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  • Data tables

    The main source of data for these tables is 2018–19 SMSF annual returns that have been lodged.

    Where SMSF annual returns are outstanding, we use statistically valid formulas to estimate results. As outstanding returns are received, we revise and update results, therefore some figures may change in future releases of this statistical overview. Some tables use data reported in the Self-managed super fund quarterly statistical report – June 2020.

    You can download all the data tables in Excel format – see SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    For statistics on the taxation of SMSFs (and other entities) see Taxation statistics.

    The data tables are as follows:

    Table 1: Annual SMSF population, total gross assets and growth

    This table shows the:

    • number of SMSFs established or wound up during each financial year
    • number of SMSFs and members at year end
    • total assets held by SMSFs at year end.

    These figures are based on SMSF annual returns and registrations, and are consistent with those reported in the Self-managed super fund quarterly statistical report – June 2020.

    SMSF population and assets, 2015–16 to 2019–20

     

    2019–20

    2018–19

    2017–18

    2016–17

    2015–16

    Establishments

    21,303

    20,371

    25,359

    30,333

    32,790

    Wind ups

    2,763

    15,677

    24,093

    14,632

    13,465

    Net establishments

    18,540

    4,694

    1,266

    15,701

    19,325

    Total SMSFs

    593,375

    574,835

    570,141

    568,875

    553,174

    Total members

    1,107,268

    1,072,701

    1,069,076

    1,072,140

    1,042,220

    Total assets ($m)

    733,132

    749,079

    704,978

    670,298

    597,731
    Annual SMSF growth

    SMSFs

    2019–20

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Total SMSFs

    593,375

    574,835

    570,141

    568,875

    553,174

    533,849

    Growth

    3.2%

    0.8%

    0.2%

    2.8%

    3.6%

    n/a

    Table 2: Australian superannuation sector

    This table shows:

    • total assets held in APRA-regulated funds, SMSFs and other funds at 30 June 2015 and 30 June 2020
    • the percentage change from June 2015 to 2020
    • the proportion for each fund type at 30 June 2020.

    These figures are sourced from the APRA Annual Super Bulletin June 2019 (issued 31 January 2020), table 8a and the Self-managed super fund quarterly statistical report – June 2020.

    Assets by fund type

    Fund Type

    Assets at 30 June 2020
    ($b)

    Proportion 30 June 2020
    (%)

    Assets at 30 June 2019
    ($b)

    Assets at 30 June 2015
    ($b)

    Change in assets from 2015 to 2020
    (%)

    Corporate

    57.1

    2.0%

    58.1

    53.9

    6%

    Industry

    747.9

    26.1%

    718.6

    434.1

    72%

    Public Sector

    523.1

    18.3%

    520.1

    210.6

    148%

    Retail

    591.4

    20.6%

    625.9

    536.5

    10%

    SMSFs

    733.1

    25.6%

    747.6

    582.4

    26%

    Other (a)

    211.4

    7.4%

    208.4

    191.9

    10%

    Total

    2,864.1

    100%

    2,878.7

    2,009.3

    43%
    (a) Includes excluded public sector superannuation schemes, balance of life office statutory funds and small APRA funds.

    Table 3: SMSF age distribution

    This table shows the age distribution of SMSFs based on years since their establishment date.

    SMSF age distribution, 30 June 2020

    SMSF age in years from establishment

    Proportion of SMSFs

    In 1st year of establishment

    3.4%

    >1–2 years

    3.2%

    >2–3 years

    4.0%

    >3–5 years

    9.7%

    >5–10 years

    24.6%

    >10 years

    55.0%

    N/A

    0.0%

    Total

    100%

    Average SMSF age (years)

    11.14

    Median SMSF age (years)

    11

    Table 4: Wind-ups by asset size, average and median assets and fund phase

    These tables show:

    • the approximate distribution of SMSFs wound up by fund asset size in the year before wind-up
    • the approximate distribution of SMSFs by phase in the year of wind-up
    • average and median assets in the year before wind-up by fund phase.
    Distribution of SMSFs by fund size in year before wind-up, 2014–15 to 2018–19

    Fund size

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    >$0–$50k

    16.8%

    19.7%

    21.6%

    26.2%

    28.0%

    >$50k–$100k

    8.7%

    9.5%

    10.4%

    11.6%

    12.6%

    >$100k–$200k

    15.7%

    17.1%

    17.5%

    17.4%

    17.9%

    >$200k–$500k

    30.3%

    29.3%

    28.1%

    25.9%

    24.5%

    >$500k–$1m

    18.2%

    16.6%

    15.4%

    12.9%

    11.9%

    >$1m–$2m

    7.9%

    6.0%

    5.1%

    4.5%

    3.8%

    >$2m–$5m

    2.0%

    1.5%

    1.7%

    1.3%

    1.2%

    >$5m

    0.3%

    0.2%

    0.3%

    0.2%

    0.1%

    Total

    100%

    100%

    100%

    100%

    100%
    Distribution of SMSFs in year of wind up by fund phase, 2014–15 to 2018–19

    Fund phase

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Accumulation

    58.7%

    74.5%

    66.7%

    67.5%

    67.9%

    Retirement

    41.3%

    25.5%

    33.3%

    32.5%

    32.1%

    Total

    100%

    100%

    100%

    100%

    100%
    SMSF average assets in year before wind-up by fund phase, 2014–15 to 2018–19

    Fund phase

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Accumulation

    $314,262

    $269,247

    $265,268

    $217,951

    $184,041

    Retirement

    $623,523

    $534,484

    $563,880

    $479,398

    $459,215

    All SMSFs

    $452,630

    $383,349

    $376,170

    $319,994

    $288,864
    SMSF median assets in year before wind-up by fund phase, 2014–15 to 2018–19

    Fund phase

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Accumulation

    $162,002

    $139,424

    $132,017

    $95,421

    $79,018

    Retirement

    $429,962

    $377,412

    $365,742

    $305,158

    $300,000

    All SMSFs

    $265,265

    $223,809

    $201,773

    $162,109

    $140,082

    Table 5: Average and median asset sizes

    These tables show:

    • the average and median member account balances and SMSF assets at the end of each financial year
    • member balances by phase at 30 June 2019.

    To ensure consistency, the figures used in the first table are those reported in the Self-managed super fund quarterly statistical report – June 2020.

