7 Questions You Need to Ask Your SMSF Administrator

Are you willing to buy your own SMSF? Here are 7 questions that everyone must ask before selecting their SMSF.

1. Where is the paperwork done? Is it done offshore?
2. Who is the owner of the service provider?
3. Is the entire process automated or is there some manual interference involved?
4. What happens to the fund if something turns out wrong?
5. Will the service review the current paid tax and suggest better strategies for better results?
6. How many SMSFs does the firm look after?
7. Does the auditor work independently for the firm?

These seven questions would easily cover everything there is to know about an SMSF before deciding to buy one. Hence if you are considering buying/investing into an SMSF this is probably a good place to start. As an SMSF trustee you should be have faith in people you would have as partners/employees for your SMSF. A detailed research is very important.