What Costs Are Involved in Setting Up an SMSF?

Setting up an SMSF involves initial setup fees and ongoing annual costs. Understanding these fees ensures transparency and avoids nasty surprises.

Initial Setup Costs

  • Trust Deed Drafting: $500 – $1,000
  • Corporate Trustee ASIC Registration: $576 (2025)
  • ABN & TFN Registration: Included with accountant services
  • Bank Account Establishment: Free with most banks

At New Venture Wealth, our SMSF setup fee is $2,500 when a bare trust is required.

Ongoing Annual Costs

  • SMSF Accounting & Tax Return: $1,500 – $3,000
  • Independent Audit: $600 – $800
  • ATO Supervisory Levy: $259
  • ASIC Company Annual Fee (if corporate trustee): $310

How Do SMSF Costs Compare to Retail Funds?

Retail and industry funds typically charge percentage-based fees (0.5%–1% of balance). SMSFs usually have flat fees, which means they become more cost-effective as your balance grows.

Example:
Retail fund balance $800,000 @ 0.8% fee = $6,400 per year.
SMSF annual costs ~ $2,500 – $3,500.

Additional Costs

  • Financial advice (optional).
  • Property insurance if investing in real estate.
  • Crypto custodial solutions for digital asset SMSFs.

Tips to Keep SMSF Fees Low

  • Use a corporate trustee for efficiency.
  • Bundle services with a specialist SMSF accountant.
  • Avoid unnecessary transactions and complexity.
  • Regularly review service providers for competitive fees.

Get a Transparent SMSF Fee Quote