    SMSF average and median asset sizes, 2014–15 to 2018–19

    Assets

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Average assets per member

    $701,234

    $662,984

    $630,112

    $578,646

    $568,623

    Median assets per member

    $423,736

    $387,747

    $366,222

    $339,934

    $333,460

    Average assets per SMSF

    $1,311,656

    $1,246,310

    $1,186,049

    $1,091,124

    $1,074,158

    Median assets per SMSF

    $748,913

    $687,776

    $650,892

    $606,734

    $596,308
    Member balances by phase, 30 June 2019

    Member balances

    Accumulation balance with no retirement balance

    Retirement balance with no accumulation balance

    Accumulation balance where member also has retirement balance

    Retirement balance where member also has accumulation balance

    Member average balance

    $433,699

    $650,939

    $1,475,866

    $1,049,588

    Member median balance

    $210,503

    $555,223

    $616,550

    $1,061,872

    Table 6: Asset sizes in establishment year

    This table shows the average and median member account balances and SMSF assets in each financial year for SMSFs established in that year. The figures are based on SMSF annual returns for the establishment year.

    SMSF asset size in establishment year, 2014–15 to 2018–19

    Assets

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Average assets per member account balance

    $219,010

    $209,786

    $263,173

    $193,024

    $190,074

    Median assets per member account balance

    $131,217

    $122,099

    $138,709

    $109,528

    $102,754

    Average assets per SMSF

    $417,262

    $401,067

    $492,493

    $372,996

    $375,180

    Median assets per SMSF

    $280,961

    $261,864

    $299,008

    $232,390

    $221,397

    Table 7: Asset ranges by fund size in year of establishment

    This table shows the approximate distribution of SMSFs by fund asset sizes in their establishment year.

    Distribution of SMSFs by asset size in establishment year, 2014–15 to 2018–19

    Fund asset range

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    $0–$50k

    10.2%

    12.1%

    10.4%

    14.5%

    16.6%

    >$50k–$100k

    9.1%

    9.5%

    8.1%

    9.9%

    9.8%

    >$100k–$200k

    17.6%

    18.1%

    17.2%

    19.8%

    19.8%

    >$200k–$500k

    36.0%

    35.0%

    32.3%

    32.2%

    30.9%

    >$500k–$1m

    19.3%

    18.3%

    20.4%

    16.8%

    16.2%

    >$1m–$2m

    6.1%

    5.6%

    8.8%

    5.6%

    5.3%

    >$2m–$5m

    1.6%

    1.2%

    2.5%

    1.2%

    1.2%

    >$5m

    0.1%

    0.2%

    0.3%

    0.1%

    0.1%

    Total

    100%

    100%

    100%

    100%

    100%

    Table 8: Contribution flows

    These tables show, for each financial year:

    • total member and employer contributions to SMSFs
    • mean and median contributions
    • contributions to SMSFs as a proportion of total super contributions.

    To ensure consistency, the total contributions figures used are those reported in the Self-managed super fund quarterly statistical report – June 2020.

    For additional data on member and employer contributions by member age and gender, see SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    Total SMSF contributions, 2014–15 to 2018–19

    Contribution type

    2018–19
    ($m)

    2017–18
    ($m)

    2016–17
    ($m)

    2015–16
    ($m)

    2014–15
    ($m)

    Member

    12,036

    11,245

    32,902

    23,727

    24,348

    Employer

    5,353

    5,765

    7,100

    6,994

    6,773
    Mean SMSF contributions, 2014–15 to 2018–19

    Contribution type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Member

    $52,273

    $48,224

    $128,394

    $95,214

    $97,650

    Employer

    $19,431

    $19,925

    $24,527

    $24,623

    $24,433
    Median SMSF contributions, 2014–15 to 2018–19

    Contribution type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Member

    $20,000

    $18,500

    $27,157

    $20,744

    $23,378

    Employer

    $16,237

    $16,672

    $18,474

    $18,430

    $18,335
    Contributions to SMSFs as a proportion of total super contributions, 2014–15 to 2018–19

    Contribution type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Member

    35.2%

    36.2%

    50.9%

    52.0%

    49.5%

    Employer

    5.5%

    6.2%

    7.7%

    7.8%

    7.9%

    Total SMSF

    13.2%

    13.7%

    25.5%

    22.8%

    23.0%

    Table 9: Rollover flow (into and out of SMSFs)

    These tables show:

    • the total value of rollovers into and out of SMSFs during each financial year
    • the mean and median amounts in those periods
    • rollovers by fund size.

    To ensure consistency, the total rollover figures used are those reported in the Self-managed super fund quarterly statistical report – June 2020.

    Total SMSF rollovers, 2014–15 to 2018–19

    Rollover type

    2018–19
    ($m)

    2017–18
    ($m)

    2016–17
    ($m)

    2015–16
    ($m)

    2014–15
    ($m)

    Inward

    12,554

    14,767

    17,547

    14,642

    14,807

    Outward

    9,714

    8,298

    8,630

    5,349

    5,507
    Mean SMSF rollovers, 2014–15 to 2018–19

    Rollover type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Inward

    $193,759

    $212,749

    $239,775

    $194,911

    $203,928

    Outward

    $373,911

    $360,090

    $441,139

    $297,915

    $326,176
    Median SMSF rollovers, 2014–15 to 2018–19

    Rollover type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Inward

    $50,000

    $70,000

    $77,158

    $77,484

    $81,009

    Outward

    $150,001

    $128,902

    $120,000

    $81,180

    $92,257
    Distribution of total inward rollovers by fund size, 2014–15 to 2018–19

    Fund size

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    $0

    0.9%

    0.7%

    0.5%

    0.4%

    0.4%

    >$0–$50k

    0.5%

    0.7%

    0.5%

    0.5%

    0.6%

    >$50k–$100k

    1.1%

    1.3%

    1.1%

    1.6%

    1.6%

    >$100k–$200k

    4.5%

    5.0%

    4.9%

    7.1%

    6.8%

    >$200k–$500k

    19.6%

    20.1%

    17.5%

    22.7%

    21.0%

    >$500k–$1m

    22.6%

    22.7%

    18.3%

    22.9%

    22.6%

    >$1m–$2m

    21.8%

    21.6%

    18.9%

    20.8%

    20.8%

    >$2m–$5m

    21.1%

    18.9%

    22.8%

    16.1%

    17.1%

    >$5m–$10m

    5.1%

    5.5%

    9.0%

    5.3%

    5.4%

    >$10m–$20m

    2.0%

    2.7%

    4.4%

    2.0%

    1.6%

    >$20m–$50m

    0.6%

    0.5%

    1.9%

    0.4%

    1.1%

    >$50m

    <0.1%

    0.5%

    0.3%

    0.3%

    1.1%

    Total

    100%

    100%

    100%

    100%

    100%
    Distribution of total outward rollovers by fund size, 2014–15 to 2018–19

