you are forgetting the annual accounting & auditing costs that...

you are forgetting the annual accounting & auditing costs that go with SMSF which for a large one will also be thousands of dollars.
plus all the admin hassles that I much prefer to avoid.

Here is something interesting I have just read :
https://growsmsf.com.au/average-smsf-costs-and-fees/
Based on the ATOs SMSFs : A statistical overview 2017 -2018 the average SMSF costs per year are $3,934.

That was in 2018. Costs in 2022 would be higher. Also the average SMSF would be less than 1M dollars
so a SMSF worth 1M would likely cost more than that figure quoted