Ask how much an SMSF costs and you'll find quotes that differ by thousands of dollars. They're usually not comparing the same thing. Some include the audit, some don't. Some cover a fund of cash and ASX shares; others assume a property with a loan and a lease to the members' business. And almost none count the biggest hidden cost: your time as trustee.
This guide breaks SMSF costs into the parts every fund pays, the parts that depend on what the fund holds, and the parts that are optional. It explains which costs are deductible, how fund size changes the picture, and how to compare quotes properly. We don't publish SMSF prices here, because the honest answer depends on your fund. We quote a fixed fee once we've seen it.
What does an SMSF cost to set up?
| Cost | Paid to | Unavoidable? | Notes |
|---|---|---|---|
| Trust deed | Deed provider or solicitor | Yes | Price varies with how much the deed allows. A cheap deed that needs varying later costs more overall |
| Trustee company registration | ASIC | Only with a corporate trustee | $636 for 2026–27 for a proprietary company |
| Company setup work | Accountant or provider | Only with a corporate trustee | Constitution, consents, registers |
| ATO registration (ABN, TFN, regulated election) | Free from the ATO | Yes | Usually lodged by your accountant as part of setup |
| Director IDs | Free | Yes, with a corporate trustee | Each director applies once, for life |
| Electronic service address | Messaging provider | Yes, to receive contributions and rollovers | Often bundled with administration or banking |
| Financial advice on whether to set up | Licensed financial adviser | Strongly advisable | Covers the decision, rollover and insurance |
| First-year levy | ATO, with the first return | Yes | $518 for a newly registered fund, covering two years |
Establishment costs are capital, so the fund can't claim a deduction for them. If you pay them personally before the fund has money, the fund can reimburse you later, and the reimbursement isn't a contribution. Our guide on how to set up an SMSF walks through each step.
What does an SMSF cost to run each year?
The costs every fund pays
- Accounting and the annual return. Financial statements, member statements, tax calculation and lodgement of the SMSF annual return. This is the biggest variable, driven by how many transactions and what kinds of assets the fund has.
- Independent audit. Every fund, every year, even if nothing happened. The auditor bills separately from the accountant and must be independent of them. Our SMSF audit guide explains what the auditor does.
- ATO supervisory levy. $259 a year for an established fund, paid with the annual return. The ATO says the amount hasn't changed since 2014–15.
- Bank account. Many SMSF accounts have no fee, but check.
Costs that depend on the fund
- ASIC annual review fee for a trustee company: $70 for 2026–27 for a special purpose company whose only role is acting as trustee of the fund. An ordinary proprietary company pays $342, which is one reason not to use a trading company as trustee. Late payment adds fees.
- Actuarial certificate, if a member is in pension phase and the fund uses the proportionate method to work out exempt income.
- Transfer balance account reporting, for funds paying pensions. Usually part of the accountant's work, but check.
- Valuations. Assets must be valued at market value each 30 June. Listed investments are easy. Property and unlisted assets need objective, supportable evidence, which sometimes means a valuer.
- Investment costs. Brokerage, platform or wrap fees, managed fund fees, property costs such as agent fees, rates, insurance and repairs.
- Borrowing costs, if the fund has a limited recourse borrowing arrangement: interest, the bare trust (holding trust) setup, and loan fees.
- Insurance premiums, if the fund holds life or disability cover for members.
- Ongoing financial advice, if you use an adviser.
One-off costs that come up
- Trust deed updates when the law changes or you want a new feature
- Binding death benefit nominations and enduring powers of attorney (solicitor)
- Changing from individual trustees to a company, including retitling assets
- Setting up a pension, a borrowing arrangement or a Regulation 13.22C unit trust
- Fixing a compliance problem the auditor has reported
- Winding up the fund
Why do two funds of the same size cost different amounts?
