Fees are the one certainty when you’re dealing with any type on investment. Your super value can vary depending on how your investments perform, so lower fees mean you’re making the most of what you’ve got.
Before you decide to take control of your super with a SMSF, it’s important to understand the costs. There’s a huge range of costs between SMSF providers – the main costs you should compare are the set-up of the fund and the annual fees for ongoing administration. Then decide based on the track record of the advisers, their customer service and support,and if they’re easy to contact when you need them.
|Taking care of your SMSF
|Cost (including GST)
|Statement of Advice (SOA) from licensed financial planner or adviser
|SMSF set up - individual trustees (includes Trust Deed and all documentation)
|SMSF set up – Corporate Trustee Company
|SMSF set up - Corporate Trustee and SMSF
|SMSF administration – ongoing annual fee from
|This will depend on the advice you receive from a SMSF specialist adviser.
|Pension set up from
Some fixed SMSF costs remain the same regardless of whether you have $100,000 or $1,000,000 in super. Fixed costs include the annual administration fee, audit fees, accounting and ATO lodgement costs.
Talk to a qualified SMSF specialist for advice on whether your super balance makes it viable to get the most out of a SMSF. If your super balance means it isn’t worth it now, your adviser may be able to suggest a goal super balance when the SMSF will become viable.