Understanding ESUPERFUND fees and savings

Using ESUPERFUND can be an affordable way to run your self-managed super fund (SMSF).

One of the possible benefits of running your own self-managed super fund (SMSF) – other than freedom of choice in investments – is that your fund may have low fees.

ESUPERFUND fees and savings

ESUPERFUND prides itself on offering some of the most competitive fees available, while offering valuable support for your SMSF’s compliance obligations.

What will I pay?

While general industry or managed funds tend to charge a percentage fee of each member’s superannuation balance (in 2014 the average fees charged for a super fund was 1.12 per cent of fund assets), research from ASIC shows that the average administration fee to run your own SMSF ranges from $2000 to $7000 per annum.

If you are setting up a new SMSF, ESUPERFUND charges a low annual fee, which is currently per annum (inclusive of GST).

This fee is set, which means it remains the same regardless of the number of members in your SMSF, or the size of your SMSF, and no matter how many transactions are made by your SMSF.

What do I get?

ESUPERFUND will look after the administration side of setting up an SMSF, which means your tax and legal obligations are taken care of, and you won’t need to pay for this to be done by an accountant.

ESUPERFUND will help you set up your SMSF with:

    An SMSF trust deed.
    Documentation to appoint trustees.
    Trustee declarations.
    Lodgement of an election for your SMSF to become a regulated SMSF.
    A sample investment strategy that you can adopt for your SMSF or modify if required.
    Resolutions and minutes to acknowledge the establishment of your SMSF.

As well as applications to:

    Obtain a tax file number for your SMSF.
    Obtain an Australian business number for your SMSF.
    Establish a bank account with CBA.
    Establish a broker account with CommSec.

The set annual fee of that ESUPERFUND charges includes looking after the annual compliance obligations for your SMSF’s taxation and accounting, such as preparing an annual:

    Balance sheet.
    Profit and loss statement.
    Member statements.
    Trustee resolutions and minutes.
    Income tax return.

Will the fees change?

ESUPERFUND’s promise to clients is that our low annual fee will remain low. The fee is deducted directly from your SMSF account each January.

While the fee is reviewed annually, to date fees have only increased once in the last 5 years, in line with ESUPERFUND’s aims to make sure that its fees are the most competitive in the market. Any changes to the set annual fee will be noted in advance on the ESUPERFUND website.

Other fees

ESUPERFUND provides selected bank and broker accounts with preferred providers, and administers compliance issues electronically, to keep costs to a minimum and help clients to benefit from below-market-rate fees. In addition to the set annual fee charged by ESUPERFUND, all SMSFs are required to pay an ATO supervisory levy of for each SMSF, and, if applicable, a company trustee set-up fee.

You also need to bear in mind there could be other fees, like investment fees, which will vary depending on what your SMSF elects to invest in, but can include things like brokerage fees for share investments or stamp duty and borrowing costs for property investments. It might be a good idea to seek independent financial advice to make sure you understand what fees you need to pay, your fund is structured correctly and you have an appropriate investment strategy.

When setting up an SMSF it is important to consider all the running costs – including fees – particularly when deciding how viable it will be for your own starting balance and investment plans. For more details, download an information pack, or apply now with ESUPERFUND.

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"ESUPERFUND makes the running of my SMSF smooth and enjoyable because they prepare everything we need."
- Patricia, NSW
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