listed on a stock exchange an additional charge of $110 per annum will apply.

Staking Coins

$55.00

You are permitted to stake coins with your SMSF. There is an annual staking fee of $55 per destination address of each coin staked and we must be able to look up and see the staking rewards on the relevant blockchain. 

Additional transactions

$4.40

There is a limit of 100 non-bank / non-staking transactions in your SMSF per financial year. A transaction is any deposit, withdrawal or trade in any account other than the main SMSF bank account. Additional transactions are charged at $4.40 per transaction. 

Additional / unapproved exchange accounts

$550.00

Transactions with unapproved providers or on non-SMSF dedicated accounts will attract an additional fee per transaction. This is designed to ensure your SMSF activity stays compliant for the ATO and is workable for our team . Approved crypto providers are CoinSpot, Independent Reserve, Swyftx, BTC Markets and Binance and BlockFi. Approved banks are CBA, NAB and ANZ. Approved share trading platforms are Commsec, NABTrade, ANZ eTrade, Saxo and Interactive Brokers. 

Privacy coins sent off exchange

$550.00

Privacy coins must remain on the exchange. Unfortunately we need to restrict privacy coins so they need to remain on the exchange at all times. This is for compliance and audit purposes. All coins sent off the exchange need to be traceable on a public blockchain at all times. Moving privacy coins (untraceable coins) off the exchange will attract an additional fee per occurrence and your fund may become non-compliant.

Pension phase

$220.00

If you are in pension phase and require an actuarial certificate, they can be supplied for $220 each.

Updates or changes to the trust deed

$220.00

Over time the ATO or ASIC may make changes to the superannuation rules requiring an updated trust deed. 

Transfer existing SMSF to New Brighton Capital

$330.00

Existing SMSFs can transfer over to us.  

Add a member to your SMSF

$440.00

You can have up to 4 members in your SMSF. The $440 is only for adding members after the fund is established. The cost to establish an SMSF is the same whether you start with 1, 2, 3 or 4 members.

Remove member from your SMSF

$550 / $1100

When removing a member from an SMSF, additional accounting is required to calculate the exact balance of the member on the day of leaving the fund. If the member leaves on the last day of the financial year the cost to remove a member is $550. If the member leaves the fund any other day the cost is $1100.

Use New Brighton Capital as registered address

$220.00

If you do not have permanent address you can use for the fund you can use us as a registered address and we will forward all relevant correspondence to you via email. Price is $220 per annum paid monthly ($18.33 added to the monthly fee.)

Tax and financial advise

Contact

If you require expert tax planning or financial planning advise we can assist. Our network of advisers have saved clients millions in unnecessary tax. Contact us for more information.

Failure to provide adequate information

$44.00

In July/August each year, New Brighton Capital will request documents be uploaded to your online portal for the preparation of the annual tax return. New Brighton Capital reserves the right to add an additional $44 to the monthly fee if sufficient documentation is not provided in the portal by November 1st following the end of the financial year. The additional $44 to the monthly fee will remain until adequate documentation is provided.

Change of Address

$99.00

If you move house we will need to register the change of address with the ATO and ASIC. Failure to not notify ASIC of changes of address within 28 days can result in additional fines. We will make the changes on your behalf and forward you the docs to be signed.

Rollover funds out of SMSF to another super fund

$880.00

While it is an easy  process to roll funds into an SMSF, to roll funds out of an SMSF requires the accounts to be completed up the to date the funds leave the SMSF. This is basically an entire tax return minus the audit and lodging processes. For this reason if you do roll funds out of your SMSF on any day other than June 30 a fee of $880 will apply.

Wind Up SMSF

$440.00

Should you wish to close down the SMSF, the tax return and audit needs to be completed for the year and an additional fee of $440 will be charged for the process of "winding up" the fund. 

*Pricing subject to change.

New Brighton Capital offers guidance and assistance in the set up of Self Managed Super Funds (SMSF) & the ongoing accounting admin associated with SMSFs.

New Brighton Capital does not offer financial advice, except for the sole purpose of, and only to the extent reasonably necessary for, ensuring compliance with the superannuation legislation and advice on the process of creating ,winding up or exiting an SMSF as per regulation 7.1.29(5) of the Corporations Regulations 2001.

Copyright © 2019 New Brighton Capital - All Rights Reserved. ABN 48623251614.   

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