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Self-managed super funds (SMSF)
Whether you’re thinking about setting up an SMSF, winding one up, or just want to learn more, we’ll help you understand your options.
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Did you know?
  • On average, SMSF trustees spend over 100 hours a year managing their fund.#

  • Running your own SMSF can cost $2,000-$6,000 a year in accounting costs alone.**

  • SMSFs can offer greater control over your super and suit someone who has the time and right expertise.

Shape your future your way

Setting up or winding up an SMSF can be a big decision. Wherever you are in the process, we’ll help you work through your options and what to do next.

Considering an SMSF

Thinking about setting up an SMSF? Here’s some things to keep in mind.

Control and flexibility
An SMSF can offer a wide variety of investment opportunities, and more control over what your fund is invested in. A super fund can also offer a range of investment options, including low cost indexed options.
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Performance
On average, SMSFs need more than $1 million to achieve higher 10-year returns than profit-to-member super funds.* With us, investment experts focused on strong long-term returns[P1] manage your super.
View investment performance
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Time and money
SMSFs can cost $2,000-$6,000** in accounting fees alone, and on average trustees spend over 100 hours a year managing their fund.# Our costs are spread out across our over 1.2 million members.[M4]
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Compare your options
Before setting up an SMSF

There’s a lot that goes into setting up an SMSF. When deciding whether it’s right for you, it’s important you:

  • Fully understand your roles and responsibilities as the trustee of your own SMSF, including being personally responsible for complying with super and tax laws.

  • Consider how your fund would operate if circumstances shift – like a trustee leaves or your health changes.

  • Understand the costs and time involved.

  • Have a clear investment strategy and approach to managing risk.

SMSFs vs super funds Get expert advice
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Winding up an SMSF

As life changes, some people find an SMSF no longer suits them.

In the past few years, over 13,000 SMSFs wound up annually.+ So if you’re thinking of winding up, you’re in good company (and in good hands with us).

Winding up
Winding up isn’t always simple. The good news is, we’re here for you with super helpful information. Explore step-by-step instructions on what to do using the link below.
SMSF consideration stages
Partially moving back
You may find that moving back some of your SMSF money into your super fund is the right option for where you’re at, rather than fully winding it up.
SMSF consideration stages
After winding up
If you join Aware Super after winding up your SMSF, you can still manage your money your way. Choose from our investment options or leave it to our experts.
SMSF consideration stages
Wind up your SMSF Get expert advice
Track your money whenever you like
SMSF trustees often only see how their money is doing once a year, after annual accounts and audits are done. As an Aware Super member, you can check your balance and investment information whenever you like through Member Online or our app.

SMSFs in action

See how SMSFs compare in different scenarios, whether you’re still deciding, have started setting one up, or are thinking of winding one up.

More to enjoy in retirement

Jeremy is 45 years old and is invested in our MySuper Lifecycle default approach. He’s thinking about switching from Aware Super to an SMSF.

Based on his current balance of $167,000, if Jeremy stays with Aware Super his projected retirement balance is $633,000. That's from his employer contributions and returns he gets over time – he doesn’t have to spend any extra time or money on growing his balance.

If he switches to an SMSF, his projected retirement balance is $494,000.

That means he’ll have $139,000 more in retirement if he stays with Aware Super.^

Comparison numbers

This example is for illustrative purposes only and is not a guarantee of future outcomes.

A split decision

Brenda is 45 years old and wants to open an SMSF, plus keep her Aware Super account to maintain her insurance cover. She has to decide how much of her $167,000 balance to keep in her super, and how much to move into her SMSF.

If Brenda splits her balance evenly between the two, her projected retirement balance is $528,000. If she moves 90% of her money into her SMSF and keeps only 10% in her Aware Super account, her projected retirement balance is $494,000.

That’s a difference of $34,000, meaning the 50/50 split leaves Brenda better off at retirement, plus lets her keeps her insurance cover through Aware Super.^^

Partial rollout SMSF

This example is for illustrative purposes only and is not a guarantee of future outcomes.

Switching sooner pays off

At 62, Dianne found the admin, complexity, and cost of managing her own SMSF pension were getting too much. She decided to wind up her SMSF pension and switch to an Aware Super Retirement Income account, trading paperwork for peace of mind. At 70 years old, her projected retirement balance is $889,000.

Dale also found his SMSF no longer suited him, but waited longer to wind up. He switched to an Aware Super Retirement account at 70, leaving him with a projected retirement balance of $850,000.

