In the June 2025 quarter, the statistics show that benefit payments from the SMSF sector have increased substantially, from $42.8 billion to $57.6 billion, indicating that more members are now reaching retirement age or have satisfied other conditions of release.
Shelley Banton, head of technical for ASF Audits, told SMSF Adviser that the flow of funds for the June 2025 quarter is an estimate only, based on SMSF annual return data from the 2020 to 2024 financial years.
“As annual returns are lodged after year-end and can be late, it may be that these figures will change in the ATO’s September quarter statistical tables,” she said.
Member demographics show that 51 per cent of all SMSF members have reached preservation age and are eligible to access their super. Of these, 12.6 per cent can take an accumulation TRIS, while 38.2 per cent have reached age 65 and meet the condition of release to access their super.
“There are also members in the accumulation TRIS cohort who have also met the condition of release of retirement and may have started an account-based pension. This is relevant because a fund with an accumulation TRIS cannot claim ECPI, whereas a fund with account-based pensions can,” Banton said.
“There is no doubt that the demographics are showing an ageing SMSF member population, which is being bolstered by new entrants in the 25-45 year age market. The growth of female members, in particular, is noteworthy, as they now account for a greater proportion of male members in this demographic.”
Overall, the SMSF sector continues to grow with nearly 42,000 new members in the 2023–24 financial year. In the June 2025 quarter, there were 11,000 new entrants alone, with only 1,129 exits.
The number of exits over the financial year also dropped, with the annual number recorded for the 2023–24 year sitting at 3531 compared to 15,000 for the June 2024 data.
The regulator has revealed there are now 653,062 SMSFs with 1,203,127 members. The total estimated assets of SMSFs have reached $1.05 trillion.
The top asset types held by SMSFs (by value) are listed shares (28 per cent of total estimated SMSF assets), cash and term deposits (16 per cent). Breaking that down further, the statistics show that the value of listed trusts increased to around $7 billion in June 2025 from $6.6 billion in March.
Similarly, unlisted trusts rose to $13.2 billion from $12.5 billion in March, and listed shares jumped from $2.7 billion to $2.9 billion in the same time frame. Investment in overseas residential real property also grew.
Cash and term deposits make up the majority of assets in all fund sizes, but are the largest at 49 per cent for funds up to $50,000 compared to $2 million to $5 million funds, which hold some 16 per cent in cash and term deposits.
Listed shares are the preferred option for the higher balance funds of $5 million to $10 million (29.8 per cent).
The demographics of SMSF members remain steady, with men comprising 53 per cent of members and women 47 per cent.
Moreover, the data showed the majority (85 per cent) of SMSF members are 45 years or older, with the largest cohort between 75-84 years (13.7 per cent), followed by baby boomers 60-64 years at 12.6 per cent. There has been a steady growth in SMSF members between 35-44 years who now make up 12.2 per cent of the overall population.
The report also showed the average assets per SMSF member were $881,000, while the average assets per SMSF were $1.6 million. Member contributions into SMSFs were $19.9 billion, while employer contributions were $6.3 billion.
Early commentary on initial ATO stats us pointless.
Let’s wait until ATO updates data after lodgements. Wind-up always increase.
Benefit payments always increase in June Qtr as members take minimum pensions.
“…. indicating that more members are now reaching retirement age or have satisfied other conditions of release.”
Or they’ve decided to spend it rather than have it subject to increased tax.