The only problem with the Self-Managed Super Funds (SMSF) is that they bring up their own set of costs. The SMSF holders are charged more than $3000 for administration, tax return and other processes. This has put up SMSF behind, for a long time. The technological innovation and the internet have helped to provide a solution for it. Recently, the SMSF administrators are using online services to process transactions and charge the trustee for the number of hours, they spend.
Advantages of the online service
The advantages of this online service are the service gets the data directly from the bank or broker and results in a better service at a lower cost. There are specialists who provide daily updates of portfolio, pension payments and contributions, through the internet. With the decrease in the cost of administration, the savings from the SMSF will increase.
Big picture effect
Due to these technological innovations, many accountants are shifting to this method, to save time and money. Struggling with paper works is bit clumsy, than the easy online service. Trustees who spend a lot of money every year, to gather the documents during tax time find this method very promising and worthy. It is a pure online service and there is no frills attached to it. Some companies offer phone supports too.