    Fund size

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    $0

    39.1%

    32.3%

    21.4%

    26.6%

    27.3%

    >$0–$50k

    13.6%

    11.7%

    8.4%

    9.3%

    9.6%

    >$50k–$100k

    1.9%

    1.7%

    1.5%

    1.3%

    1.4%

    >$100k–$200k

    2.1%

    1.9%

    1.5%

    2.0%

    2.0%

    >$200k–$500k

    4.7%

    4.7%

    4.1%

    5.8%

    6.1%

    >$500k–$1m

    7.1%

    8.2%

    6.3%

    10.6%

    10.0%

    >$1m–$2m

    10.5%

    12.2%

    11.3%

    14.3%

    12.4%

    >$2m–$5m

    13.9%

    17.0%

    24.9%

    18.4%

    18.6%

    >$5m–$10m

    4.7%

    5.1%

    11.3%

    7.0%

    7.9%

    >$10m–$20m

    2.1%

    2.7%

    6.5%

    3.5%

    3.5%

    >$20m–$50m

    0.4%

    1.6%

    2.4%

    0.7%

    1.1%

    >$50m

    <0.1%

    1.0%

    0.5%

    0.7%

    0.2%

    Total

    100%

    100%

    100%

    100%

    100%

    Table 10: Benefit payments

    These tables show the total, average and median benefit payments from SMSFs during each financial year. Benefit payments include income stream benefits, lump sum benefits, transition-to-retirement and combination payments.

    The figures for total benefit payments are consistent with those reported in the Self-managed super fund quarterly statistical report – June 2020. The average and median figures are based on SMSF annual returns.

    SMSF benefit payments, 2014–15 to 2018–19

    SMSF benefit payments

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Total ($m)

    35,790

    33,329

    42,963

    34,264

    32,692

    Average ($)

    116,753

    114,150

    145,213

    118,450

    119,091

    Median ($)

    69,341

    66,110

    66,560

    62,300

    62,000
    Distribution of total SMSF benefit payments by type, 2014–15 to 2018–19

    Type of benefit

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Lump sum

    31.4%

    30.4%

    13.7%

    11.6%

    12.3%

    Income stream

    65.4%

    65.1%

    77.9%

    76.5%

    75.3%

    Transition to retirement

    3.2%

    4.5%

    8.4%

    11.9%

    12.4%

    Total

    100%

    100%

    100%

    100%

    100%
    Distribution of SMSF members receiving benefit payments by age, 2017–18

    Age range

    % of members receiving benefit payments

    Average member benefit payment

    Average member balance(b)

    <55

    2.3%

    $27,553

    $622,452

    55–59

    3.1%

    $53,378

    $1,033,352

    60–64

    16.9%

    $70,290

    $1,121,688

    65–69

    28.0%

    $74,389

    $1,147,004

    70–74

    26.4%

    $73,298

    $1,188,644

    >74

    23.3%

    $96,136

    $1,238,859

    Unknown(c)

    0.0%

    $99,514

    $1,316,340

    Total

    100%

    $76,741

    $1,159,473
    (b) Average member balance is calculated before benefit payment.(c) Unknown value indicates a value less than 0.1% but greater than 0.

    For additional data on members receiving income stream benefit payments and lump sum and income stream benefit payments by benefit type, see tables 10.1 and 10.2 in SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    Table 11: SMSF net fund flow

    This table shows net contributions, transfers, benefit payments, total expenses and net fund flow for SMSFs from the 2014–15 to 2018–19 financial years.

    Breakdown of SMSF fund flows, 2014–15 to 2018–19

    Flow type

    2018–19
    ($m)

    2017–18
    ($m)

    2016–17
    ($m)

    2015–16
    ($m)

    2014–15
    ($m)

    Total contributions

    17,389

    17,010

    40,002

    30,721

    31,121

    Net transfers

    2,840

    6,469

    8,917

    9,293

    9,300

    Benefit payments

    35,791

    33,322

    42,963

    34,264

    32,692

    Total expenses

    8,721

    8,521

    8,094

    7,745

    6,435

    Net fund flow

    −24,283

    −18,364

    −2,138

    −1,995

    1,294

    Table 12: SMSFs by payment phase

    This table shows the distribution of SMSFs by payment phase in each financial year.

    ‘Partial retirement phase’ refers to SMSFs where at least one member has received a benefit payment.

    ‘Full retirement phase’ refers to SMSFs where all members received benefit payments.

    Distribution of SMSFs by payment phase at 30 June 2019 by year

    Payment phase

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Accumulation

    55.4%

    58.2%

    58.7%

    56.1%

    54.2%

    Partial retirement phase

    9.6%

    9.2%

    10.6%

    11.0%

    11.1%

    Full retirement phase

    35.0%

    32.6%

    30.7%

    32.8%

    34.7%

    Total

    100%

    100%

    100%

    100%

    100%

    Table 13: SMSF fund size and SMSF member account balances, by phase

    These tables show:

    • the approximate distribution of SMSFs by phase and asset range
    • the approximate distribution of members’ account balances by closing balance range and phase at 30 June 2019.
    Distribution of SMSFs by phase and asset range, 2018–19

    Asset range

    Accumulation phase

    Retirement phase

    $0–$50k

    7.3%

    3.8%

    >$50k–$100k

    4.5%

    0.6%

    >$100k–$200k

    10.2%

    2.1%

    >$200k–$500k

    29.2%

    12.5%

    >$500k–$1m

    26.3%

    23.5%

    >$1m–$2m

    14.3%

    28.7%

    >$2m–$5m

    6.8%

    22.2%

    >$5m–$10m

    1.2%

    5.1%

    >$10m–$20m

    0.3%

    1.2%

    >$20m–$50m

    <0.1%

    0.2%

    >$50m

    <0.1%

    <0.1%

    Total

    100%

    100%
    Distribution of SMSF members by member closing balance and payment phase, 2018–19

    Member closing balance

    Accumulation phase

    Retirement phase

    $0–$50k

    21.4%

    6.3%

    >$50k–$100k

    12.1%

    2.6%

    >$100k–$200k

    19.2%

    6.7%

    >$200k–$500k

    25.5%

    22.2%

    >$500k–$1m

    12.9%

    26.3%

    >$1m–$1.4m

    3.8%

    12.1%

    >$1.4m–$1.6m

    1.1%

    4.7%

    >$1.6m–$2m

    1.5%

    6.1%

    >$2m–$5m

    2.3%

    10.5%

    >$5m

    0.4%

    2.3%

    Total

    100%

    100%

    Table 14: SMSF trustee type

    This table shows the distribution of trustee structure (either corporate or individual trustees) of the SMSF population at 30 June 2020 and for new registrations in the 2018, 2019 and 2020 financial years.

