A complete guide to SMSF Fees

Curious about what it really costs to run a Self-Managed Superannuation Fund (SMSF)? From setup to accounting, we've broken down the fees you might incur if you decide to switch to an SMSF.

What is an SMSF?

An SMSF, or self-managed superannuation fund, is a private super fund you manage yourself instead of letting a private fund manager do it for you.

They can be useful for those who want greater control over where their retirement funds are invested, but can be more complicated and, as we'll get to, often more expensive.

SMSF fees

Those SMSF costs mentioned earlier aren't just a one-off fee you have to pay. SMSFs are a multi-faceted investment scheme, and like other products, contain different types of fees. Generally, the average SMSF will pay the following fees:

At a glance

The Australian Taxation Office’s latest breakdown (2022/23) of SMSF costs shows how different expense categories contribute to overall fund outlays. Here’s the median spend across key areas:

SMSF setup costs

There are several upfront costs when you initially set up an SMSF. Since an SMSF is a type of trust, setting one up requires a trust deed, a formal document that sets out things like how the trust will be run, its responsibilities and the types of assets it will hold.

This trust deed needs to be completed by a professional, which usually means a fee. Corporate trust SMSFs are also charged an establishment fee by ASIC to register.

According to Grow SMSF, the typical one‑off professional setup cost for an SMSF in Australia in 2026 ranges between $800 and $3,500, with most falling in the $1,000-$2,500 bracket depending on trustee structure and service level.

Ongoing operating SMSF costs

Once you've got your SMSF up and running, there are quite a few ongoing expenses you might need to pay regularly. These can include:

• Annual ASIC corporate fee & supervisory levy

• Audit fees

• Administration fees (for processing and preparing statements, lodging statements, etc.)

• Fees for financial and tax advice

• Relevant legal fees

• Insurance fees

• Actuarial certificates if members are paid an income, such as a pension

The latest ATO figures for 2023–24 show that SMSFs recorded average annual operating expenses of about $7,150, with the median at $4,400.

1. Savings.com.au's two cents

SMSFs are rarely straightforward, and as the numbers show, the numerous fees they charge can add up to quite a lot. The data suggests they're generally only worth the investment for higher investment amounts, so unless you're someone with a lot of money to invest (at least $500,000 according to ASIC) and a high understanding of the intricacies of taxation and investments, you might be better off just sticking with your regular super fund to stash your retirement savings in.

This may not always be the case though, so if you're considering opening an SMSF, consider speaking to a financial advisor or registered tax agent who can tell you more based on your own circumstances.

Investment costs

You may also be charged investment fees on your SMSF. This is the cost of actually investing the money.

Investment fees typically include things like:

• Brokerage costs
• Fund management fees
• Financial advice fees
• Valuation costs

In 2022/23, the average SMSF incurred more than $12,000 worth of investment expenses, while the median was $7,131.

Here's the breakdown by fund size:

Median investment expenses by fund size (2022/2023)

Source: Australian Taxation Office

Interest

Depending on your investment strategy, you might also be paying off interest on SMSF loans.

If, for example, you're looking to invest in residential or commercial property, your fund may be able to borrow money through what's known as a limited recourse borrowing arrangement (LRBA). This means the lender can't come after other assets in the SMSF if you default on the loan.

As you can imagine, this typically means SMSF loans have higher rates than standard home loans, and some lenders don't even offer them.

Nevertheless, if you're looking to leverage your fund to buy higher-value assets, there are still plenty of lenders who might be willing to deal with you.

According to the ATO data, the median interest expense within Australia for SMSFs in 2022/23 was $15,605, while for interest expenses overseas it was $10,472.

Here was the breakdown by fund size:

Read more: SMSF home loans

Looking to take control of your retirement? The table below features SMSF loans with some of the most competitive interest rates on the market.

Loan purpose

SMSF

Loan amount

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au SMSF Residential Refinance (Variable Inv P&I <60%)	6.89% p.a.	6.91% p.a.	$3,290	Principal & Interest	Variable			$0	$230	60%				Residential Refinance Only Investor Variable Principal & Interest 40% Min Deposit More details	Available for refinance only No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application	More details	Compare	Promoted	Disclosure
Firstmac	Firstmac SMSF 70 - Residential Refinance (Variable)	7.14% p.a.	7.19% p.a.	$3,374	Principal & Interest	Variable			$0	$220	70%				Residential Refinance Only Investor Variable Principal & Interest 30% Min Deposit Extra Repayments More details		More details	Compare		Disclosure
loans.com.au	loans.com.au SMSF Residential Refinance (Variable Inv P&I <80%)	7.24% p.a.	7.26% p.a.	$3,407	Principal & Interest	Variable			$0	$230	80%				Residential Refinance Only Investor Variable Principal & Interest 20% Min Deposit Extra Repayments More details		More details	Compare		Disclosure

How much do SMSFs cost?

Overall, SMSFs can be quite expensive to run, and usually require more funds in them to be a worthwhile investment (more on this later). According to the Australian Taxation Office's (ATO) statistical overview of SMSFs in 2023-2024:

• It costs an average of $17,500 per year to run an SMSF
• The median total expenses of running an SMSF were $9,500

These include a range of deductible and non-deductible expenses.

Are SMSFs worth it?

Whether an SMSF is "worth the cost" or not will ultimately be up to you, and you might consider the extra expenses a fair price to pay for greater control.

Many SMSF fees are fixed expenses, and the higher the amount you have in your SMSF the better value it provides. For example, here is a breakdown of the SMSF average (not median) expense ratios by fund size, 2022-23:

Source: ATO

These figures suggest it isn't until your super fund is worth well over $1 million that SMSF expenses become less than 1% of what the fund is worth - a common benchmark for investment.

SMSF tax deductions

While SMSFs can be quite expensive at times, many of the costs associated with them are tax-deductible, as SMSFs are considered an investment.

As a general rule of thumb, any SMSF expense directly related to generating taxable income is deductible. According to the ATO, such expenses include:

• Accountant and investment advisor fees
• Audit fees and actuarial fees
• Admin and investment costs
• The cost of updating the trust deed
• Insurance premiums through the SMSF

Meanwhile, fees that are NOT tax-deductible include things like upfront/establishment costs and any fees or penalties you might incur, such as late lodgement fees for documents.

These usually need to be claimed in the financial year the expenses were incurred and like most tax deductions you'll need proof in the form of receipts or statements.

Tax can get quite tricky at the best of times and SMSFs can complicate everything, so you should check out the ATO's complete breakdown of SMSF tax deductions and contact a tax agent or financial advisor for more detailed information, as well as personal advice.