SMSFs startup
ATO believes SMSFs need at least $200k to start up
SMSFs startup
In a document on the ATO’s website entitled “Thinking about SMSF”, the ATO indicates that, similar to the above report, it also believes that $200K is the minimum figure you need to “think about an SMSF”.
The following are excerpts: Costs of setting up and running an SMSF To establish a viable SMSF that can be competitive with large funds, it is considered that you may need around $200,000 in super savings.
The ongoing costs of running an SMSF may be around $2,000 a year, including the annual supervisory levy.
If you set up or join an SMSF, you will also need to consider having adequate insurance in case you die or are unable to work because of an illness or accident.
As a trustee you are required to consider insurance cover for fund members as part of the fund’s investment strategy.
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