A growing coalition of crypto investors is pushing back against pricey SMSF accounting services, with many expressing frustration over annual fees nearing $2,000. Discussions in forums reveal a search for affordable options amidst rising crypto prices, prompting users to share experiences and suggestions.
Rising Costs and User Insights
Current sentiments among people echo caution as they navigate their SMSF expenses. Most report paying between $1,600 and $2,200 annually, making affordability a hot topic.
User Concerns on Pricing: A commenter stated, "Why is it so expensive? It’s basically a dormant business that doesn’t trade, linking only to a hard wallet."
Alternative Option on the Table: New voices are entering the conversation, such as one user who mentioned setting up Stake SMSF. "Can’t comment on it yet, but it’s cheap if you keep things simple. I’m mainly set to invest in BTC via ETF," this user noted.
Balancing Cost and Quality
The debate on cost versus service quality continues:
"Cheap doesn’t mean good," reflects a prevalent sentiment, urging others to be wary of low-cost options.
Some users raised questions about the functionality of Stake SMSF for cold storage of funds, further emphasizing the need for clarity in service offerings.
Community Recommendations and Cautions
As users weigh their options, several critical insights surfaced:
Popular Choices: Grow SMSF remains a favorite due to its blend of quality service and competitive pricing.
Caution Advised: Users advise others against eSuper, highlighting concerns over compromised service for lower fees. One user stated, "Do not go eSuper - cheap but may compromise actual service quality."
New Arrivals: The mention of iCARE SMSF shows that investors are looking for diverse alternatives that do not cut corners on support.
Interestingly, some comments also brought up alternative methods to manage investments without fulfilling mandatory superannuation contributions. "If you work as a contractor and use ABN, you can pay personal income via dividends and avoid forced SMSF investments," one user advised.
Key Takeaways
🏷 Annual Costs: Most people are paying between $1,600 and $2,200 for SMSF accounting.
💡 Emerging Choices: Stake SMSF is noted for its affordable setup, appealing to those looking to keep it simple.
⚠️ Caution Necessary: Users warn against the cheapest options due to potential service issues and advise thorough research before choosing an accountant.
As the conversation evolves, the threat of inadequate support looms over the pursuit of lower fees, especially as tax deadlines approach.