You need to pay the SMSF setup fee when you set up an SMSF.

This fee covers the cost of the SMSF trust deed, registering the fund with the ATO, all necessary minutes and paperwork, and (where applicable) registering a special purpose SMSF trustee company with ASIC.

The SMSF setup costs and fees can be found on our website: SMSF Setup - Fees.

Fees are as follows:

The above fees are subject to change. Refer to our website to confirm the correct fees.

When completing the online SMSF order form, you will have the option of selecting the following payment options:

If you pay via credit card, you will be taken to our secure payment gateway (Stripe) and make the required SMSF setup fee payment.

If you pay via bank transfer / EFT, you will be provided with our bank account details and a reference for payment.

You will NOT automatically receive an invoice from us for the SMSF setup fee. You can request a copy if you wish.

Grow currently doesn't off 'post paid' SMSF setup or 'free SMSF setup' options.

With SMSF setups, you get what you pay for. If you don't pay anything, you will not get the service and support you need to setup your SMSF efficiently and correctly.

Grow prides itself on our fast, online and well-supported SMSF setup process.

When your SMSF is up and running and has received funds from either a rollover (transfer) of your existing super monies, or contributions from an employer, you can repay the SMSF setup fee you paid.

To reimburse the SMSF setup fee, transfer an amount equal to the fee from your SMSF Macquarie Cash Management Account to a personal account of your choice.

Enter "SMSF Setup Fee" as the Payment Description.

Repaying this fee is one of the few times you can transfer money from your SMSF to yourself before retirement.

IMPORTANT: The SMSF setup fee should be reimbursed before 30 June of the financial year the first deposit (rollover of contribution) is received.

If you decide NOT to reimburse the setup fee, it must be recorded as a personal contribution to the SMSF on your behalf.

You can claim the amount as a deduction in your personal tax if you complete a Notice of Intent to Claim for the relevant financial year. You claim the deduction at label D12 in your personal tax return.

If your SMSF has multiple members, you can decide which member claims the fee as a tax deduction.

No. The setup fee is not tax-deductible to the SMSF.

A contribution you make to the SMSF can be tax-deductible.

More information from ATO on personal super contributions can be found here: Claiming deductions for personal super contributions.