    This data is based on SMSF registrations via the Australian Business Register (ABR).

    SMSF trustee type

    Trustee type

    % of all SMSFs at 30 June 2020

    2019–20 registrations

    2018–19 registrations

    2017–18 registrations

    Corporate

    62.8%

    81.3%

    81.8%

    80.7%

    Individual

    37.2%

    18.7%

    18.2%

    19.3%

    Total

    100%

    100%

    100%

    100%

    Table 15: Audits performed by SMSF auditors

    These tables show, for the 2014–15 to 2018–19 financial years:

    • the total number of SMSF auditors performing audits
    • the distribution of SMSF auditors by number of audits performed
    • the distribution of SMSF population by their SMSF auditor's annual audit completion number
    • the distribution of SMSF assets by their SMSF auditor's annual audit completion number.

    The year columns refer to the year being audited, not the year the audit took place.

    Number of SMSF auditors performing audits, 2014–15 to 2018–19

    Number of auditors

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Total

    4,969

    5,376

    5,719

    6,022

    6,285
    Distribution of SMSF auditors by number of audits carried out, 2014–15 to 2018–19

    Number of audits

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    <5 funds

    16.4%

    14.3%

    9.9%

    10.4%

    10.7%

    5–50 funds

    49.0%

    48.3%

    34.8%

    37.3%

    39.7%

    51–250 funds

    28.2%

    30.5%

    22.6%

    23.7%

    24.4%

    >250 funds

    6.4%

    6.8%

    32.7%

    28.6%

    25.3%

    Total

    100%

    100%

    100%

    100%

    100%
    Distribution of SMSFs by total audits performed by their auditor, 2014–15 to 2018–19

    Number of audits

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    <5 funds

    0.4%

    0.3%

    0.3%

    0.3%

    0.3%

    5–50 funds

    12.4%

    11.8%

    12.3%

    13.7%

    14.9%

    51–250 funds

    32.8%

    33.2%

    34.6%

    36.7%

    38.1%

    >250 funds

    54.3%

    54.6%

    52.8%

    49.3%

    46.7%

    Total

    100%

    100%

    100%

    100%

    100%
    Distribution of total assets audited by number of audits, 2014–15 to 2018–19

    Number of audits

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    <5 funds

    0.4%

    0.3%

    0.3%

    0.3%

    0.3%

    5–50 funds

    12.5%

    11.8%

    12.1%

    13.4%

    14.4%

    51–250 funds

    34.1%

    34.2%

    35.2%

    36.9%

    38.2%

    >250 funds

    53.0%

    53.7%

    52.4%

    49.4%

    47.1%

    Total

    100%

    100%

    100%

    100%

    100%

    Table 16: SMSF auditor fees

    These tables show:

    • average and median SMSF auditor fees
    • distribution of SMSFs by audit fee range by financial year.

    These figures include reported fees above $0.

    Average and median SMSF auditor fees, 2014–15 to 2018–19

    SMSF auditor fees

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Average

    $686

    $690

    $695

    $704

    $760

    Median

    $550

    $550

    $550

    $550

    $550
    Distribution of SMSFs by audit fee range, 2014–15 to 2018–19

    Audit fee range

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    >$0–$499

    37.9%

    38.4%

    37.5%

    36.9%

    36.5%

    $500–$999

    50.2%

    49.7%

    49.9%

    50.1%

    49.6%

    $1,000–$1,999

    9.9%

    9.8%

    10.2%

    10.6%

    11.0%

    $2,000 and above

    1.9%

    2.1%

    2.3%

    2.4%

    2.8%

    Total

    100%

    100%

    100%

    100%

    100%

    Table 17: SMSF annual return lodgments per tax agent

    This table shows the distribution of tax agents by the number of SMSF annual returns they lodged each financial year.

    Distribution of SMSF annual return lodgments by number of tax agents, 2014–15 to 2018–19

    Number of SMSF annual returns lodged per tax agent

    No. tax agents
    2018–19

    No. tax agents
    2017–18

    No. tax agents
    2016–17

    No. tax agents
    2015–16

    No. tax agents
    2014–15

    1

    2,086

    2,240

    2,303

    2,374

    2,518

    2

    1,124

    1,177

    1,258

    1,295

    1,311

    3

    875

    916

    883

    897

    887

    4

    652

    671

    718

    715

    691

    5

    508

    529

    560

    584

    554

    6–10

    1,820

    1,900

    1,888

    1,857

    1,898

    11–20

    1,979

    2,021

    2,089

    2,130

    2,066

    21–100

    3,739

    4,162

    4,232

    4,122

    4,097

    101–500

    889

    1,043

    1,007

    958

    913

    >500

    32

    33

    28

    25

    25

    Total

    13,704

    14,692

    14,966

    14,957

    14,960

    Table 18: Contraventions reported to the ATO by type

    This table shows the types of contraventions that have been reported to the ATO in auditor contravention reports lodged by SMSF auditors since the start of contravention reporting in 2004 (up to 30 June 2020).

    Distribution of SMSF contraventions by type, to 30 June 2020

    Contravention type

    Proportion of total contraventions

    Proportion of value of contraventions

    Acquisition of assets from related parties

    1.2%

    2.0%

    Administrative type contraventions

    11.4%

    6.2%

    Borrowings

    7.8%

    8.1%

    In-house assets

    17.9%

    27.6%

    Investments at arm's length

    7.4%

    9.2%

    Loan to member/financial assistance

    20.4%

    13.9%

    Operating standard type contraventions

    7.8%

    5.9%

    Other

    4.1%

    0.9%

    Separation of assets

    12.7%

    22.9%

    Sole purpose

    9.3%

    3.4%

    Total

    100%

    100%

    Table 19: Age ranges of SMSF members

    This table shows:

    • the approximate age distribution of SMSF members at 30 June 2020
    • the age distribution of members of SMSFs established in each financial year from 2014–15 to 2018–19.

    This is based on ABR data.

