We have released Self-managed superannuation funds: A statistical overview 2009-10 as part of the Stronger Super measure to make more statistical information about SMSFs available.
SMSFs returned to a positive position in the 2009-10 year after the negative rates of return experienced in the 2007-08 and 2008-09 years, consistent with the rest of the super industry.
Growth of SMSF sector
In the five years to 30 June 2011, SMSFs have been the fastest growing sector of the Australian super industry. SMSF numbers grew by 31%. During this period, total super assets grew by 45%, while SMSF assets grew by 89%.The SMSF sector contributed the largest proportion with 47% of the total 45% growth in super assets.
Investments
There was a positive shift to listed shares and to a lesser extent other managed investments. This corresponds with a shift away from cash and term deposits, other assets and to a small extent non-residential property and the continued shift away from listed trusts.
Members' income
- The average taxable income of all SMSF members in the year ended 30 June 2010 was almost $91,000.
- Members 35 to 59 years old had the highest average taxable income of more than $103,000.
- SMSF trustees 35 to 49 years old had the most significant difference in average taxable income, earning approximately $114,000 compared to non-SMSF members earning below $61,000.
Members' balances
- The average SMSF member balance was almost $467,000.
- The average SMSF member balance ranged from $52,600 for members less than 35 years old to almost $773,000 for members more than 65 years old.
Rollovers
- During the five years to 30 June 2010, the $59.7 billion rolled into SMSFs consistently exceeded the $17.2 billion rolled out of SMSFs.
- The overall net inflow into SMSFs was $146.1 billion during the five years to 30 June 2010.
Importance of super and tax professionals to help trustees comply
Tax agents and accountants also play a significant role in the SMSF sector. As at June 2011, SMSFs were serviced by around 14,600 different tax agents or accountants. Approximately 81% of SMSFs are registered with a tax agent; however, nearly all SMSF annual returns (98%) were lodged through a tax agent.
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We expect to release a statistical overview based on the 2011 data in November 2012.
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Last Modified: Tuesday, 5 June 2012