SMSF Setup Cost
Calculator AU 2026

There is no legislated minimum, but cost is the deciding factor for most people because an SMSF's running costs are largely fixed in dollars while an APRA-regulated fund (industry or retail) charges a percentage of your balance. The fee break-even is simply your annual SMSF running cost divided by the APRA fund's percentage fee.

For example, $2,300/year of SMSF costs against a 0.85% APRA fund breaks even at about $270,000. ASIC's MoneySmart and the 2019 Productivity Commission review both noted SMSFs are generally not cost-competitive at low balances — funds under roughly $200,000 often paid more in costs and earned lower net returns than APRA funds.

This tool shows the crossover for your own numbers; it does not tell you whether an SMSF is right for you.

The unavoidable annual costs are: the ATO SMSF supervisory levy ($259, paid a year in advance); an independent SMSF audit (mandatory every year, typically $300–$600); and accounting/administration to prepare financial statements and the annual return (typically $1,000–$3,000 depending on whether you use a low-cost online administrator or a full-service accountant). A corporate trustee adds the ASIC special-purpose company annual review fee ($67).

Investment costs (brokerage, ETF/managed-fund fees, actuarial certificates if you have both accumulation and pension accounts) sit on top. Total for a straightforward share/ETF SMSF is often $2,000–$4,000/year; property or complex assets cost more.

The SMSF supervisory levy is a flat $259/year charged by the ATO through your fund's annual return. It has been $259 since 2017-18 and is paid a year in advance (a new fund pays two years' worth in its first return).

It applies to every SMSF regardless of balance, which is part of why very small SMSFs are cost-inefficient. Source: ato.gov.au.

Individual trustees are cheaper to set up (a trust deed, often $500–$1,000) with no ongoing ASIC fee, but every member must be a trustee, adding or removing members means re-titling every fund asset, and a sole member needs a second individual trustee. A corporate trustee costs more up front (ASIC special-purpose company registration is about $597, plus deed and setup — roughly $1,500 total) and carries the ASIC special-purpose annual review fee of $67, but it simplifies member changes, allows a single-member fund with one director, and keeps a cleaner asset-ownership line.

Most SMSF specialists recommend a corporate trustee despite the extra cost; weigh it against your own situation.

It depends entirely on your balance. APRA-fund fees are a percentage, so they rise with your balance; SMSF costs are mostly fixed dollars, so their percentage cost falls as your balance grows.

Below the break-even balance the APRA fund is cheaper; above it the SMSF is cheaper. Industry funds typically charge around 0.6%–1.0% all-in and retail funds around 1.0%–2.0%, so the break-even can range from under $200,000 (against a high-fee retail fund) to $400,000+ (against a low-fee industry fund).

Cost is only one side of the ledger — this tool does not account for differences in investment returns, insurance, or the value of your time.

As an SMSF trustee you are personally responsible for the fund's compliance with super and tax law, even if you pay professionals to help. That includes preparing and following an investment strategy, keeping fund money entirely separate from personal money, meeting the sole-purpose test, arranging the annual independent audit, and lodging the annual return on time.

Breaches can lead to ATO penalties, the fund being made non-complying (taxed at 45%), or trustee disqualification. A 2019 ASIC-commissioned study found trustees spend on average more than 100 hours a year on their SMSF.

An SMSF is a legal and administrative commitment, not just a cost decision.

No. This is a general-information cost comparison. It models the fee break-even between an SMSF's largely-fixed running costs and a percentage-based APRA fund using figures you enter; it does not consider your investment returns, insurance needs, tax position, time, or personal circumstances, and it does not recommend whether to open or close an SMSF.

Setting up an SMSF is a significant decision — consider licensed financial advice and read ASIC's MoneySmart guidance before acting.