Switching sooner left Dianne $39,000 better off at 70 than Dale, and she got there without spending eight more years running her own fund.^^^

Winding up SMSF

This example is for illustrative purposes only and is not a guarantee of future outcomes.

We’re here to help
Wherever you are on the journey, we’re here to help you decide what’s best for you.
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[M4] Aware Super internal data as at 30 June 2026. This excludes Investment Funds clients.

[P1] Aware Super's High Growth option return over 10 years to 30 June 2026. SuperRatings Fund Crediting Rate Survey, June 2026. Based on the SR Growth (77-90) Index. Returns are after tax and investment management expenses but before the deduction of administration fees. Past performance is not an indicator of future performance.

* Super Members Council analysis, 2025. Source: https://smcaustralia.com/reports/report-member-super-switching-in-2024-2025/

** Morningstar article, 2024. Source: https://www.morningstar.com.au/retirement/how-much-does-it-really-cost-to-run-an-smsf

# Moneysmart research, 2026. Source: https://moneysmart.gov.au/how-super-works/self-managed-super-fund-smsf

+ Estimates only, from Australian Taxation Office research, March 2026. Source: https://data.gov.au/data/dataset/self-managed-superannuation-funds/resource/eb058135-df53-44f0-b084-00219b01c410

^ Example is based on an average Aware member aged 45 with a $167,000 balance, earning $120,000 p.a., retiring at age 67 and receiving 12% SG. Results are shown in today's dollars (deflated using AWOTE 3.7% p.a.) and rounded to the nearest $100. Aware fees are assumed to be 0.15% p.a. (capped at $750 p.a.) plus a $52 annual fee, while SMSF fees are assumed to be 1.3% p.a. based on ATO data for funds between $200,000 and $500,000. Aware investment returns are based on the MySuper Life Cycle option. SMSF returns are based on ATO asset allocation data and corresponding Aware asset-class return assumptions. Returns are net of tax. CPI is assumed to be 2.5% p.a. No insurance, LISTO or Government Co-Contributions are included.

This example is for illustrative purposes only and is not a guarantee of future outcomes. Results are based on current laws and tax rates as at 1 July 2026 and may change. Actual investment returns may differ, including being negative, and higher or lower returns and inflation will affect final balances. Consider if this is right for you and read the PDS and TMD before making a decision about Aware.

^^ Example is based on an average Aware member aged 45 with a $167,000 balance, earning $120,000 p.a., retiring at age 67 and receiving 12% SG. Results are rounded to the nearest $100 and shown in today's dollars (AWOTE 3.7% p.a.). Scenarios assume that 100% of SG contributions are paid into the member's SMSF account. Aware fees are assumed to be 0.15% p.a. (capped at $750 p.a.) plus a $52 annual fee, while SMSF fees are assumed to be 1.3% p.a. based on ATO data for funds with balances between $200,000 and $500,000. Aware and SMSF investment returns are based on long-term assumptions and are net of tax. CPI is assumed to be 2.5% p.a. No insurance, LISTO or Government Co-Contributions are included.

 This example is for illustrative purposes only and is not a guarantee of future outcomes. Results are based on current laws and tax rates as at 1 July 2026 and may change. Actual investment returns may differ from assumptions, including being negative, and final balances will vary. Consider if this is right for you and read the PDS and TMD before making a decision about Aware.

^^^ Based on starting an Aware Retirement Income account with $1,000,000 at age 62. Savings are shown in today’s dollars, deflated using CPI at 2.5% p.a. and rounded to the nearest $1,000. Aware fees are assumed to be 0.16% p.a. (capped at $1300 p.a.) plus a $52 annual fee, while SMSF fees are assumed to be 0.8% p.a. based on SMSF Annual Overview 2023-24 for funds between $500,000 and $1,000,000. The Aware fee cap and fixed fee are assumed to increase in line with CPI. Aware investment returns are assumed to be 5.95% p.a., based on the Conservative Balanced option. SMSF investment returns are assumed to be 5.9% p.a., based on the SMSF Quarterly Statistical Report March 26 and corresponding Aware asset-class return assumptions. Returns are net of tax, investment fees and administration fees. Member drawdowns are assumed to follow the legislated minimum pension drawdown rates. No insurance, age pension, LISTO or Government Co-Contributions are included.

This example is for illustrative purposes only and is not a guarantee of future outcomes. Results are based on current laws and tax rates as at 1 July 2026 and may change. Actual investment returns may differ, including being negative, and higher or lower returns and inflation will affect final balances. Consider if this is right for you and read the PDS and TMD before making a decision about Aware.