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I get probably get asked this question the most, "What does it cost to set up and run your Self-managed Super Fund" I guess the simplest way to understand it to break in down into 4 quadrants:

  1. The initial advice costs

  2. The establishment costs

  3. The ongoing administration and

  4. Ongoing advice costs.

Initial Advice Costs:

  • Cost Range: The initial advice fee varies from $4,800 to $18,800, with an average of around $5,830. The specific amount depends on whether the advice is focused solely on setting up an SMSF or includes a comprehensive plan covering aspects such as Superannuation, Insurance, Debt, and other investments.

Establishment Costs:

  • Trustee Type: The upfront or establishment costs differ based on whether you opt for an individual trustee or a corporate trustee. We recommend a sole purpose corporate trustee, with costs ranging from $880 to $1,500, inclusive of the $576 ASIC Incorporation Fee.

Establishment Costs for SMSF Borrowing (LRBA):

  • Bare Trust Requirement: If you plan to borrow for property through an SMSF, you'll need a Bare Trust and typically a Trustee company. Establishment costs, depending on trustee type, are around $1,500 to $2,200, inclusive of the $576 ASIC Incorporation Fee.

Ongoing Administration:

  • Fee Structure: Ongoing administration costs are influenced by the fund's complexity, size, and whether it's in Accumulation or Pension mode. Generally, you'll incur Account Keeping fees for tax returns and Audit fees because, as the trustee, an annual audit is mandatory. Costs should not exceed $2,500 per annum for a simple fund, and online providers offer competitive rates ranging from $120 to $230 per month, covering both administration and audit.

Ongoing Strategy Advice:

  • Variable Costs: If you require ongoing advice on strategy, investments, or specific tax guidance, you'll need to budget for professional services. With an SMSF, you have control over expenditures and can evaluate the value provided by service providers.

Sample Annual Fees (WE.):

Annual Minimum Retainer (Advice Only): Ranges from $3,300 to $22,000.

  • Online Accounting Admin & Audit: Typically costs between $960 and $3,990.

  • Additional Fees: ASIC Corporate Fee ($63), ATO Supervisory Levy ($276 or $552 for new funds in 2023/2024, paying 2 years upfront).

  • Total: For a basic fund, the total annual cost ranges from $3,600 to $4,500.

Sample LRBA Fees (WE LOVE SMSF):

Advice for Financial Advice Certificate from Lender: Starting from $4,400.

  • Bare Trustee Company Setup: Ranges from $880 (exclusive of ASIC fee $512).

  • Bare Trust Documents Setup: Additional costs ranging from $500 to $1,500.

Additional Information:

  • Services Offered: Wealth Effect Group specializes in strategy, structure, and education, operating on a Fee for Service basis. While they don't handle administration or audit, they can recommend solutions with various providers.

Feel free to reach out if you have any specific inquiries or need further clarification!

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