The SMSF Sector Has Shown Continued Growth
The latest ATO’s annual statistics reveal that the self-managed super fund (SMSF) sector in Australia is experiencing continuous growth. The ATO’s 13th edition of the SMSF statistical overview provides essential data and analysis of the sector for the 2020-21 financial year, based on SMSF annual returns. The ATO has also included 2021-22 information on registrations, wind-ups, demographics of members, estimated total SMSF assets and asset allocation, and auditor contravention reports.
Some of the key highlights of the report include:
- As of June 30, 2022, there were over 603,000 SMSFs with $869 billion in assets and more than 1.1 million SMSF members.
- The average SMSF had assets of almost $1.5 million in 2020-21, a 15% increase from the previous year and a 25% increase over five years.
- 64% of SMSFs have been operating for over 10 years.
- 45% of SMSFs had assets between $200,001 and $1 million, which accounted for 17% of total SMSF assets.
- The median age of newly established SMSF members in 2020-21 was 46, while the median age of all SMSF members was 62 as of June 30, 2022.
- Between 2015-16 and 2020-21, the average female member balance increased by 30% while the average male member balance increased by 26%.
Stay up-to-date on the growth and trends of the SMSF sector with our latest statistical overview.