The costs will likely depend on how many transactions occur in your super fund each year and how many investments are held. You might have to pay more if your fund owns some unusual assets.

Also, if you are in the pension phase, you might have to pay for an actuary to review your fund each year to make sure you can get the pension income tax concession in the fund.

Establishment costs

The main cost you are likely to incur in setting up a DIY super fund involves creating a trust deed. This usually costs between $500 and $700 depending on the complexity required.

If you’re using a corporate trustee structure, you will also need to pay incorporation costs (which include Australian Securities and Investments Commission (ASIC) fees and costs for preparing the constitution for the corporate trustee’s company) of around $426.

Some providers will bundle these services together into a package and in the majority of cases, you should pay less than $1,500 to set up your fund.

Other costs can include accounting fees, auditing fees and, if required, financial advisor fees.

You can search through the Service Providers directory on the Switzer Super Report website to check the general costs of various administrators and trust deed providers.

Or find out more information about managing your own investments and administrative responsibilities with a no obligation 21-day free trial of the Switzer Super Report, Australia’s leading investment newsletter and website for SMSF trustees.