Fees, Comparisons and 2026 Rules
Superannuation fund fees explained: every fee type, what drives it and how to compare
A plain-English guide to Australian super fund fees for 2026–27 — administration, investment, transaction, buy/sell, advice and insurance costs, with dollar examples.
Super fund fees are the amounts your fund deducts from your account to run it and invest your money. In every Australian super product they fall into the same standard groups, set out in the fees and costs summary of the product disclosure statement (PDS): administration fees and costs, investment fees and costs, transaction costs, and member activity fees such as buy/sell spreads and switching fees. Insurance premiums are deducted separately. To compare funds fairly, add the percentage fees and the flat dollar fees together and turn them into a yearly dollar figure for your balance, then check the result against the ATO's YourSuper comparison tool.
This guide is the overview for the Fees, Comparisons and 2026 Rules section. Every dollar figure below is an illustrative example, not the fee of any real fund. It is general information, not financial advice.
The fees and costs summary: the standard layout
ASIC's disclosure rules for super (Regulatory Guide 97) mean that every PDS uses the same headings. Once you know them, you can read any fund's summary in a few minutes.
| Group in the PDS | What it covers | Usually expressed as |
|---|---|---|
| Administration fees and costs | Running your account, the trustee's costs, member services, often intra-fund advice | A flat dollar amount per week or year plus a percentage of your balance |
| Investment fees and costs | Managing the investment option you are in, including any performance fees | A percentage of the amount in that option |
| Transaction costs | Buying and selling the assets inside the option (brokerage, settlement, some derivative costs) | A percentage of the amount in that option |
| Buy/sell spread | Costs of moving your money into or out of an option | A percentage of the amount moved |
| Switching fee | Changing investment options | A dollar amount or nil |
| Other fees and costs | Personal advice you agree to, family law splitting, insurance administration | Varies |
Insurance premiums for life, total and permanent disability (TPD) and income protection cover are listed elsewhere in the PDS or insurance guide. They are not fees, but they come out of the same balance, so you should include them when you work out what an account costs you.
Exit fees are no longer allowed in super, so you should not be charged simply for leaving a fund. Some activity fees, such as for splitting super after a separation, can still apply.
For detail on each line see:
- Administration fees: flat versus percentage
- Investment fees, performance fees and indirect costs
- Buy/sell spreads and switching fees
Turning percentages into dollars: a worked example
Illustrative product, balanced option, balance $80,000:
- Administration fee: $1.50 per week + 0.20% a year
- Investment fees and costs: 0.55% a year
- Transaction costs: 0.08% a year
- Insurance premiums: $6.00 per week
Arithmetic:
- Flat admin fee: $1.50 × 52 = $78
- Percentage fees: 0.20% + 0.55% + 0.08% = 0.83%; $80,000 × 0.83% = $664
- Total fees and costs: $78 + $664 = $742 a year, or about 0.93% of the balance
- Insurance: $6.00 × 52 = $312 a year
- Total deducted from the account: $1,054 a year
The same product on a $20,000 balance would cost $78 + $166 = $244 in fees, about 1.22%, because the flat fee weighs more on a smaller balance. That is why the fee comparison has to be done on your own balance. The annual super fee calculator does this arithmetic for you.
What drives the fees you pay
Several things decide how much an account costs, and most of them you can influence.
- The investment option. Investment fees often differ more between options in one fund than between the default options of different funds. Indexed options are generally cheaper than actively managed ones, and options holding unlisted assets such as infrastructure or private equity usually carry higher investment and transaction costs. See investment option fees compared.
- Your balance. Flat fees cost a higher percentage of small balances; percentage fees cost more dollars on large balances unless the fund caps them.
- How many accounts you have. Each account charges its own flat fee and often its own insurance premiums.
- Insurance cover. Default cover is convenient but costs money every week; it may not match your needs.
- Activity. Switching options often, or paying for personal advice from your account, adds costs.
- Product type. MySuper products are designed to be simple default products. Choice and platform products can be cheap or expensive depending on the investments you select and any adviser fees.
How to compare fees fairly
- Use the same balance. Work out each product's yearly fees in dollars on your own balance, not on a sample balance from marketing material.
- Compare like with like. Compare a balanced option with a balanced option, and check that both have a similar share of growth assets.
- Include every line. Admin flat fee, admin percentage, investment fees and costs, transaction costs. Leave insurance separate so you can compare cover too.
- Check the official tools. For MySuper products, the ATO's YourSuper comparison tool shows fees and net returns on a standard basis and flags products that failed APRA's performance test.
- Look at long-term net returns. Returns reported after fees and taxes over 5 to 10 years tell you more than one year's figure.
- Then decide. The comparison checklist puts these steps in order, and the fee drag worked example shows what a fee gap is worth over decades.
Fees and the 2026–27 rules
Fee rules sit inside a wider set of super rules that changed again from 1 July 2026. Your employer now pays super with each pay under payday super, at the 12% super guarantee rate; see payday super and the super guarantee. Contribution caps and the transfer balance cap were indexed; see super thresholds for 2026–27.
A protection worth knowing: for accounts with balances under $6,000 at the end of the fund's income year, there is a cap of 3% a year on certain administration and investment fees and costs, and any excess must be refunded. Ask your fund how it applies the cap if you have a small balance.
Frequently asked questions
Are super fees tax deductible?
Fees deducted inside the fund are part of the fund's own tax position, not your personal tax return. You generally cannot claim them as a personal deduction. If you pay an adviser directly from your own money, ask a registered tax agent whether any part is deductible.
Why does my statement show a different fee from the PDS?
The PDS shows rates; your statement shows the dollars actually deducted, which depend on your balance through the year. Some costs, such as indirect investment costs, are taken from the option's returns rather than shown as a separate deduction, so they appear as "indirect costs" on the statement.
Does a higher fee mean better performance?
Not reliably. Some higher-cost options have earned higher net returns over some periods, but the fee is certain while the extra return is not. Compare net returns over long periods and the risk level of the option.
Can my fund increase fees?
Yes. Trustees can change fees, but they must give members notice of increases. Check notices from your fund and your annual statement.
Official sources
- ATO — YourSuper comparison tool and super in myGov — compare MySuper products, find all your accounts
- Moneysmart (ASIC) — choosing a super fund, fees and costs, consolidating
- ASIC — fee and cost disclosure rules for super (Regulatory Guide 97)
- APRA — annual performance test results and super statistics
- AFCA — free complaints service if your fund charged you incorrectly
