While the costs of running your superannuation are important to understand, they do not necessarily have the greatest impact on achieving your retirement goals. As a rule of thumb, the annual costs of administering a superannuation fund with the essential attributes of flexibility, transparency and control, should not exceed 1-2% of your assets.
Burrell will work with you to identify and understand the cost of running your fund, including the many hidden costs which are not always obvious. Often the member fee is only a minor cost and your net returns are impacted by costs like platform or retail super fund costs, investment management costs and advisor costs, before you receive your return.
The most transparent fees are those charged at the member or trustee level, such as in a Self Managed Super Fund (SMSF). There are set-up and ongoing costs associated with SMSFs along with asset purchase costs, like brokerage. As a general rule, you need an SMSF balance of $180,000 to cover costs and make an acceptable return.