tread carefully. Do it yourself with the help of your accountant. Get him to do the paperwork to set up your fund, maximum 4 members all of whom have to be trustees. Then as long as you are prepared to spend a bit of time with it you can do your own investing direct as long as you feel comfortable making your own investment decisions. Look for fully franked dividends on at least some of the fund investments, some growth stocks and some fixed interest. For the fixed interest side see if any of your local credit unions or building societies issue their own debentures, these are called different names but I have seen them paying 2% over the bank bill rate with fully franked dividends. Usually lifetime securities but generally the institution runs a secondary market for them. Personally I avoid most managed funds, there are a few good ones around but a lot of shockers.
Costs? Anything from $500 to $2,000 to set it up, the $2,000 is 'come in sucker' land. Very simple process, your local accountant should have access to wholesalers who provide 'off the shelf' SMSF documentation. Running costs depend on the size, complexity, and volume of transactions. It can be as low as $500 p.a. for your accountant to prepare all returns including tax returns for a very small fund just starting up.
