There is no statutory minimum balance to start an SMSF. The government and most companies focus on the minimum dollar amount that is suitable for setting up an SMSF. Superannuation Warehouse makes SMSF’s available to many more individuals by keeping the setup and monthly fees as low as possible. The costs Trustees of an SMSF will incur are as follows:
- Audit costs – usually between $300 – $450 for an audit only, click here to get an audit quote
- Note if you pay monthly, the audit fee is included
- Supervisory levy – around $259 payable annually with your SMSF tax liability
- Administration costs for accounting, tax and audit – $60/$100 for a complete monthly administration service with Superannuation Warehouse (or you can perform this function independently)
Based on the above, most people can run an SMSF cost-effectively with an SMSF Superannuation balance starting from between $50,000 and $100,000.
Nil Balance Members
Members in an SMSF can have a nil-balance in the Fund as long as they have a realistic intention to contribute to the SMSF in the future. While there is no time limit to fulfill this intention, prolonged years without any balance or multiple members without a balance can throw doubt on their intention to be an active member and contribute to the Fund. If you are ready to start an SMSF with us, click here to start the setup process.
