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SMSF Updates

ATO SMSF statistical overview 2019-20 released  

24 Feb, 2022

The ATO released its annual Self-Managed Super Funds: A statistical overview 2019-20 . As of 30 June 2021, there were almost 598,000 SMSFs (with 1.115m members) holding $822bn in total assets. In the 5 years to 2020-21, the number of SMSFs grew by an annual average of 1.7 per cent. There were 25,000 SMSFs established in 2020-21 with average assets of $391,000 (median $260,000). Around 15,900 SMSFs were wound up in 2019-20. The average SMSF member balance on 30 June 2020 was $696,000 (median $415,000). The average balance for female members was $644,000 ($768,000 for males).

SMSFs used the services of 4,600 SMSF auditors and 13,800 tax agents in 2019-20. Average total SMSF expenses for 2019-20 were $15,300 (median $8,200) representing a total expense ratio of 1.16 per cent. A total of $596m in downsizer contributions were made by 2,344 SMSF members in 2019-20 (up from $439m).

Auditor contravention reports (ACRs) were lodged for 13,900 SMSFs in 2020-21, reporting 40,200 contraventions (of which 45 per cent were reported as rectified). The most commonly reported contraventions continued to be loans or financial assistance to members (20 per cent), in-house assets (17 per cent) and separation of assets (13 per cent).  

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