DIY Super Fund is Australian owned and operated by “Universal Consultancy Services” In short “UC Services” The legal entity which owns the business is Abichandani & Associates Pty Ltd.

Abichandani & Associates is a firm of accountants and tax agents (Tax Agent Number 70454007). The firm is licensed by National Institute of Accountants (www.nia.org.au) and employs qualified CPA's and Chartered Accountants as Senior Accountants and other graduate staff who are studying towards their professional qualifications.

UC Services specialises in Set up, Administration, Audit & Tax Return Preparation of Self Managed Superannuation Funds. In other words we provide our services to individuals who are wanting to Set-up and Administer their own Do-it-Yourself (DIY) Super Fund's. We offer a unique service at a fixed fee; this fee structure is transparent, cost effective and convenient for trustees.

UC Services has qualified staff members under the new FSR 146 regime and engages independent qualified auditors to audit DIY Super Funds of our clients. We do not offer any Investment advice, however we offer limited advice on Life Insurance products and Bank Accounts such as Cash Management bank accounts where trustees can earn interest income and use it as a trading account for roll over etc. WE DO NOT OFFER ANY FINANCIAL PRODUCT ADVICE.

Our Premium Accounting service offers Operating Statements and Statement of Financial Position on a Monthly basis to assist trustees in Total administration of the fund. We act as a mailing house and receive all mail for the Trustees and after making entries to the accounts forward them to the Trustees. This service frees the trustees from day to day reporting and administration of the fund so that they are able to decide on investment choice to maximise their retirement benefits.

The fee for this service is flat $275 per month (incl. gst) to be directly paid by the Super Fund. This fee is charged irrespective to the size or number of transactions of the fund and includes preparing Annual Accounts, income tax returns, Member Contribution Statements and annual audit.

All investment mail goes directly to the Trustees and they provide us the documents (see page Our Services > Annual Admin for full list of documents required by us) with a completed excel spreadsheet at the end of the financial year for us to complete Accounts, Income tax returns and Audit of the Super Fund. We provide a sample spreadsheet to all our new clients.

Our fee is based on the amount of work which we have to do – we charge according to the time it takes us to complete your work, immaterial of the balance of your super fund. If your fund is more active and has more transactions, obviously, it will take us longer to complete our work. By using Transactions method we are merely trying to quantify the work, or in other words, trying to measure or work out the number of hours it will take us to complete the work.

We have monitored our work flow and worked out that 50 Transactions take approximately “X” amount of time and the cost to the trustees for these 50 Transactions will be $ $770. The work includes preparation of Accounts / Income tax returns / Audit & Member contributions Statements. This fee is irrespective of the balance in your fund or number of members.

The following list details most common transactions in a DIY Super Fund:-

• All bank charges in one bank account is considered as only one transaction even though charged once a month.
• All interest income in one bank account is considered as only one transaction even though credited once a month.
• Fully Franked Dividends from one company are considered as two transactions, one for cash receipt and one for imputation credit.
• Dividend Reinvestment plan are considered three transactions, one for the receipt (income), one for imputation credit and one for purchase of new shares. Hence if there are two DRP’s it would mean that there are 6 Transactions.
• Unfranked dividends are considered as only one transaction even if received more than once in a year.
• Distributions from trust are complicated, as property trusts (mostly) distribute Tax Deferred / Tax Free income which change the cost base of the investment. Investment trust distribute capital gains which invariably have to be grossed up and discounted at 1/3rd rate rather than ½ rate as mostly on the annual summary sheet. Due to these complexities and because of timing issues as some payments come (twice or four times a year) in the next financial year, we consider that each trust investment in a DIY Super fund is equal to 7 Transactions.
• Each Purchase, Sale or Buy back (capital return - delisting) of shares or unit trust are two transactions, one for the payment / receipt, one to market value at the end of the year or one to work out profit or loss.
• Expense paid by the super fund eg life insurance, supervisory levy, income tax etc (each expense is one transaction).
• Each Rental income from one property is one transaction.
• Expense paid for the property eg council rates, water rates etc (each expense is one transaction).