If you’re considering a self-managed super fund, the first thing to be clear-eyed about is the cost and the work. An SMSF isn’t just an investment account — it’s a legal structure with ongoing obligations. Here’s what’s involved.
Setting one up
- Establish the trust and trust deed — the legal foundation of the fund.
- Choose a trustee structure — individual trustees or (recommended) a corporate trustee, which costs more to set up but is cleaner for adding/removing members and holding assets.
- Register with the ATO and get an ABN and TFN.
- Set up a bank account and an investment strategy document.
- Roll over your existing super (check your insurance before you do).
The ongoing costs
Every SMSF has fixed annual costs regardless of size:
| Cost | Typical range (indicative) |
|---|---|
| Annual accounting / administration | ~$1,000–$3,000+ |
| Independent annual audit (required) | ~$300–$700 |
| ATO supervisory levy | ~$259 / year |
| ASIC fee (corporate trustee) | ~$67 / year (plus setup) |
| Investment, platform & advice fees | Varies |
Indicative only — costs vary widely by provider and complexity. Verify current fees at ATO and Moneysmart.
Your ongoing responsibilities
- Keep the fund compliant with super and tax law — the penalties fall on you as trustee.
- Maintain and update an investment strategy, and keep money separate from your personal finances.
- Arrange the annual audit and lodge the annual return.
- Review insurance for members as part of the strategy.
Before you commit to the setup cost and the ongoing work, it’s worth a complimentary Donmont review to confirm an SMSF is the right structure — and that a simpler, cheaper option won’t serve you just as well.
Frequently asked questions
How much does an SMSF cost to run?
Fixed annual costs typically include accounting/administration (~$1,000-$3,000+), an independent audit (~$300-$700), the ATO supervisory levy (~$259) and, with a corporate trustee, an ASIC fee (~$67), plus investment and advice fees. Costs vary widely by provider.
Do I need a corporate trustee for an SMSF?
It's not compulsory - you can use individual trustees - but a corporate trustee is often recommended because it's cleaner for adding or removing members and for holding assets, despite a higher setup cost.
What are my responsibilities as an SMSF trustee?
You're legally responsible for keeping the fund compliant, maintaining an investment strategy, keeping fund money separate, arranging the annual audit and return, and reviewing insurance - even if you pay professionals to help.
Not sure which fund is right for you?
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