On average, it takes about two weeks to set up an SMSF. Setting up the SMSF structure, including trustee company, trust deed, and other required documents, is fast and happens within 1-2 business days. The ATO’s time to approve the SMSF registration is the most variable.

ATO approval ca take 1business day to maximum two months.

To avoid SMSF registration delays, we recommend the following:

Ensure your personal and business tax affairs are up to date (including lodgements and payments);

Choose a unique SMSF name that is not identical to any other existing super fund on Super Fund Lookup;

Make sure your super balance and income are appropriate for an SMSF;

Another thing that can delay your SMSF setup is the delay in transferring your super to your SMSF.

Check with your existing super fund what their ID and verification requirements are, and start getting them ready for your transfer.

Retail and industry super funds will request your ID and a bank statement to verify the SMSF bank account for payment. 

Some funds demand original physical copies of certified ID. You can send ID to your super fund BEFORE you request a transfer so they’re on file. Sydney Tax & Accountancy Services assists with the transfer process and ID certification.

The fee to set up an SMSF is normally paid by the members, and then once the SMSF is setup and bank account open with funds received from contributions or transfers, the member can be reimbursed for the SMSF setup costs.  If the cost of setting up the SMSF is not repaid from the self-managed super fund bank account to the member, then it can be recorded in the SMSF accounts as a contribution and technically the SMSF member can claim a personal tax deduction for that contribution. Sydney Tax doesn’t enable you to setup an SMSF without paying the upfront establishment fee. Most people choose to pay the fee via credit card and then reimburse themselves in 2-3 weeks once the SMSF has received transfers of existing super.

No.  The cost to setup an SMSF is not tax deductible. The SMSF setup costs are non-deductible expenses according to the ATO. The fee to set up an SMSF is normally paid by the members, and then once the SMSF is setup and bank account open with funds received from contributions or transfers, the member can be reimbursed for the SMSF setup costs.  If the cost of setting up the SMSF is not repaid from the self-managed super fund bank account to the member, then it can be recorded in the SMSF accounts as a contribution and technically the SMSF member can claim a personal tax deduction for that contribution. 

One common question in regards to the set up of an SMSF is “How much super do you need to set up an SMSF?”.  The answer is simple: It depends!  Importantly, there is no SMSF minimum balance required by the ATO. If you are planning to invest in real estate and you need loan then most banks want the amount more than $150000.

The set-up fees for a new SMSF is:

- $2200 with a corporate trustee

Please note that Sydney Tax & Accountancy Services setup service is 'execution only'. This means we only undertake the SMSF setup process under your instruction. Sydney Tax & Accountancy Services is not licensed to provide financial product advice and you should consider taking advice from an AFS Licensee if SMSF is suitable for your situation.

You’ll have annual costs like accounting, auditing, and administration. On average, ongoing costs range from $2,000 to $5,000 per year, depending on complexity.