New data shows surge in SMSFs
The number of SMSFs in Australia has increased by more than 6,000 in the past quarter, according to the latest statistics from the ATO.
The June 2023 quarterly statistical report for SMSF shows the net establishments for SMSF in the last quarter was 6,351 taking the total number of SMSFs in Australia to 610,287.
There was also a large decrease in the number of wind-ups in this quarter, down to 297 from 539 in the March quarter.
The statistics reveal there are now 1,130,640 SMSF members, up from 1,120,459 in the March quarter.
The total estimated assets of SMSFs now stands at $876.4 billion up from $865.18 billion in the previous quarter with 30 per cent of the assets comprising listed shares, and 17 per cent cash and term deposits.
While women make up 47 per cent of SMSF members, they make up more than 25 per cent of SMSFs in the $0-$20,000 income bracket, suggesting that more women are beginning their SMSF journey at an early stage in their working life.
Men who earn between $0-$20,000 comprise just under 20 per cent of the total SMSF members.
Members who earn between $20,000-$40,000 make up the next highest percentage of SMSF members, indicating that there is strong growth in the sector in the younger age groups.
More than 85 per cent of SMSF members are 45 years or older but the highest growth in SMSF establishment is in the 35-44-year age group which sits around 33 per cent for both men and women.
The majority of funds (68 per cent) are two-member funds.
The report also provided an update of the annual SMSF population analysis tables for 2017-18 to 2021-22, based on SMSF annual return data.
Highlights for 2021-22 include:
- the average assets per SMSF member were $780,000
- the average assets per SMSF were $1.5 million
- member contributions into SMSFs were $16.3 billion
- employer contributions into SMSFs were $5.7 billion.
