How much does SMSF Australia charge for annual SMSF accounting?

SMSF Australia offers three fixed-fee annual packages: Basic Fund at $1,300+GST (listed shares, managed funds, ETFs, term deposits), Complex Fund at $1,600+GST (adds direct property up to 2, cryptocurrency, precious metals), and Very Complex Fund from $2,000+GST (unlisted assets, private loans, derivatives, NFTs, 3+ properties). All packages include the independent SMSF audit at no additional cost.

Is the SMSF audit included in the annual fee?

Yes. The independent SMSF audit is included in all three annual fee packages — Basic, Complex, and Very Complex. It is not charged as a separate add-on.

Can SMSF Australia service my fund if I am not in the same state?

Yes. SMSF Australia operates nationally across all Australian states and territories. All client meetings and services are conducted via Zoom — there is no requirement to be near a physical office.

How much does it cost to set up an SMSF with SMSF Australia?

The SMSF setup fee is $2,000+GST, which covers corporate trustee establishment (ASIC fee $636), SMSF trust deed ($400), Class Super first-year licence ($250), ABN and TFN applications, investment strategy preparation, and rollover coordination.

Does SMSF Australia provide financial advice?

No. SMSF Australia does not provide financial planning or investment advice. Services are limited to SMSF accounting, tax, audit, compliance, and legal matters.

What are the downsides of an SMSF?

Self-managing your own fund involves a lot more hands-on work than being a member of a retail or industry fund. Generally, the members and the trustees of a self-managed super fund (SMSF) are the same people who must have the knowledge and skills to attend to the day-to-day operations and management of a SMSF whilst also ensuring compliance with the superannuation laws and regulations (SISA), the tax laws, ASIC rules where there is a Corporate Trustee, legal compliance and investment decisions.

The downsides of an SMSF include:

Cost of running the fund which is dependant on the assets of the fund which are available on our SMSF Pricing page
Time-consuming managing financial, legal & investment activities
Accessing government compensation schemes when fraud has occurred
Reduced access to dispute resolution bodies
Moving overseas to live permanently

SMSF Costs

Small balances in a SMSF mean the operational costs are expensive in relation to the member balances. However, a report prepared for the SMSF association in 2020 by RiceWarner concluded that:

“SMSFs with balances of $200,000 or more provide equivalent value to Industry and Retail funds at all levels of administration.
SMSFs with balances of $500,000 or more are generally the cheapest alternative.
The majority of SMSFs with low balances either grow to competitive size or are closed. Those that remain are generally remnant funds on low fees.”

Time-consuming managing financial, legal & investment activities

Responsibilities of a SMSF trustee means the trustee has to maintain fund records, pay fund expenses, bank contributions and income receipts and reconcile the bank, obtaining external independent market valuations, ensure financial statements are prepared, ensure the audit is done and the annual return is prepared and lodged on time. In addition, the SMSF trustee must make decisions about the fund’s investments and prepare an investment strategy and review it regularly and update it as required.

Legal compliance includes updating the fund’s trust deed and can also include arranging lease agreements, documentation in relation to limited recourse borrowing arrangements (LRBA), loan agreements, purchase and sale of investment properties.

The trustee can outsource various operations such as accounting, audit, legal compliance and financial planning but they must oversee and co-ordinate the activities and ensure records are kept and lodgement dates met. Ultimately, it is the trustees who can be penalised for compliance breaches.

Accessing government compensation schemes when fraud has occurred

The Australian Financial Complains Authority (AFCA) is a government body which has the ability to compensate members of industry or retail funds when theft or fraud has occurred. Members of a SMSF do not have access to compensation through AFCA. However, AFCA can consider a complaint about an investment or financial advice received from a financial firm in relation to an SMSF investment product.

Reduced access to dispute resolution bodies

AFCA is also responsible to resolve disputes between members and trustees of a super fund. However, it cannot hear a complaint between members and trustees of a SMSF as there is no independence between the two parties. An SMSF member can use the court system to resolve a dispute.

Moving overseas to live permanently

A SMSF may not be able to continue if the members and trustees decide to leave Australia permanently to live overseas. The fund may not meet the residency rules which are required if a SMSF is to remain classified as an Australian Superannuation Fund putting at risk the tax benefits enjoyed as an Australian resident super fund.

When moving overseas it is crucial to receive advice from a SMSF Specialist or licensed financial planner in advance to avoid compliance issues.