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SMSF Costs: Everything you need to know
Opting for a self-managed super fund instead of keeping your savings in a large public super fund gives you control and flexibility, but takes time and effort. Before you consider this option, you will need to know the cost to set up a self-managed super fund and fees on every step of the way.
Most setup and operational expenses incurred by your SMSF are tax deductible from the fund’s assessable income.
Disclaimer
This article is over two years old, last updated on May 17, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent superannuation articles.
How much does it cost to set up an SMSF?
There are multiple legal and regulatory compliances to be completed when you’re setting up your SMSF. You may want the help of professionals to take care of these, so you'll need to get cost estimates from a few before you select anyone to assist you.
Unless you are confident that you can handle these responsibilities yourself, you may require the following professionals:
- An accountant to set up the fund's financial systems and, later, maintain accounts and operating statements.
- A fund administrator to manage operations, reporting and administrative obligations.
- A legal practitioner to draw up the fund’s trust deed.
- A financial adviser to prepare the investment strategy.
- An approved SMSF auditor to audit your fund. It may be helpful for you to have some reference costs, and the ATO has released data showing that the average SMSF audit fee in 2018-19 was $686.
- A tax agent (who could also be your accountant) to lodge your SMSF annual return, provide tax advice and represent you to the ATO
There are some service providers who offer SMSF setup packages that include some of the above. A setup package could range anywhere from $350 for an SMSF with individual trustees to $1300 with corporate trustees, with costs varying by the provider and your situation. You may also find some service providers who offer a basic SMSF setup package free of cost.
If you opt for a package, ensure that the trust deed complies with the legal requirements and check that all your regulatory obligations are fulfilled.
What are typical self-managed super fund costs?
The ATO has released key statistics and analysis of Australia's SMSF sector for the 2018–19 financial year. This data can help you estimate your typical expenses. You can see that an SMSF with more assets will have higher total expenses.
| Total Expenses | 2018-2019 |
| Average | $15,472 |
| Median | $8,116 |
As you can see from the table below, the average expenses increase as the SMSF’s assets increase.
| Total Expenses | 2018-19 |
| >$0 - $50k | $ 4,245 |
| >$50k - $100k | $ 5,853 |
| >$100k - $200k | $ 10,545 |
| >$200k - $500k | $ 12,844 |
| >$500k - $1m | $ 12,500 |
| >$1m - $2m | $ 14,577 |
| >$2m | $ 29,777 |
| All Funds | $ 15,472 |
Median total expenses by
_________________________________
SMSF asset range
| Total Expenses | 2018-19 |
| >$0 - $50k | $ 1,965 |
| >$50k - $100k | $ 2,723 |
| >$100k - $200k | $ 4,686 |
| >$200k - $500k | $ 7,140 |
| >$500k - $1m | $ 8,090 |
| >$1m - $2m | $ 9,853 |
| >$2m | $ 16,162 |
| All Funds | $ 8,116 |
How much supervisory levy does the ATO charge SMSFs?
SMSFs must pay the ATO an annual supervisory levy of $259. This amount has remained unchanged since 2014.
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