    Age distribution of SMSF members by establishment year of SMSF

    Age range

    All members
    at June 2020

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    <25

    0.5%

    1.3%

    1.4%

    1.4%

    1.5%

    1.5%

    25–34

    3.0%

    12.2%

    12.9%

    10.7%

    11.3%

    11.1%

    35–44

    10.9%

    31.9%

    31.8%

    28.6%

    29.8%

    29.6%

    45–49

    9.7%

    18.0%

    17.7%

    17.3%

    16.9%

    16.4%

    50–54

    11.2%

    14.4%

    14.3%

    15.2%

    15.3%

    15.6%

    55–59

    12.8%

    11.6%

    11.3%

    12.7%

    12.5%

    12.6%

    60–64

    13.2%

    6.2%

    6.2%

    8.0%

    7.8%

    7.9%

    65–69

    12.9%

    2.7%

    2.9%

    3.9%

    3.5%

    3.8%

    70–74

    12.2%

    1.2%

    1.2%

    1.7%

    1.0%

    1.1%

    75–84

    11.6%

    0.5%

    0.3%

    0.6%

    0.4%

    0.4%

    85+

    2.2%

    0.0%

    0.0%

    0.0%

    0.0%

    0.0%

    Total

    100%

    100%

    100%

    100%

    100%

    100%

    Average member age

    60.0

    46.6

    46.4

    47.9

    47.4

    47.5

    Median member age

    60.6

    46.2

    46.1

    47.6

    47.1

    47.3

    Table 20: SMSF members and non-SMSF members

    These tables show:

    • the approximate age distribution of SMSF members and non-SMSF members
    • average and median taxable income as well as average and median member account balances for SMSF members by age
    • non-SMSF members’ average and median taxable income.

    The age ranges in these tables align with those reported in APRA’s Annual Superannuation Bulletin June 2019 (issued 31 January 2020).

    This is based on ABR and SMSF annual return (SAR) data.

    Age distribution of SMSF members and non-SMSF members, 30 June 2019

    Age range

    All SMSF members at 30 June 2019

    All non-SMSF members at 30 June 2019

    <25

    0.7%

    11.0%

    25–34

    3.0%

    22.3%

    35–44

    10.5%

    21.9%

    45–49

    9.6%

    10.9%

    50–54

    11.2%

    9.3%

    55–59

    13.8%

    8.4%

    60–64

    14.4%

    6.8%

    65–69

    14.0%

    4.3%

    70–74

    12.2%

    2.6%

    75–84

    9.7%

    1.9%

    85+

    1.0%

    0.4%

    Unknown

    <0.1%

    0.3%

    Total

    100%

    100%
    SMSF member taxable income and member balance by age range, 30 June 2019

    Age range

    Average taxable income

    Median taxable income

    Average member balance per 2019 SAR

    Median member balance per 2019 SAR

    <25

    $54,803

    $40,150

    $57,823

    $7,158

    25–34

    $89,131

    $74,701

    $91,640

    $42,459

    35–44

    $125,901

    $89,495

    $166,096

    $106,912

    45–49

    $149,274

    $91,517

    $264,367

    $164,757

    50–54

    $147,695

    $87,725

    $388,413

    $223,449

    55–59

    $133,770

    $79,833

    $594,972

    $335,923

    60–64

    $110,543

    $56,988

    $858,781

    $527,281

    65–69

    $89,506

    $37,000

    $999,705

    $624,942

    70–74

    $79,686

    $30,947

    $1,076,959

    $616,376

    75–84

    $85,221

    $32,350

    $1,125,720

    $621,034

    85+

    $120,972

    $47,358

    $944,715

    $487,827

    Unknown

    $26,611

    $26,611

    $723,543

    $578,849

    Total (all ages)

    $115,037

    $64,322

    $684,652

    $320,898
    Non-SMSF member(d) taxable income by age range, 2018–19

    Age range

    Average taxable income

    Median taxable income

    <25

    $33,832

    $29,544

    25–34

    $57,590

    $51,992

    35–44

    $74,951

    $61,535

    45–49

    $80,913

    $63,190

    50–54

    $79,587

    $61,721

    55–59

    $76,061

    $59,148

    60–64

    $63,890

    $49,284

    65–69

    $52,693

    $36,956

    70–74

    $43,539

    $28,495

    75–84

    $39,818

    $25,702

    85+

    $54,258

    $37,705

    Unknown

    $48,847

    $42,197

    Total

    $63,366

    $50,144
    (d) The non-SMSF member population are those individuals, excluding SMSF members, for whom a 2019 member contribution was received.

    Table 21: Gender statistics

    These tables show:

    • the average SMSF member account balances by gender and phase
    • the average SMSF member account balance by age and gender at 30 June 2019
    • the distribution of member account balances by gender and closing account balance range at 30 June 2019.

    'Retirement' refers to members who have reported receiving a benefit during that year. Average balance for this group includes their total balance, not just the amount held in their retirement account.

    To ensure consistency, where applicable, the figures used in this table are those reported in the Self-managed super fund quarterly statistical report – June 2020.

    Average SMSF member balance (female), 2014–15 to 2018–19

    Phase

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Accumulation

    $337,396

    $307,138

    $278,452

    $238,754

    $220,548

    Retirement

    $4,909,225

    $4,612,723

    $4,356,519

    $3,915,520

    $3,818,073

    All SMSFs

    $653,609

    $609,326

    $577,716

    $522,392

    $512,427
    Average SMSF member balance (male), 2014–15 to 2018–19

    Phase

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Accumulation

    $435,649

    $400,109

    $363,732

    $319,685

    $298,799

    Retirement

    $5,577,281

    $5,281,592

    $5,009,888

    $4,592,176

    $4,530,530

    All SMSFs

    $784,309

    $738,685

    $703,276

    $649,549

    $644,249

    Average SMSF member balance by age and gender, 30 June 2019

    Age range

    Female

    Male

    Overall

    <25

    $63,200

    $67,807

    $65,635

    25–34

    $95,709

    $108,094

    $102,100

    35–44

    $154,818

    $198,664

    $177,020

    45–49

    $244,271

    $310,165

    $277,417

    50–54

    $363,392

    $445,074

    $404,607

    55–59

    $561,027

    $670,592

    $617,339

    60–64

    $821,998

    $964,309

    $895,313

    65–69

    $994,791

    $1,106,037

    $1,052,644

    70–74

    $1,052,705

    $1,209,924

    $1,137,711

    75–84

    $1,129,157

    $1,262,330

    $1,207,117

    85+

    $1,056,219

    $1,116,255

    $1,095,200

    Unknown

    $832,270

    $838,387

    $771,457

    For additional historical data for 2014–15 to 2017–18, see SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    Distribution of SMSF members by gender and closing balance range, 30 June 2019

    Member balance range

    Female members

    Male members

    >$0–$50k

    18.9%

    12.2%

    >$50k–$100k

    9.8%

    7.0%

    >$100k–$200k

    14.2%

    14.2%

    >$200k–$500k

    22.1%

    26.1%

    >$500k–$1m

    17.1%

    19.3%

    >$1m–$2m

    12.0%

    13.8%

    >$2m–$5m

    5.0%

    6.0%

    >$5m

    0.9%

    1.4%

    Total

    100%

    100%

    For additional historical data for 2014–15 to 2017–18, see SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    Table 22: Asset ranges, by fund size and member account balance

    These tables show for each financial year:

    • the approximate distribution of member account balances by account balance range
    • the approximate distribution, by asset range, of SMSFs and value of assets.

