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 total setup process for an SMSF usually takes 2-3 weeks, including ATO approval and transferring your super from your existing superannuation fund.
How much is the SMSF setup fee?
The SMSF setup costs and fees can be found on our website: SMSF Setup - Fees.
Fees are as follows:
Corporate trustee - $1495
Individual trustees - $880
The $1495 (from 1/7/2025) for a corporate trustee setup includes the ASIC fee required for registering the trustee company.
The above fees are subject to change. Refer to our website to confirm the correct fees.
For property investments, an additional Bare Trust setup is required at a cost of $1,495 from 1/7/2025.
How to pay the SMSF setup fee?
When completing the online SMSF order form, you will have the option of selecting the following payment options:
Credit card (VISA / Mastercard)
Bank transfer / EFT
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.
Ongoing SMSF Costs
Maintaining an SMSF involves several ongoing fees:
Annual SMSF Administration Fees: Start from $1,485 per year, depending on the nature of fund investments. For funds with U.S. and Australian stock investments, annual fees may rise to $1,870.
Independent Audit: Included within annual fees.
ATO SMSF Supervisory Levy: $259 annually.
ASIC Registration Fees: $67 annually for the SMSF trustee company.
If owning property via a Bare Trust, there is an additional ASIC fee for its trustee company of $329 annually.
SMSF Trustee Guidelines
A special-purpose trustee company must be established to serve as the SMSF trustee. Personal or business companies (e.g., Oak Technologies Pty Ltd) are not permitted to perform this role. It is vital to establish a new company solely for this purpose.
SMSF-Specific Bank Accounts
An SMSF must have its own dedicated bank account set up under the name of the SMSF. Grow can assist in opening an ANZ SMSF-specific account if needed. This account allows seamless management of fund transactions and investments.
How is the SMSF setup fee reimbursed?
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.
What if I don't reimburse the SMSF setup fee?
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.
Is the SMSF setup fee tax deductible?
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.