Peter Burgess, CEO, SMSF Association
The continued growth in new fund establishments is notable. It is rare to see near-record establishment numbers in consecutive years. Typically, a strong year is followed by a return to more historical norms, but that did not occur in 2025. This pattern suggests a structural shift, with more superannuants seeking greater control, higher engagement, and more personalised outcomes.
Liam Shorte, director, SONAS Wealth
This year in SMSF world? The number of people setting up an SMSF without personalised financial advice still surprises me as we then have some approach us who are totally lost or have been mis sold an SMSF including a property or other investments like in the UGC debacle or outright frauds and scams.
We need to do something to ensure people are not taken advantage off with their super and it is clear from the Shield and First Guardian collapses that it is not just SMSFs that are the target.
David Busoli, principal, SMSF Alliance
I was surprised by the number of younger trustees establishing SMSFs. There was a 317 per cent surge in younger members. This cohort is pushing the increased adoption of digital tools by SMSF administrators which ultimately benefits the sector overall.
Meg Heffron, director, Heffron
It seems obvious in retrospect but a true benefit of all the controversy about Division 296 tax is that it spawned a whole new conversation about when retirees should actively think about winding down their super.
Those of us who work in this area are well aware of the tax cost of dying with large amounts in super that are inherited by adult financially independent children. But I still feel it’s something that takes the members themselves by surprise.
Perhaps it’s because they don’t want to hear that their choices to optimise tax during their lifetime will end up being expensive for their children. But either way, I expect this will be a positive legacy of that change.
Naz Randeria, director, Reliance Auditing Services
What surprised me most this year in the SMSF world was how sharply awareness has risen among Australians about the real risks of policy overreach.
The public response to Division 296—and the broader debate it triggered—made it clear that people recognise that measures like taxing unrealised gains aren’t isolated ideas, but part of a wider push toward wealth-based taxation.
People are paying attention, pushing back, and refusing to let their retirement savings become a government fallback. The fact that public pressure forced the government to retreat, even partially, shows just how powerful an informed community can be.
And to me, that’s the real surprise of the year: Australians are more alert, more engaged, and more determined than ever to protect their right to build and control their own financial future.
Shelley Banton, director, Super Clarity
What really stood out was how sharply the ATO tightened expectations for record-keeping, audit evidence, and SIS compliance standards. The bar has continued to rise, but this year, the ATO made it clear that “near enough” is no longer acceptable.
All aspects of auditing, including valuations, trustee minutes, crypto records, and property documentation, now require complete, contemporaneous and audit-ready supporting evidence.
What also surprised me was the continuing number of SMSF auditors referred to ASIC. It highlighted two things: first, regulators are taking audit quality extremely seriously, and second, the number of practitioners still struggling to meet the required standards. Independence, competence and thorough documentation have become essential, not optional.
The irony is that all this is happening at a time when barriers to entry in SMSF audit have never been higher. Fees are still too low for the level of expertise, risk and regulatory scrutiny required, which makes it harder for new auditors to enter the profession and for good auditors to remain sustainable.
We are at a point where expectations and risks are still rising, but the commercial realities have not kept pace with the regulatory demands.
Nicholas Ali, head of SMSF technical services, Neo Super
For me the biggest surprise over the last few years has been the significant growth in the sector, particularly those in their 30’s and 40’s. This cohort tends to be tech-savvy and comfortable using digital tools. They are also very engaged financially, and are interested in making their money work for them, so an SMSF is often the prefect fit for this demographic.