    These figures are based on SMSF annual returns, and, where applicable, are consistent with those reported in the Self-managed super fund quarterly statistical report – June 2020.

    Distribution of members by account balance range, 2014–15 to 2018–19

    Member account balance range

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    $0–$50k

    15.4%

    16.3%

    17.2%

    18.2%

    19.2%

    >$50k–$100k

    8.3%

    9.3%

    9.8%

    10.4%

    10.5%

    >$100k–$200k

    14.2%

    15.0%

    15.2%

    15.5%

    15.2%

    >$200k–$500k

    24.2%

    24.0%

    23.6%

    23.8%

    23.4%

    >$500k–$1m

    18.2%

    17.6%

    17.3%

    16.8%

    16.6%

    >$1m–$1.4m

    7.1%

    6.6%

    6.3%

    5.8%

    5.8%

    >$1.4m–$1.6m

    2.5%

    2.4%

    2.3%

    1.8%

    1.8%

    >$1.6m–$2m

    3.3%

    2.9%

    2.6%

    2.4%

    2.4%

    >$2m–$5m

    5.5%

    5.1%

    4.9%

    4.5%

    4.5%

    >$5m

    1.1%

    1.0%

    0.9%

    0.7%

    0.7%

    Total

    100%

    100%

    100%

    100%

    100%
    Distribution of funds by asset range, 2014–15 to 2018–19

    Fund asset range

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    $0–$50k

    5.7%

    5.7%

    6.0%

    6.2%

    6.8%

    >$50k–$100k

    2.7%

    3.3%

    3.7%

    4.2%

    4.6%

    >$100k–$200k

    6.5%

    7.6%

    8.4%

    9.3%

    9.6%

    >$200k–$500k

    21.7%

    22.9%

    23.4%

    24.3%

    24.0%

    >$500k–$1m

    25.1%

    24.6%

    24.3%

    24.2%

    23.6%

    >$1m–$2m

    20.8%

    19.7%

    19.0%

    18.2%

    18.0%

    >$2m–$5m

    13.7%

    12.6%

    11.9%

    10.9%

    10.8%

    >$5m–$10m

    2.9%

    2.7%

    2.5%

    2.2%

    2.2%

    >$10m–$20m

    0.7%

    0.7%

    0.6%

    0.4%

    0.4%

    >$20m–$50m

    0.1%

    0.1%

    0.1%

    0.1%

    0.1%

    >$50m

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    Total

    100%

    100%

    100%

    100%

    100%
    Distribution of total fund assets by asset range, 2014–15 to 2018–19

    Fund asset range

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    $0–$50k

    <0.1%

    0.1%

    0.1%

    0.1%

    0.1%

    >$50k–$100k

    0.2%

    0.2%

    0.2%

    0.3%

    0.3%

    >$100k–$200k

    0.7%

    0.9%

    1.1%

    1.3%

    1.3%

    >$200k–$500k

    5.8%

    6.4%

    6.9%

    7.7%

    7.7%

    >$500k–$1m

    13.7%

    14.2%

    14.7%

    15.9%

    15.8%

    >$1m–$2m

    22.4%

    22.3%

    22.5%

    23.3%

    23.5%

    >$2m–$5m

    31.4%

    30.3%

    30.0%

    29.8%

    30.1%

    >$5m–$10m

    14.9%

    14.4%

    14.2%

    13.4%

    13.5%

    >$10m–$20m

    6.9%

    6.9%

    6.3%

    5.3%

    5.0%

    >$20m–$50m

    2.8%

    3.0%

    2.8%

    2.3%

    2.0%

    >$50m

    1.1%

    1.3%

    1.2%

    0.7%

    0.6%

    Total

    100%

    100%

    100%

    100%

    100%

    Table 23: Average and median returns for SMSFs

    These table show the average and median return on assets (ROA) made by SMSFs by financial year.

    The ROA for SMSFs is based on SMSF annual return form data.

    Average and median returns for SMSFs, 2014–15 to 2018–19

    SMSF ROA

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Average

    6.8%

    7.4%

    10.2%

    3.1%

    6.0%

    Median

    4.6%

    4.0%

    5.0%

    0.2%

    3.2%

    Table 24: Average return on assets by fund size and age

    These tables show:

    • the average ROA of SMSFs by asset size
    • the average ROA by fund age
    • the distribution of SMSFs by ROA.

    ROA is calculated by comparing net earnings and average assets during the financial year to determine the percentage return on assets.

    SMSF average ROA by fund size, 2014–15 to 2018–19

    Fund size

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    $1–$50k

    −20.6%

    −15.3%

    −15.5%

    −16.4%

    −17.3%

    >$50k–$100k

    −8.1%

    −4.9%

    −5.8%

    −7.3%

    −6.9%

    >$100k–$200k

    −2.2%

    −0.9%

    −0.9%

    −3.5%

    −1.1%

    >$200–$500k

    3.1%

    3.7%

    4.4%

    0.0%

    2.4%

    >$500k–$1m

    6.0%

    6.0%

    6.9%

    1.5%

    4.6%

    >$1m–$2m

    7.0%

    8.4%

    8.4%

    2.4%

    5.7%

    >$2m

    7.6%

    8.1%

    13.1%

    4.7%

    7.5%
    SMSF average ROA by fund age, 2014–15 to 2018–19

    Fund age

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    <2 years

    3.5%

    5.0%

    4.7%

    1.7%

    3.9%

    2–3 years

    5.0%

    5.9%

    8.1%

    2.5%

    4.8%

    4–5 years

    5.6%

    6.2%

    7.8%

    2.5%

    5.2%

    >5 years

    7.0%

    7.6%

    10.6%

    3.2%

    6.2%
    Distribution of SMSFs by ROA, 2014–15 to 2018–19

    ROA

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    <–20%

    3.4%

    2.9%

    3.2%

    3.8%

    3.8%

    –20% to <–15%

    1.1%

    1.0%

    1.2%

    1.7%

    1.3%

    –15% to <–10%

    1.9%

    1.9%

    2.2%

    3.9%

    2.4%

    –10% to <–5%

    4.4%

    4.4%

    4.5%

    10.4%

    5.3%

    –5% to 0%

    13.1%

    14.3%

    13.3%

    28.4%

    15.4%

    >0% to 5%

    28.8%

    31.8%

    25.6%

    34.2%

    35.5%

    >5% to 10%

    27.7%

    25.2%

    24.8%

    9.0%

    23.9%

    >10%

    19.5%

    18.4%

    25.2%

    8.5%

    12.2%

    Total

    100%

    100%

    100%

    100%

    100%

    Table 25: Expenses

    These tables show:

