Thinking about setting up a self-managed super fund (SMSF) but want the full picture before you commit? This guide answers the five questions almost everyone asks us — what the process looks like, what it really costs, whether you have enough super, what happens to your insurance, and how much control you keep. Jump to any section below, or read it start to finish.
Contents:
1. How it works — exactly what happens next
Most people love the idea of an SMSF but worry it'll be complicated or admin-heavy. Here's the honest version of how it works with us.
Your SMSF, in 3 steps
You apply online (about 15 minutes).
We prepare your trust deed, register your fund with the ATO, set up your ABN, TFN and bank account, and get your investment structure ready.
You roll over your existing super.
We handle the SuperStream side; your money lands in your new fund's account.
You invest.
You choose what to buy — and however your strategy looks, we handle all the accounting, tax and the independent audit, every year.
The simplest way to think about it
You decide what to invest in. We do everything else.
Most funds are established within a few weeks, and we can set yours up now to be effective from a date that suits you — including 1 July if you're timing it to the new financial year.
2. What it really costs — all in, nothing hidden
The number one question we get is "what does it actually cost?" Here's the complete picture, including the statutory fees that every SMSF pays regardless of who sets it up.
One-off setup
Company trustee: $1,495 — includes registering your special-purpose trustee company with ASIC (about 99.5% of our clients choose this).
Individual trustees: $880 — suits a small number of simple, lower-complexity funds.
Ongoing, each year (fixed — not a % of your balance)
Annual administration from $1,485 — and this includes your independent audit, financial statements, tax return and ongoing support from Grow.
Your fee is the same whether your fund is worth $150k or $1.5m.
ATO supervisory levy: $259 — paid to the government, applies to every SMSF in Australia.
ASIC company review fee: $67 — for your trustee company.
Two things worth knowing
Our fees are fixed regardless of how big your portfolio gets or how often you trade. As your fund grows, your fee doesn't.
The setup fee can be reimbursed to you from your fund once your super has rolled in.
The exact annual figure depends a little on what you choose to invest in — some asset types involve a bit more work to administer and audit.
The best way to get your precise number is to run it through our fee calculator or book a free 15-minute call.
3. Do you have enough super to make it worthwhile?
There's no legal minimum. The real answer is about the maths: because our fees are fixed, the more you have, the lower your cost as a percentage — and the more an SMSF works in your favour.
A simple way to look at it: a fixed annual fee of around $1,485 is roughly 1.5% on a $100k balance, under 0.75% on $200k, and under 0.3% on $500k.
As your balance grows, that percentage keeps falling — the opposite of a typical percentage-based fund, where your costs rise as you save more.
Most people we help are between $100k and $500k — exactly the range where taking control starts to pay off, especially if you've got a specific investment in mind that your current fund won't let you make.
Two things that often change the maths in your favour
You can combine balances. Up to six members can be in one SMSF, so couples or family members often pool their super — which gets you over the line faster and spreads the fixed fee across more money.
Compare like-for-like. The question isn't "is it enough to be allowed" — it's "does a fixed fee beat what I'm paying now?"
If you're in a percentage-based fund, there's often a balance point where switching saves you money every year from here on.
How much super is enough for an SMSF is a personal decision, and your super balance is only one factor of many you need to consider. The following article explains more: SMSF Suitability - Not just about super balance
4. Keep your insurance + roll over the smart way
One worry trips people up more than almost any other: "If I roll my super over, do I lose my life, TPD and income protection insurance?"
The good news is you don't have to.
How people handle it
Keep a slice behind. A common approach is to leave a small balance in your existing fund so your current insurance policies stay active, and roll the rest into your SMSF.
(Just be careful you meet the requirements to keep the insurance active so you don't lose insurance in your old super fund).
Arrange cover inside the SMSF. Your SMSF can hold insurance too, so you can replace cover within the fund where it makes sense.
Get a free insurance quote via Mortgage-Protect, Grow's insurance partner.
Don't cancel anything until the new cover is locked in. The one genuine mistake to avoid is fully rolling over and closing the old account before confirming your insurance position.
A quick note on the rollover
It's usually the slowest part of the whole process — not the setup. If you're working to a deadline, tell us early and we'll work back from it. And if you're switching from another SMSF administrator, we offer a free transfer to Grow.
5. You're in control — and never locked in
The whole point of an SMSF is control. This control extends to choice of provider you use to look after your SMSF ongoing.
By default, with Grow, when you set up your SMSF with us, we become the tax agent for your SMSF. Our SMSF setup process tightly integrates with our ongoing annual service to ensure a smooth experience.
You own your fund and your structure.
Your trustee company, trust deed, bank account and investments are yours. We handle the accounting, tax and audit, but the keys stay with you.
Grow never touches your assets or money!
You're never locked in. If you ever decide we're not the right fit, you keep everything and you're free to move on.
Grow charges a small $250 exit fee when you terminate our ongoing annual service. This is because Grow doesn't take fees monthly but we incur monthly costs to have your SMSF active on our accounting platform and also to provide you with an ESA (Electronic Service Address) so your fund can receive contributions from employers and rollovers from industry and retail super funds.
You choose your investments — full stop.
Property, Bitcoin and other crypto (including self-custody), ASX and US shares, ETFs, gold and precious metals, term deposits and more.
We don't push products or take commissions on investments.
If taking real control of your super is what brought you here, there's no reason to wait. We can set your fund up now and make it effective from the date that suits you — including 1 July.
Ready to start?
Create SMSF Online Now
You can start your SMSF setup online — it takes about 15 minutes. You don't have to speak to us first. No need for a meeting or phone call if you're ready to go!
You will need the following information:
Personal TFN and Director ID for each member
Unique name for your SMSF and trustee company
Credit/debit card details for payment
Australian driver's licence or passport for ID verification
Prefer to talk it through first?
Book a free 15-minute call and we'll answer your questions and quote your exact fee on the spot.