The cheap SMSF admin fees mentioned by Domen are mostly offered by providers using Class at scale. It may well be a sensible decision for small firms to outsource to these providers but that doesn’t necessarily mean less subscriptions for Class. The most efficient provider I know of can prepare 600SMSF per staff member. This is achieved by building out Class with additional internally developed software that fits exactly with their processes. This is the power of a cloud based platform where customers can access the API. Old mate at the corner shop with 15-25 SMSF has no future in the industry. Scale operators, FoFA, transfer balance cap reporting make them totally uncompetitive and more than likely exposed to huge regulatory/compliance risks.
Similarly you can make a strong business case for small firms to outsource bookkeeping services they may be providing this doesn’t reduce MYOB/Xero subscriptions it simply changes who is paying for the subscriptions.
CL1 Price at posting:
$2.38 Sentiment: Hold Disclosure: Not Held