Because cost follows work, and work follows what the fund holds and does, not how much it's worth. Here's what drives the accounting and audit effort up or down.
| Fund feature | Lighter work | Heavier work |
|---|---|---|
| Investments | Cash, term deposits, a handful of listed shares or ETFs on data feeds | Direct property, unlisted shares or units, cryptocurrency, collectables, overseas assets |
| Transactions | A few dozen a year | Hundreds, or frequent trading |
| Members | Accumulation only | One or more in pension phase, with transfer balance reporting and minimum payments |
| Related parties | None | Business premises leased to the members' business, a 13.22C unit trust, loans |
| Borrowing | None | A limited recourse borrowing arrangement with a bare trust |
| Records | Statements arrive automatically | Paper statements, missing records, prior-year issues |
| Events | A normal year | A member dies, joins, leaves, separates or loses capacity |
A $2 million fund holding cash and an index fund can be cheaper to run than a $600,000 fund with a geared commercial property leased to the members' company. When you compare costs with a friend's fund, compare the features, not the balance.
Is there a minimum balance for an SMSF to be worth it?
There's no legal minimum, and no single break-even number. What's true is simple arithmetic: fixed costs are a bigger percentage of a small balance.
ASIC's current guidance to advisers says the starting balance is one of a range of factors, that lower-balance funds generally have higher expense ratios and lower net returns, and that a smaller fund can still suit someone in the right circumstances. It also expects advisers to count your time as a cost. Earlier ASIC guidance singled out balances under $500,000 for closer scrutiny, while industry research in 2020 suggested funds of around $200,000 or more could be cost-competitive with large funds on administration costs alone. The two numbers measure different things: the higher figure includes advice and investment costs that the lower one leaves out. Neither is a rule.
The useful exercise is to work out your own fund's costs as a percentage.
Example (hypothetical numbers, not a quote). Say a fund's fixed costs, meaning accounting, audit, levy, ASIC fee and advice, add up to $5,000 a year.
| Fund balance | Fixed costs as % of balance |
|---|---|
| $150,000 | 3.33% |
| $300,000 | 1.67% |
| $500,000 | 1.00% |
| $1,000,000 | 0.50% |
| $2,000,000 | 0.25% |
Now compare that with what you pay in your current fund. A large fund's fees are mostly a percentage of your balance, plus a fixed weekly or yearly fee and investment costs. Look at the total fees on your annual statement, not just the administration fee. Then add the value of anything the SMSF does that the large fund can't, such as owning your business premises, and the value of anything you'd lose, such as cheap group insurance. Our SMSF vs industry super guide sets that comparison out properly.
Key point: If your balance is small and you have no particular reason to want control, the honest answer is often that a low-cost industry or retail fund will leave you better off. That's a decision to make with a licensed financial adviser.
What is the hidden cost of running an SMSF?
Your time. Trustees must read and sign minutes, review the investment strategy at least annually, keep records, answer the auditor's questions within 14 days, make sure pension payments and contributions land before 30 June, and tell the ATO about changes within 28 days. ASIC treats that time as an opportunity cost advisers should discuss with you.
There's also the cost of getting it wrong. Serious breaches carry administrative penalties of up to 60 penalty units for each individual trustee ($21,840 each at $364 a unit from 1 July 2026), payable personally, never from the fund. A corporate trustee means one penalty shared by the directors rather than one per trustee.
Which SMSF costs are tax deductible?
| Cost | Deductible to the fund? |
|---|---|
| Setting up the fund (deed, company registration) | No. Capital in nature |
| Accounting, administration and tax agent fees | Generally yes. Tax-related fees are generally deductible in full |
| Audit fees | Generally yes |
| ATO supervisory levy | Generally yes |
| ASIC annual review fee for the trustee company | Generally yes, where the fund pays it |
| Investment management and advice fees for the fund | Generally yes, but an initial advice fee to draw up an investment strategy can be capital |
| Interest on a limited recourse borrowing | Generally yes, subject to the fund's circumstances |
| Insurance premiums for members' death and disability cover | Generally yes, for qualifying policies |
| Deed amendments | Often deductible if the change is needed to keep the fund compliant; can be capital if it changes the fund's structure |
When some of the fund's income is exempt because members are in pension phase, deductions for costs connected with earning that income are reduced in proportion. This is one of the things we work through when preparing the fund's tax. The detail matters, so treat this table as a guide only.
