1. Set up fees
2. Accounting fees
3. Govt fees
The set up fees are paid by the SMSF, but there is a catch. 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.
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.
It is easier to think of the costs per financial year because the running/accounting costs are the same if you are open for 1 month or 12 months.
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 the fund is set up in December the first debit will be $140 x 6 = $840. From then the monthly debit is $140.
The government fees include the SMSF Supervisory Levy and the company name renewal fee.
The SMSF supervisory levy is included in your tax return. You pay it twice in the first year and once for all following years. Current price for the SMSF levy is $259.
The company name renewal fee is currently $36 a year and is sent to you on the annual anniversary of the fund and paid by the SMSF.
Here is an example of a typical client who makes 100 trades a year with a few shares, crypto and some gold.
First financial year:
Set up fees: $1600
Accounting fees: $1680
Govt fees: $518
2nd financial year (and following years)
Accounting fees: $1680
Govt fees: $295
See below for a complete price schedule.
Cost to set up your SMSF
What is included...
Upfront payment is paid via Paypal at the time of application and paid back to you from your super after you receive your rollover, which is normally approx. 3 weeks from application.
You should ensure all trustees are eligible to run an SMSF as there are no refunds on the establishment fees.
If you do not have the $1600 right now, you can borrow the set up costs and have the fund pay the establishment fees back once you receive the rollover, which is usually under 30 days. Interest and other charges may apply and are not payable by the fund* You can compare short term lenders that might be suitable here: https://www.finder.com.au/short-term-loans
The costs to run your SMSF (all paid from your super)
Monthly fees include the following...
Monthly fees are automatically debited from the SMSF and are a tax deduction for the fund. The first debit will bring the fund up to date for the financial year. This means the first debit payment will be $140 for each month from July this financial year to the first debit.
There is no discount for funds only being operational a portion of the year. This is because the cost to do the accounting, compliance and audit are the same regardless of how many months the fund is open for the year.
If you establish your SMSF near the end of the financial year and do not want to pay for a full year's worth of fees, you can make a Return-Not-Necessary lodgement. This will cost $220 instead of the full year's fees of $1680. This is only available if the SMSF never holds any assets or money in any accounts within the first financial year.
Fees not included in the monthly service fee.
The government charge an annual fee to have an SMSF. It is called the SMSF Supervisory Levy and is payable at tax time each year. You pay this twice at your first SMSF tax return, then once per year.
Each year you need to pay ASIC to keep your company's name registered on their database.
Cost per property held in the SMSF (per annum)
There is a limit of 250 crypto transactions in your SMSF per financial year. Additional transactions are charged at $3.30 per transaction.
If you trade on more than 1 stock trading platform or 2 crypto exchange platforms, any transactions on other exchanges will attract an additional fee per platform. Also all trading platforms need to be on our approved platform list.
If you are in pension phase and require an actuarial certificate, they can be supplied for $220 each.
If you require expert tax planning or financial planning advise we can assist. Our network of advisers have saved clients millions in unnecessary tax. Contact us for more information.
Over time the ATO or ASIC may make changes to the superannuation rules requiring an updated trust deed.
Existing SMSF's can transfer over to us.
You can add up to 4 members to your SMSF.
If you do not have permanent address you can use for the fund you can use us as a registered address and we will forward all relevant correspondence to you via email.