The fixed costs (i.e. charged regardless of fund size) of funding a SMSF include set up costs and annual fees for:
- Accounting services – including preparing the SMSF annual financial statements and income tax return;
- Auditing – actuarial certificates;
- Annual supervisory levy payable to the ATO, which is currently $518 for a newly registered fund and $259 per year on an ongoing basis for existing/continuing funds; and
- Legal fees – establishing and amending trust deeds or other documentation from time to time.
In addition, an SMSF will incur variable fees for:
- The purchase, sale and maintenance of investments;
- Advice fees from service providers and advisers;
- Costs of providing insurance for members; and
- Fees when engaging providers to assist with administering the fund.