Once Off Set Up Fees
Return Not Necessary Option
Monthly Accounting Fees
The set up fee of $1600 is eventually paid by the SMSF, but because the fund does not exist yet, the set up costs need to come from somewhere. This is why you need to pay the establishment fees ($1600) out of your own money when you fill in the application.
Once the fund is set up and you have received your super into your new SMSF bank account, then you reimburse yourself the $1600. This then becomes a tax deduction for the fund.
Monthly Accounting Fees
Return Not Necessary Option
Monthly Accounting Fees
The accounting fees are $150 per month ($1800 per financial year). Once you have the SMSF bank account set up we set up a direct debit. The first monthly debit brings the fund up to date for the financial year.
For example: if a single member fund is set up in December the first debit will be $150 x 6 = $900. From then on the monthly debit is $150.
Accounting fees are a tax deduction for the fund.
Return Not Necessary Option
Return Not Necessary Option
Return Not Necessary Option
If you set up the SMSF later on in the financial year and no funds were held in the SMSF until July 1st or after, we can make a "return-not-necessary" lodgement. In this case you still have reporting obligations for the year but you do not need to complete a full tax return. A return-not-necessary lodgement can be submitted for $220 instead of the full year's accounting fees of $1800.
Annual SMSF Levy
Annual Company Renewal
Return Not Necessary Option
The SMSF supervisory levy is annual the fee the ATO charge you to have an SMSF. The levy is currently $267 a year and this is added to your tax bill in your annual SMSF tax return. You pay it twice in the first year and once for all following years.
Annual Company Renewal
Annual Company Renewal
Annual Company Renewal
The company name renewal fee is currently $54 per year. The company name renewal fee is automatically debited from your SMSF bank account on the anniversary of your SMSF establishment.
Annual ESA
Annual Company Renewal
Annual Company Renewal
ESA fees are currently $55 per year. The ESA (or Electronic Services Address) is a system that notifies you and the government when your employer makes contributions to your SMSF. The ESA fee is automatically debited from your SMSF bank account on the anniversary of your SMSF establishment.
Contributions Tax
Contributions Tax
Contributions Tax
Just like with any super fund, your employer contributions are taxed at 15%. For more on contributions tax see here.
Capital Gains Tax
Contributions Tax
Contributions Tax
If you sell any assets and overall made a profit during the year, your profit will be taxed at 15%. Any losses are carried forward until you make the losses back. For more on SMSF tax see here.
Total costs Example
Pricing example
Here is an example of the running costs of a typical client with a single member SMSF. The SMSF makes 60 transactions a year with shares, crypto and some gold.
Note: All costs except the set up fee to start the fund are paid out of the SMSF bank account.
Costs for 1st financial year: (regardless of month fund is established)
Set up fees: $1600 (paid upfront)
Accounting fees: $1800 (direct debited at $150 per month)
SMSF Levy: $534 (paid at tax time)
Company Renewal: $0 (payable from year 2 onwards)
ESA: $0 (payable from year 2 onwards)
Total: $3944
Cost for 2nd financial year (and following years)
Accounting fees: $1800 (direct debited at $150 per month)
SMSF Levy: $267 (paid at tax time)
Company Renewal: $54 (direct debited on anniversary of the fund set up)
ESA: $55 (direct debited on anniversary of the fund set up)
Total: $2176
See below for a complete price schedule.