How much does an SMSF cost to set up and run?

Manage your SMSF smarter – for free

Access practical, independent guides and checklists to help you run your fund with confidence with a free SuperGuide account.

Find out more

Ongoing administration fees

Every SMSF has annual costs for administration, reporting and an independent audit. Median SMSF operating expenses were $4,600 in 2023–24, according to the latest ATO figures, up from $3,900 in 2019–20. Operating expenses cover the audit fee, management and administration costs such as accounting and tax return preparation, the supervisory levy and other amounts. They don’t include the costs of your investments, which are covered below.

These figures provide a benchmark, but current quotes may be higher.

The ATO supervisory levy is $259 a year, whatever the size of the fund. If your fund has a corporate trustee, there’s also an ASIC annual review fee of $70 (from 1 July 2026). The median audit fee in 2023–24 was $550, the same as in each of the previous four years.

Doing some of the work yourself, such as preparing the accounts and tax return, can reduce fees but uses your time. How much time depends on what the fund holds and how much you hand to an administrator or accountant.

As a rough guide, if you value your time at $80 an hour, every 10 hours a year you spend on the fund is worth $800. If you enjoy investing or work in finance, you may be happy to give up that time, but it’s worth factoring in.

Running costs by fund size

Because many costs don’t rise much with the size of the fund, smaller funds pay more as a share of their assets. In 2023–24, operating expenses averaged 1.3% of assets for funds with $200,000 to $500,000, and 0.8% for funds with $500,000 to $1 million. For funds with less than $50,000, the figure was 11.0%.

Costs aren’t entirely fixed, though. The median management and administration expense rose with fund size, from $1,470 for the smallest funds to $4,582 for funds with $2 million to $5 million.

SMSF operating expenses as a share of assets, by fund size, 2023–24

Operating expenses are the audit fee, management and administration expenses, the ATO supervisory levy and other amounts, compared with average fund assets. Funds with up to $50,000 averaged 11.0%. Source: ATO, Self-managed super funds: A statistical overview 2023–24

ASIC doesn’t set a minimum balance for an SMSF, and balance is only one factor in whether one suits you. ASIC’s case studies include two couples with $172,000 in super. For one, an SMSF may be suitable because they have the time and interest to manage their finances, a strong surplus cash flow and the ability to keep saving. For the other, it may not be, because they are time poor, have little investment experience and are saving for a home.

In practice, the median new SMSF in 2023–24 started with $345,366, and about 31% started with $200,000 or less.

To compare with what you pay now, check your current fund’s fees in dollars at your balance with our super fund comparison tool.

Investment fees

Investment costs vary with the type and value of assets your fund holds. Direct property, individual shares and managed funds each involve different fees and expenses.

Among funds that reported investment expenses in 2023–24, the median was $6,201 for funds with $200,000 to $500,000 and $7,035 for funds with $500,000 to $1 million, according to the ATO. Not every fund reports these expenses, and what’s included varies with the investments held. Investment expenses are separate from the operating expenses above, so your fund pays both.

Other costs to budget for

Some costs only come up for certain funds or in certain years:

• An actuarial certificate, which is generally needed if your fund has members in both pension and accumulation phase during the year. Among SMSFs on Class that paid for one in 2024–25, the median cost was $132
• Valuations of property and other assets without a market price, as fund assets must be reported at market value each year
• Life and total and permanent disability (TPD) insurance, if you lose cover when you roll your super out of a large fund
• Setting up a limited recourse borrowing arrangement if the fund borrows to buy an asset such as commercial property. New borrowing to buy residential property is no longer allowed
• Financial advice. About a quarter of SMSFs on Class paid adviser fees in 2024–25, with a median of $5,900
• Updating the trust deed when the rules change
• Winding up the fund, including a final audit and annual return

The actuarial and advice figures are from the Class 2026 Annual Benchmark Report and cover SMSFs that use Class software.

What’s changing

Division 296, the tax on super balances over $3 million, adds a cost for some SMSFs from 2026–27. A fund with more than one member generally needs an actuarial certificate if any member is liable for the tax.

In August 2026 the government announced changes to protect people setting up an SMSF. If they become law, the supervisory levy will rise from $259 to $295 and the first-year levy will be paid when the fund registers. New trustees will also need to complete trustee education and have a written investment strategy before registration.

Comparing your costs

Before setting up an SMSF, get an itemised quote showing what’s included and what costs extra. Compare the annual costs with your current super fund, allowing for investment fees, insurance and any advice you expect to use. If you plan to handle some of the work yourself, include the time commitment in that comparison.