An independent comparison tool for Australians weighing their retirement options. No ads, no commissions — just the facts.
An objective look at the key differences across cost, control, compliance, and suitability.
| Dimension | SMSF Self-Managed Super Fund |
Industry Fund e.g. AustralianSuper, Hostplus |
|---|---|---|
| Who manages it | You You are the trustee and bear all legal responsibility |
Fund Trustees Professional trustees manage compliance and investment decisions |
| Annual cost | Fixed ~$3,500–$6,000 Accounting, audit, ASIC fees; not tied to balance size |
% of Balance ~0.4–1.2% Scales with your balance; cheaper at low balances, expensive at high |
| Investment control | Full control Choose any compliant investment — stocks, bonds, property, crypto |
Limited menu Predefined options; some funds offer member-directed options |
| Direct property | Yes Can hold residential & commercial property (arm's length rules apply) |
No Cannot hold direct property; REITs available as an alternative |
| Insurance | Must arrange yourself No default cover; may be harder or more expensive to obtain individually |
Default cover included Life, TPD, and income protection; group rates often cheaper |
| Compliance burden | High Annual audit, ATO reporting, trustee obligations, ongoing legal duties |
None for members Trustees handle all regulatory and compliance obligations |
| Minimum viable balance | ~$250K–$500K ASIC recommends considering costs carefully below $500K |
No minimum Suitable from day one of employment |
| Regulator | ATO Australian Taxation Office regulates SMSFs |
APRA Australian Prudential Regulation Authority |
| Ideal for | High-balance investors High-balance savers, property investors, business owners wanting maximum control over their retirement assets |
Most Australians Most Australians — especially those building wealth, wanting simplicity, or relying on default insurance cover |
The headline figure of $3,500–$6,000/year is often quoted, but it's worth understanding exactly what drives that number — and where you can reduce it.
Combined annual fees (administration + investment) for popular Australian industry funds at different balance levels. Select a balance to compare.
| Fund (Option) | Annual Fee | Fee % | vs. Industry Avg | Visual |
|---|
⚠ Approximate combined fees based on publicly available 2023/24 Product Disclosure Statements. Actual fees vary by investment option, balance, and employer arrangements. Many funds also charge per-transaction fees. Always review the PDS before making any decision.
See exactly when fixed SMSF costs become cheaper than a percentage-based industry fund fee — based on your numbers.
Answer 5 quick questions to get a personalised recommendation based on your situation.
If you're seriously considering an SMSF, bring these to your first meeting with a licensed financial adviser.
Median annual returns for SMSF funds vs the median industry fund balanced option, 2015–2025. After costs. FY2025–26 pending.
After-fee returns to 30 June 2025. Source: SuperRatings, APRA Fund-Level Statistics, ATO SMSF Statistical Report. FY2025–26 data pending (funds report Aug–Oct 2026).
| Fund / Option | 1 yr | 3 yr (p.a.) | 5 yr (p.a.) | 10 yr (p.a.) |
|---|---|---|---|---|
| AustralianSuperIndustry Balanced |
11.5% | 7.6% | 9.1% | 9.2% |
| HostplusIndustry Balanced |
12.1% | 7.9% | 9.3% | 9.5% |
| UniSuperIndustry Balanced |
11.2% | 7.1% | 8.6% | 8.9% |
| Aware SuperIndustry High Growth |
13.4% | 8.2% | 9.6% | 9.4% |
| REST SuperIndustry Core Strategy |
10.8% | 6.4% | 8.0% | 8.4% |
| HESTAIndustry Core Pool |
11.0% | 6.8% | 8.3% | 8.6% |
| Industry fund median (balanced) — SuperRatings SR50 | ||||
| Median industry fund SR50 Balanced (60–76) Index |
11.4% | 7.2% | 8.6% | 8.7% |
| SMSF comparison — ATO Statistical Report 2025 | ||||
| SMSF median All strategies, after all costs (ATO data) |
9.8% | 5.6% | 7.3% | 7.6% |
⚠ Returns are approximate and based on publicly available 2023–24 data. Industry fund returns shown for the standard balanced/default option. SMSF returns are the ATO-reported median across all SMSF investment strategies and include funds with very low balances which drag the median down. High-balance, actively managed SMSFs typically outperform the median. Past performance is not a reliable indicator of future performance.
Click a profile to see a detailed breakdown of why their situation points to a specific recommendation.
SMSFs unlock a broader investment universe than any industry or retail super fund can offer. These asset classes are either unavailable or severely restricted in industry funds.
At higher balances, a fixed SMSF fee beats a percentage-based industry fund fee by a growing margin every year. See how the gap compounds over 20 years.
Assumptions: $500,000 starting balance · $27,500 annual contributions · 8.7% gross return p.a. · SMSF annual cost $4,500 (fixed) · Industry fund MER 0.85% · All figures in today's dollars, pre-tax simplification for illustration only.
How much you can put into super each year — and how your employer's SG contributions eat into your concessional cap.
| Type | 2024–25 Cap | Tax rate | Who contributes |
|---|---|---|---|
| Concessional (pre-tax) | $30,000 | 15% in super | Employer SG + salary sacrifice + personal deductible |
| Non-concessional (after-tax) | $120,000 | 0% (already taxed) | Personal after-tax contributions |
| Non-concessional 3-yr bring-forward | $360,000 | 0% | If balance < $1.66M; triggered automatically |
| Total super balance limit | $1.9M | — | Above this, non-concessional contributions are nil |
| Transfer Balance Cap | $1.9M | — | Max you can move from accumulation to pension phase |
| Carry-forward concessional | Up to 5 unused years | 15% in super | Available if balance < $500K; rolling 5-year lookback |
| Div 296 tax threshold | $3,000,000 | +15% on earnings | Applies to balances above $3M from 2025–26 |
Move the slider to see how your employer's 11.5% Super Guarantee fills the $30,000 concessional cap.
What actually happens between deciding to set up an SMSF and becoming a fully operational trustee.
Key dates and obligations for SMSF trustees across the financial year. Missing deadlines can trigger ATO penalties.
Plain-English definitions of the terms you'll encounter when comparing or managing superannuation in Australia.