SMSF share register - what is it?

My bill for my latest SMSF tax return includes the line: "Setup of share register".
I was wondering what this is please, and should it be necessary for a fund which only made a dozen trades? (I provided all details on spreadsheet and printouts from my broker.) Thanks in advance.

 

Hi jp777

Whenever you buy shares, correspondence is through share registries such as Computershare. The correspondence will relate to how you want dividends paid, if you want annual reports and so on. I typically organise this for my clients using a single letter that takes about 5 minutes to prepare.

How much were you charged?

Kind Regards

 

Hi Andrew

Are you sure this is the same thing as 'setup of share register'? And why would the agent need to correspond with the registries or bother about the annual reports? (I get on the registry sites myself and ask for any mail to be sent electronically to myself.)

Re the cost I'm still waiting for my agent to advise what he charged for this mysterious 'service'.

 

I can't confirm if it's the same thing and I am only trying to assist. At the end of the day, you need to ask your SMSF provider what they are charging you for.

 

No worries Andrew, grateful for any assistance!

As a matter of interest, would you or anyone else know if there's much processing involved for the tax agent to prepare a SMSF return which made a dozen share trades? (and nothing else.)

 

I wouldn't think that would be much work.

I have seen annual administration (including audit) for $680 per year.

By the way, how do you select the shares you buy?

 

My accountant claims it's a lot of work - says it took him ten hours. What could he possibly be doing that takes him that long?

I use Skaffold and online research to select shares btw.

 

If you are interested, take a look at an article on my website, Direct Share Investing - Warren Buffett Investment Method, which details the investment method I use.

 

"which details the investment method I use."
Amazing !!!