New SMSF quarterly statistical report shows healthy uptick
The ATO’s most recent SMSF statistical report indicates that establishments remain steady as assets continue to increase from the previous quarter.
The ATO has released the December 2020 self-managed superannuation fund (SMSF) quarterly statistical report revealing the latest statistics on the SMSF sector.
The report shows that there are approximately 594,000 SMSFs and an estimated 1.1 million members. These figures point to overall growth in total fund numbers, which have increased on average by 2 per cent each year over the last five years.
Minister for Superannuation, Financial Services and the Digital Economy, the Hon Jane Hume, said the report showed there has been significant growth across the sector, despite the economic impacts and financial uncertainty caused by COVID-19.
She noted the quarterly report shows increased consumer engagement and “the growing desire for Australians to become “masters of their own destiny” by taking their retirement savings into their own hands.
“The SMSF sector always plays a significant role in the superannuation landscape, with steady growth trends signalling its increasing prominence,” Ms Hume said.
“Already, SMSFs make up 99 per cent of all superannuation funds and hold approximately 26 per cent of all superannuation assets.”
Total estimated SMSF assets also increased 5.1 per cent over the quarter, from $727.1 billion in the September 2020 quarter to $764.2 billion in the December 2020 quarter. Meanwhile, more than 5,000 new SMSFs were established in the December 2020 quarter, according to the ATO.
The top asset types held by SMSFs (by value) are listed shares (27 per cent of total estimated SMSF assets) and cash and term deposits (20 per cent).
Meanwhile, 53 per cent of SMSF members are male and 47 per cent are female, and 86 per cent of SMSF members are 45 years or older.
This comes after the ATO also released the 11th edition of the annual statistical overview on SMSFs, providing deeper statistics and analysis of Australia’s SMSF sector for the 2018–19 financial year. It also includes data metrics across quarterly reports up to the 2020 financial year.
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.