How do you compare SMSF accountants' quotes?
Line up quotes against the same scope. Ask each provider:
- Is the independent audit included, or billed separately?
- Is the ATO levy included, or paid separately with the return? (It's a government charge either way.)
- What asset types are covered? Property, unlisted shares, cryptocurrency, a 13.22C unit trust?
- Are pensions, transfer balance reports and actuarial certificates included?
- Are trustee minutes, the investment strategy review and ASIC company work included?
- What happens, and what does it cost, if the auditor raises a contravention?
- Is GST included? Most SMSFs can't claim it back.
- Is the fee fixed for the year, or does it change with the number of transactions?
- Who answers your questions during the year, and is that included?
A low headline fee that excludes half of this list isn't cheap. A fixed fee that covers the whole job, with exclusions spelled out, is the only way to know what you'll pay.
What does it cost to wind up an SMSF?
Closing a fund still needs a final set of accounts, a final audit and a final annual return, plus any costs of selling or transferring assets (brokerage, stamp duty on property in some states, capital gains tax). The ATO expects you to leave enough in the fund to cover the final audit, professional fees and tax before paying out the last of the balance. If the trustee company exists only for the fund, it should be deregistered with ASIC once the fund closes. Our guide on winding up an SMSF covers the steps.
How do we price SMSF work?
We look at your fund first, then quote a fixed annual fee for the work it needs, with what's excluded written down. The audit is done by an approved independent SMSF auditor, and we tell you upfront how that's billed. If the fund sits alongside a company or family trust that we also look after, the whole group is covered by one engagement. Our SMSF accountant service lists exactly what's included, and our business packages are on our pricing page.
Our year-end records request agent builds the fund's document list from last year's figures, so we ask only for what's needed, and our super and SMSF agent drafts the technical checks such as caps and pension minimums. A qualified accountant reviews and signs off every piece of work. That's a big part of how we keep fixed fees fixed.
What should you send us for a quote?
- Last year's financial statements, member statements and audit report
- A list of the fund's investments and where they're held (bank, broker, platform, property)
- Whether any member is receiving a pension
- Whether the fund has a corporate trustee
- Any borrowing, lease to a related party, or unlisted investments
- What you're paying now, and what that includes
Frequently asked questions
Can SMSF fees be paid from the fund?
Yes, costs that genuinely belong to the fund, such as its accounting, audit, levy, ASIC fees for a trustee company used only for the fund, and investment costs, are normally paid from the fund's bank account. A member's personal costs, such as their own tax return or personal advice that isn't about the fund, must not be paid by the fund, because that would give a member a benefit before retirement.
Is the ATO supervisory levy the same every year?
It has been $259 a year for an established fund since 2014–15. A newly registered fund pays $518 with its first return, covering its first year and the next. A fund that winds up doesn't pay another levy if it already paid in advance for that year. Check the ATO's levy page each year, because the amount is set by law and can change.
Do SMSFs pay GST on fees?
Most SMSFs aren't registered for GST, because most of their income doesn't count towards GST turnover, so the GST on accounting, audit and advice fees is a real cost to the fund. A fund that is registered for GST, usually because it earns commercial rent, may be able to claim some of it back. Compare quotes on a GST-inclusive basis.
Why do some SMSF administrators charge so little?
Low fees usually come with limits: fewer asset types, standardised paperwork, no help with property or related-party issues, and extra charges for anything outside the package. That can suit a simple fund of cash and listed shares. Read what's excluded, and check whether the audit, the levy, actuarial certificates and transfer balance reporting are included.
Is it cheaper to have one SMSF for the whole family?
Fixed costs are shared across all members, so a fund with several members can be cheaper per person. But more members means more decisions, more paperwork and more risk of disagreement, and adding adult children has succession and control consequences. Our six-member SMSF guide covers when it works.
Official sources
General information only, current as at 18 October 2026. It is not personal tax, legal or financial product advice and doesn't take your circumstances into account. Talk to us before you act. Where a recommendation needs a licensed financial adviser or a solicitor, we work alongside them.