BT SMSF Alternative

BT’s Panorama SMSF Administration Service has ceased providing administration services to new clients from 23rd December 2021. After finalising each fund’s 30th June 2021 accounts BT will assist in the transfer of the fund’s administration to an alternative provider. As we are one of the most capable and experienced SMSF administrators available, we would like you to consider our service as an alternative. Please note that we are a wholesale service so can only deal with financial advisers/accountants. We cannot assist direct trustee clients.

Before explaining why you should consider us, we shall deal with the issue of cost as this is always a primary consideration. BT have already been paid their base SMSF administration fees for the six months to 30th December 2021. They will refund these fees for any SMSFs that transfer to our service. We are prepared to accept this amount as full payment of our base fees for the entire 2021/2022 financial year. This means that we will not begin charging our monthly base fee until 1 July 2022 which will be for the 2022/2023 financial year. To reiterate, we will accept the  six month’s fees refunded by BT as payment for the twelve months administration for the 2021/2022 accounts. As this is, effectively, a 50% discount the savings for each fund will depend on which BT fee level has been applied and is as follows:

  • BT Core saving is $950
  • BT Connect saving is $1,250
  • BT Custom saving is $1,750

From 1 July 2022, for the 2022/2023 financial year, we will charge our standard, CPI adjusted, fee structure. As our fees are generally lower than BT’s this should provide a further saving. The table below gives an indication of the differences in fees between our service and BT’s now. Note that they will be marginally different from 1 July 2022 due to CPI adjustment. Note also that the lower base fees require that the fund has an approved cash account by 1 July 2022.

 Item BT Core SMSF Alliance BT Connect SMSF Alliance BT Custom SMSF Alliance
Base Fees
SMSF Admin & Tax $1,900 $1,596 $2,500 $1,596 $3,500 $1,998
Audit $265 $480 $300 $480 $300 $480
Total $2,165 $2,076 $2,800 $2,076 $3,800 $2,478
Some Possible Additional Fees
Company Maintenance $200 $110 $200 $110 $200 $110
1 property $0 $235 $0 $235 $0 $235
2 properties $440 $470 $440 $470 $440 $470
3 properties $880 $705 $880 $705 $880 $705
Pensions $0 for ABP, $330 for DBP $115 for up to 4 pensions $0 for ABP, $330 for DBP $115 for up to 4 pensions $0 for ABP, $330 for DBP $0 for up to 4 pensions
IAS lodgement $88 p.a. $0 $88 p.a. $0 $88 p.a. $0
IAS & BAS lodgement $110 p.a. $150 for yrly lodgement $110 p.a. $150 for yrly lodgement $110 p.a. $150 for yrly lodgement
PAYG lodgement $22 p.a. $0 $22 p.a. $0 $22 p.a. $0

This information has been extracted from the latest BT SMSF and SMSF Alliance financial services guides. To better understand the BT service differences a further extract from BT’s financial services guide is at the base of this page.

In exchange for this concession, we require the trustees to agree to remain on our service for at least 3 full fee-paying years, commencing 1 July 2022, or incur an exit penalty of $1,100.

Cost is not the only, or even the most important issue. Our solutions are extensive but the most notable are:

  • Bespoke portal access to our services
  • Fast technical assistance response by phone or portal
  • On time lodgement –  as at the Christmas break, 95% of our funds were well progressed with most lodged
  • Our free Investment Strategy document creator is easily the best available
  • Data analysis identifies around 2 dozen potential opportunities and alerts to assist advisers in providing value added services
  • Consolidated contribution and pension reporting across all members in all funds

Fortunately, BT SMSF uses the same SMSF administration platform that we do so they will transfer the live data to us. New data feed, fee authorities and permanent document records will be required to complete the transfer.

We recommend participating in a Zoom introductory presentation to understand our unique SMSF administration offering. It’ll take about half an hour. If you have an queries please do not hesitate to contact David Busoli, at dbusoli@smsfalliance.com.au or by phone on 0499 778 584.

Extract from BT’s SMSF services summary for your reference.