I have just undergone my first lot of accounting on my SMSF and was supprised to find that I was charged $2600 by an accountant to conduct an audit, and prepare and lodge a tax return. He initially quoted me an approx figure of $1500.
I completed and reconciled the monthly cash book to the bank statements. My investments were conducted by myself and were quite simple with the necessary tax info provided from the broker. The cash book included all the franking credit amounts which aligned to the company dividend statements issued.
The only thing I greatly received from the accountant was the updated Trust Deeds information which was compiled and supplied to them from another service provider.
The account has offered me products in the past which have included insurasnce, financial advice etc., but I have declined this as I believe I am quiet capable to manage this component myself.
I believe with the accurate book work I have provided to them, all there basically was to do was to do on their end was to extract the tax information required to fill in the missing places on their tax return template and file to the ATO, complete an audit on the Fund. I wasnt expecting such a fee for the minimal services provided.
