SMSF comparison
SMSF vs Aware Super: which costs less in 2026?
By easySMSF, SMSF Specialist Team · Updated
Aware Super is one of Australia's largest profit-to-member funds, formed from the FSS / VicSuper / WA Super merger. Solid pooled returns but, again, no direct ownership of the underlying assets.
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The short answer
Aware Super charges a percentage of your balance, so your fee grows with your super. easySMSF charges a fixed $139 a month with the independent audit included. Past roughly $176,000 in combined member balances, the SMSF is the cheaper fund — about $3,082 a year cheaper at $500,000.
- Aware Super all-in fee
- ~0.95% /yr
- easySMSF admin
- $1,668 /yr fixed
- Break-even balance
- $176,000
How the costs compare
Aware Super charges around 0.95% per year on the default High Growth (MySuper Lifecycle) option (high growth option, all-in.). That percentage applies to your entire balance — so the dollar cost rises every year as your fund grows.
easySMSF charges a fixed $139 a month for full SMSF administration, tax and the independent audit. Because the fee never scales with assets, the effective percentage you pay falls every year the fund grows. The crossover — where an SMSF starts costing less than Aware Super in absolute dollars — sits at roughly $176,000 in combined member balances.
Beyond cost, the bigger story is what you can actually hold. Aware Super restricts you to pre-built investment options (and at best a 'member direct' platform with asset-class caps). An SMSF lets you hold direct ASX and global shares, residential and commercial property, ETFs, term deposits, bullion and crypto — all in the fund's own name.
- Aware Super default fee: ~0.95% per year on your full balance
- easySMSF fee: fixed monthly — shrinks as a percentage as your balance grows
- Crossover balance: about $176,000 combined
- Aware Super pro: Large fund; strong infrastructure / private market exposure
- Aware Super pro: Lifecycle de-risking automatically as you age
- Aware Super pro: Member Direct platform for ASX 300 / ETFs / cash
- Aware Super limit: All-in fees above 0.9% — expensive on six-figure balances
- Aware Super limit: Member Direct has the usual concentration / asset-class caps
- Aware Super limit: No direct property, no LRBA, no SMSF-grade flexibility
Aware Super fees vs easySMSF at different balances
Aware Super charges roughly 0.95% a year on the High Growth (MySuper Lifecycle) option, so the dollar cost climbs with your balance. easySMSF charges a fixed $139 a month ($1,668 a year) covering administration, tax and the independent audit — the same figure whether the fund holds $200,000 or $2 million.
| Combined balance | Aware Super (~0.95%) | easySMSF (fixed) | Difference a year |
|---|---|---|---|
| $200,000 | $1,900 | $1,668 | $232 cheaper with an SMSF |
| $400,000 | $3,800 | $1,668 | $2,132 cheaper with an SMSF |
| $600,000 | $5,700 | $1,668 | $4,032 cheaper with an SMSF |
| $1,000,000 | $9,500 | $1,668 | $7,832 cheaper with an SMSF |
Estimates only. Aware Super figures use publicly disclosed high growth option, all-in. easySMSF figures exclude the one-off setup fee and any ASIC annual review fee for a corporate trustee. Insurance premiums are not included on either side.
The crossover sits at about $176,000 in combined member balances. Below that, Aware Super generally costs less in absolute dollars. Above it, the fixed fee wins and the gap widens every year the balance grows. Two members pooling their balances reach that point roughly twice as fast — run your own numbers in the SMSF fee calculator.
What you can hold: Aware Super vs an SMSF
Aware Super's member-directed option, Member Direct, covers ASX 300 shares, selected ETFs, LICs, term deposits and cash, with a required minimum held in pre-mixed options.
| Investment or feature | Aware Super | SMSF with easySMSF |
|---|---|---|
| Direct ASX shares | Via Member Direct, ASX 300 only | Any listed ASX security, no concentration cap |
| International shares | Only through pooled international options | Direct global brokerage in the fund's own name |
| Residential property | Not available | Yes, held directly by the fund |
| Commercial / business real property | Not available | Yes, and it can be leased to your own business at market rates |
| Borrowing (LRBA) | Not available | Yes, under a limited recourse borrowing arrangement |
| Term deposits and cash | Available via Member Direct | Any bank, any term, chosen by the trustees |
| Who owns the assets | The fund's pooled trust — you hold units | Your fund, in its own name, with you as trustee |
| Insurance | Automatic group cover, no underwriting for default cover | Arranged separately and underwritten before you switch |
| Fee basis | About 0.95% of your balance, every year | Fixed $139 a month regardless of balance |
How Aware Super and an SMSF typically compare
Members commonly stay with Aware Super when
you want lifecycle de-risking handled for you and exposure to the fund's unlisted infrastructure and private markets.
Members commonly consider an SMSF when
your balance is large enough that a percentage fee outweighs a fixed fee, or you want property, borrowing, or full control of the investment strategy.
General advice warning
Figures shown are illustrative only and based on the inputs and assumptions you provide. They are general information, not personal financial product advice. Consider your objectives, financial situation and needs, and seek personal advice from a licensed financial adviser before acting. easySMSF does not hold an Australian Financial Services Licence (AFSL).
How to move from Aware Super to an SMSF
- 1
Sort your insurance first
If you hold life, TPD or income protection inside Aware Super, apply for replacement cover and have it accepted in writing before anything moves. Rolling out first can leave you uninsured, and cover is not always reissued if your health has changed.
- 2
Establish the fund and trustee structure
We prepare the trust deed, lodge the ABN and TFN applications on your behalf as your agent, coordinate the bank account and, for a corporate trustee, lodge the special purpose company application with ASIC. The one-off fee covers our professional work; government charges are separate.
- 3
Document the investment strategy
The ATO requires a written strategy covering risk, diversification, liquidity, and whether the fund holds insurance for members. We provide a template and review it with you.
- 4
Roll over from Aware Super via SuperStream
Once the fund is registered and shows on Super Fund Lookup, the rollover request is submitted electronically. Aware Super generally releases the balance within a few business days of a valid SuperStream request.
- 5
Redirect contributions and start investing
Give your employer the fund's new details, then invest according to the strategy. From there we handle the accounts, the annual return and the independent audit on a fixed monthly fee.
Most funds are registered and ready to receive a rollover within a few days — see the full SMSF setup timeline or read how SuperStream rollovers work.
Frequently asked questions
General advice warning
Figures shown are illustrative only and based on the inputs and assumptions you provide. They are general information, not personal financial product advice. Consider your objectives, financial situation and needs, and seek personal advice from a licensed financial adviser before acting. easySMSF does not hold an Australian Financial Services Licence (AFSL).