$6 Party, page-71

Hi Taffy, I will correct you on the point that you cannot set up a SMSF without financial advice as it certainly is possible. That being said, a SMSF is not suitable for everyone, so a well rounded understanding of the complexities is required, and this can be gained via self education online or by speaking with trusted friends or advisors who know what they are talking about and actually run their own fund. It is after all a “Self” managed fund, which as the name implies you can run by yourself, no advice required.

if you are going to go it alone, you will need an accountant or to engage a SMSF administrator and fees will start at about $1500 to $2,500 annually depending on your ability to self manage.

Most people are deluded in their assessment of what running a SMSF entails, so for 99% of people considering establishing one my advice would be speak to your accountant in the first instance, if you are unsure if it is right for you, seek financial advice and budget for about $5-7k in establishment costs, especially if you will be considering property as part of the fund investment strategy at some point after establishment.

Not financial advice, do your own research.