    • average and median total expenses for the 2015 to 2019 financial years
    • average and median total expenses by SMSF asset range for the 2015 to 2019 financial years
    • average and median operating expenses for the 2015 to 2019 financial years
    • average and median expenses by expense type for the 2015 to 2019 financial years
    • average and median expenses by expense type and asset range for the 2019 financial year, including the number of SMSFs reporting at that label.

    The averages and medians in these tables are based on only those SMSFs that report an expense at the relevant label and are therefore a subset of the total population. These figures cannot be compared to averages or medians calculated at the total population level (other than when all expenses are included, which means the total population is included).

    Total expenses – average and median(e)

    Total expenses

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Average

    $15,472

    $14,968

    $14,152

    $13,919

    $12,377

    Median

    $8,116

    $7,703

    $7,262

    $7,082

    $6,145
    (e) Total expenses include deductible and non-deductible expenses reported at the following SMSF annual return labels: interest expenses within Australia, interest expenses overseas, insurance premiums – members, SMSF auditor fee, investment expenses, management and administration expenses, forestry managed investment scheme expense and other amounts, and SMSF supervisory levy.
    Average total expenses by SMSF asset range

    Asset range

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    >$0–$50k

    $4,245

    $3,813

    $3,589

    $3,533

    $3,273

    >$50k–$100k

    $5,853

    $5,574

    $5,504

    $5,630

    $5,016

    >$100k–$200k

    $10,545

    $10,287

    $9,938

    $9,762

    $8,639

    >$200k–$500k

    $12,844

    $12,542

    $11,821

    $11,418

    $10,064

    >$500k–$1m

    $12,500

    $12,298

    $11,912

    $11,850

    $10,763

    >$1m–$2m

    $14,577

    $14,645

    $14,701

    $15,312

    $13,835

    >$2m

    $29,777

    $29,905

    $28,782

    $28,865

    $25,938

    All funds

    $15,472

    $14,968

    $14,152

    $13,919

    $12,377
    Median total expenses by SMSF asset range

    Asset range

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    >$0–$50k

    $1,965

    $1,813

    $1,787

    $1,882

    $1,797

    >$50k–$100k

    $2,723

    $2,619

    $2,694

    $2,893

    $2,627

    >$100k–$200k

    $4,686

    $4,669

    $4,676

    $4,772

    $4,063

    >$200k–$500k

    $7,140

    $6,929

    $6,655

    $6,584

    $5,623

    >$500k–$1m

    $8,090

    $7,853

    $7,659

    $7,741

    $6,832

    >$1m–$2m

    $9,853

    $9,662

    $9,451

    $9,591

    $8,568

    >$2m

    $16,162

    $15,988

    $15,443

    $15,026

    $13,471

    All funds

    $8,116

    $7,703

    $7,262

    $7,082

    $6,145
    Operating expenses – average and median(f)

    Operating expenses

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Average

    $6,450

    $6,104

    $5,953

    $6,205

    $5,513

    Median

    $4,069

    $3,881

    $3,823

    $3,915

    $3,617
    (f) Operating expenses include deductible and non-deductible expenses reported at the following SMSF annual return labels: approved auditor fee, management and administration expenses, other amounts and SMSF supervisory levy.
    Average expenses by expense type, 2014–15 to 2018–19

    Expense type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Interest expense within Australia

    $16,872

    $16,618

    $16,100

    $16,424

    $14,778

    Interest expense overseas

    $13,207

    $13,745

    $14,461

    $16,921

    $10,150

    Insurance premiums

    $6,797

    $6,752

    $6,563

    $6,391

    $6,136

    SMSF auditor fee

    $675

    $682

    $688

    $700

    $756

    Investment Expenses

    $10,254

    $10,040

    $9,506

    $9,059

    $9,148

    Management and admin expenses

    $4,449

    $4,461

    $4,263

    $4,249

    $4,142

    Forestry managed investment scheme

    $5,711

    $5,592

    $5,765

    $7,884

    $5,302

    Supervisory levy

    $259

    $259

    $259

    $259

    $259

    Other deductions

    $2,878

    $2,564

    $2,648

    $3,115

    $2,772

    Total expenses

    $15,472

    $14,968

    $14,152

    $13,919

    $12,377
    Median expense by expense type, 2014–15 to 2018–19

    Expense type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Interest expense within Australia

    $13,372

    $12,930

    $11,958

    $11,457

    $10,133

    Interest expense overseas

    $8,588

    $9,820

    $8,648

    $9,172

    $5,075

    Insurance premiums

    $4,625

    $4,539

    $4,395

    $4,213

    $4,011

    SMSF auditor fee

    $550

    $550

    $550

    $550

    $550

    Investment expenses

    $5,659

    $5,331

    $4,944

    $4,501

    $4,642

    Management and admin expenses

    $2,884

    $2,783

    $2,713

    $2,668

    $2,688

    Forestry managed investment scheme

    $2,524

    $2,445

    $2,304

    $2,224

    $2,366

    Supervisory levy

    $259

    $259

    $259

    $259

    $259

    Other deductions

    $362

    $330

    $369

    $518

    $422

    Total expenses

    $8,116

    $7,703

    $7,262

    $7,082

    $6,145

    The following two tables provide further granularity, breaking down the average and the median expense for each expense type into fund size ranges. They also include the number of funds who reported an amount against each of these expense labels on the SMSF annual return.

