OP, perhaps a good place to start would be the ATO publications about SMSF's, and/or talk to a good administrator.
I agree about the $200k amount, it doesn't matter whether it's $50k or $1.5 mill, if you aren't prepared to whatever is required yourself or pay for outsourcing, or specifically invest in a way that you otherwise can't, then a SMSF may not be for you. It's easy to save money only to have it come back and bite you in other ways (opportunity costs etc).
