SMSF Statistics, Key Regulations and Costs
If you're starting to explore Self-Managed Super Funds (SMSFs), you’ll likely want to understand the key statistics, regulations, and costs involved. Knowing how many Australians are already involved in SMSFs and understanding the regulations can give you confidence as you start your own journey. Below are key SMSF statistics and important information on SMSF regulations and costs.
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SMSF Regulations You Should Know
1. Superannuation Industry (Supervision) Act 1993 (SIS Act)
2. SMSF Compliance
3. Acquiring Assets from Related Parties
4. Sole Purpose Test
5. Early Payments
6. Lending Money to Members
SMSF Costs – What to Expect
When setting up and managing an SMSF,there are both upfront and ongoing costs. Understanding these costs is essential for managing your SMSF effectively.
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Upfront Costs
• SMSF Structure Setup with Corporate Trustee: Between $2,500 and $4,000
• Bare Trust Setup with Corporate Trustee (required for property purchases): Between $1,500 and $2,500
• Financial Planner Advice: Between $1,500 and $2,500
• Lender Costs (loan establishment fee, valuation, SMSF review): $1,200–$3,000 • ATO Levy: $259
• State Revenue Office Deed Stamping: $0–$500
Improve Cash Flow
• Accountant Fees: Between $1,000 and $1,500
• SMSF Auditor Fees: Between $500 and $800
• ATO Levy: $259
• ASIC Corporate Trustee Renewal: $350
• Electronic Service Address: $0–$55
• Financial Planner Fees: Between $350 and $550
• Insurance Costs: Depending on the type of insurance you get
Understanding SMSF Costs
These cost estimates provide a general over view of the financial commitment required to set up and maintain an SMSF. However, it’s essential to consult with an SMSF expert, accountant, or financial planner to get accurate information tailored to your specific situation.If you’re unsure about any of the costs or need help navigating the SMSF setup process, talking to an expert is agood starting point. We offer an end-to-end solution with a team of SMSF professionals ready to assist you.
Flexibility to Grow Your Portfolio
Unlock additional equity in your investment property, allowing you to leverage more funds for future property acquisitions within your SMSF.
Frequently Asked Questions
An SMSF (Self-Managed Super Fund) is a retirement savings fund that you manage yourself, instead of relying on an industry or retail superannuation fund.
The cost to set up an SMSF varies, but typically ranges between $2,500 and $4,000 for the structure with a corporate trustee.
Yes, you can buy residential or commercial property through your SMSF. However, residential property purchased through an SMSF cannot be lived in by the members or their related parties.
To ensure compliance, it is crucial to follow the Superannuation Industry (Supervision) Act 1993 (SIS Act) and related regulations.
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If you're considering starting an SMSF or need advice on managing your fund, our team of experts is here to guide you through the process. Contact us today to discuss how we can help you set up, manage, and optimise your SMSF. Let’s work together to secure your financial future.