ASIC fee hike to hit SMSFs

The corporate regulator will be increasing company set-up and annual review fees from July 1 this year, a move which will impact SMSFs with corporate trustees.

Speaking to SMSF Adviser, AMP SMSF’s Peter Burgess explained the set-up fee increase, from $457 to $463, and the annual review fee increase, from $45 to $46 for a special purpose company, are relevant both to SMSF trustees and practitioners.

“Some practitioners and service providers may need to update their SMSF fee schedules and offer documents to reflect these increases from 1 July 2015,” Mr Burgess said.

“I would not expect such a small increase to have any impact on a member’s decision to appoint a corporate trustee for their SMSF. If it does it probably means they don’t fully understand the many benefits that, for most, flow from having a corporate trustee for their SMSF,” he added.

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