A good idea is to have a family SMSF where your children can...

A good idea is to have a family SMSF where your children can also benefit from not having to pay separate fees for their own retail/industry fund. This will also give them some exposure to managing their own money for their future retirement.
There is only upside and if you have gained some experience over the years in share trading you'll also boost their balance at the same time. A SMSF can also diversify into property and its also possible to transfer existing commercial property into the SMSF. This is ideal if you have a business where the SMSF can lease the property to the business, thereby giving a tax deduction to the business and at the same time paying considerably less in tax on the earnings, obviously in pension phase there is no tax on the income.
Its also possible with extra funds in the SMSF to start a property portfolio using the funds that are contributed as well rental income from the property to either repay any loans or to gear up for further property investments.
The excess franking credits can be used to pay the tax on your children's contributions and also pay the tax on any earnings that are taxed in the accumulation stage. All members are protected within the fund individually as the fund is audited each year. Your children will also take a more active role and are more inclined to make extra contributions.
The fees for the SMSF is still similar to a single or husband /wife SMSF , I can say from experience having 2 x SMSF's and using this strategy.