    Average expenses by expense type and range, year ended 30 June 2019

    Expense type

    $1–$50k

    >$50k–$100k

    >$100k–$200k

    >$200k–$500k

    >$500k–$1m

    >$1m–$2m

    >$2m

    All funds

    No. of funds reporting this expense

    Interest expense within Australia

    $9,829

    $11,883

    $12,857

    $14,730

    $16,706

    $19,190

    $33,665

    $16,872

    57,020

    Interest expense overseas

    $421

    $6,483

    $9,275

    $13,701

    $14,394

    $9,420

    $20,501

    $13,207

    304

    Insurance premiums

    $6,131

    $4,518

    $4,761

    $5,622

    $7,268

    $9,375

    $12,300

    $6,797

    88,662

    SMSF auditor fee

    $555

    $567

    $586

    $608

    $641

    $693

    $841

    $675

    332,736

    Investment expenses

    $2,751

    $3,867

    $5,698

    $6,403

    $6,996

    $9,416

    $21,272

    $10,254

    226,752

    Management and admin expenses

    $1,522

    $1,762

    $2,276

    $2,957

    $3,929

    $5,126

    $8,250

    $4,449

    413,274

    Forestry managed investment scheme

    $608

    $3,630

    $3,461

    $3,802

    $4,361

    $4,148

    $14,954

    $5,711

    301

    Supervisory levy

    $259

    $259

    $259

    $259

    $259

    $259

    $259

    $259

    431,896

    Other deductions

    $1,246

    $1,186

    $1,479

    $1,684

    $2,075

    $2,232

    $6,896

    $2,878

    216,765

    Total expenses

    $4,245

    $5,853

    $10,545

    $12,844

    $12,500

    $14,577

    $29,777

    $15,472

    431,896
    Median expenses by expense type and range, year ended 30 June 2018

     

    $1–$50k

    >$50k–$100k

    >$100k–$200k

    >$200k–$500k

    >$500k–$1m

    >$1m–$2m

    >$2m

    All funds

    No. of funds reporting this expense

    Interest expense within Australia

    $8,690

    $12,224

    $13,149

    $13,880

    $13,658

    $12,466

    $6,284

    $13,372

    57,020

    Interest expense overseas

    $120

    $4,368

    $8,064

    $11,958

    $12,239

    $954

    $141

    $8,588

    304

    Insurance premiums

    $3,501

    $3,047

    $3,485

    $4,210

    $5,288

    $6,423

    $7,840

    $4,625

    88,662

    SMSF auditor fee

    $451

    $478

    $495

    $549

    $550

    $571

    $659

    $550

    332,736

    Investment expenses

    $159

    $761

    $4,251

    $4,731

    $5,033

    $6,489

    $11,027

    $5,659

    226,752

    Management and admin expenses

    $1,149

    $1,359

    $1,841

    $2,392

    $2,854

    $3,451

    $4,785

    $2,884

    413,274

    Forestry managed investment scheme

    $512

    $1,566

    $1,471

    $2,532

    $2,702

    $2,492

    $5,988

    $2,524

    301

    Supervisory levy

    $259

    $259

    $259

    $259

    $259

    $259

    $259

    $259

    431,896

    Other deductions

    $379

    $429

    $518

    $518

    $319

    $259

    $312

    $362

    216,765

    Total expenses

    $1,965

    $2,723

    $4,686

    $7,140

    $8,090

    $9,853

    $16,162

    $8,116

    431,896

    Table 26: Average expense ratios

    These tables show:

    • SMSF average expense ratios for each financial year
    • distribution of SMSFs by average expense ratio range at 30 June 2019

    The average expense ratios of an SMSF are calculated by:

    • summing various deductible and non-deductible expense labels from the SMSF’s annual return
    • comparing this total to the SMSF’s average assets to determine a ratio of expenses to assets.
    SMSF average expense ratios, 2014–15 to 2018–19

    Expense type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Operating

    0.5%

    0.5%

    0.5%

    0.6%

    0.5%

    Total

    1.2%

    1.2%

    1.2%

    1.3%

    1.2%
    Distribution of SMSFs by average expense ratio range, 2018–19

    Ratio range

    SMSFs with operating expenses in range

    SMSFs with total expenses in range

    <=0.25%

    22.1%

    12.1%

    >0.25–0.5%

    20.9%

    13.2%

    >0.5–0.75%

    13.7%

    10.5%

    >0.75–1%

    9.6%

    8.9%

    >1–1.5%

    12.7%

    14.0%

    >1.5–2%

    7.3%

    9.1%

    >2–3%

    6.8%

    9.7%

    >3–5%

    3.9%

    7.9%

    >5%

    3.0%

    14.5%

    Total

    100%

    100%

    For additional historical data for 2015 to 2018, see SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    Table 27: Average expense ratios by fund size

    This table shows average SMSF expense ratios by fund size for total expenses and operating expenses at 30 June 2019.

    SMSF average expense ratios by fund size, 2018–19

    Fund size

    Operating expenses

    Total expenses

    $1–$50k

    9.2%

    17.0%

    >$50k–$100k

    3.5%

    7.7%

    >$100k–$200k

    2.3%

    6.9%

    >$200k–$500k

    1.3%

    3.8%

    >$500k–$1m

    0.8%

    1.7%

    >$1m–$2m

    0.5%

    1.0%

    >$2m

    0.3%

    0.7%

    For additional historical data for 2015 to 2018, see SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    Table 28: Asset allocations

    These tables show:

    • the value and proportion of assets held by the SMSF population for each type of asset listed on the 2019 SMSF annual return
    • the mean and median value for each of those asset types
    • a breakdown of assets reported at limited recourse borrowing arrangement labels by asset type
    • SMSF investment in real property.

    SMSFs will have different asset allocations in individual cases.

    To ensure consistency, the total monetary amounts used in this table are those reported in the Self–managed super fund quarterly statistical report – June 2020.

    SMSF asset allocations, 30 June 2019

    Asset type

    All
    ($m)

    % of total SMSF assets

    % of SMSF population holding these assets

    Mean
    ($)(h)

    Median
    ($)(i)

    Listed trusts

    43,306

    5.8%

    33.4%

    224,843

    98,080

    Unlisted trusts

    85,704

    11.4%

    23.2%

    651,389

    271,811

    Insurance policy

    115

    <0.1%

    0.1%

    307,903

    148,037

    Other managed investments

    39,354

    5.3%

    11.7%

    586,466

    250,000

    Cash and term deposits

    158,316

    21.1%

    96.6%

    286,352

    96,306

    Debt securities

    11,675

    1.6%

    8.6%

    236,849

    101,973

    Loans

    5,295

    0.7%

    3.0%

    313,091

    100,000

    Listed shares

    214,778

    28.7%

    59.3%

    628,680

    294,184

    Unlisted shares

    8,100

    1.1%

    6.7%

    216,983

    37,904

    Limited recourse borrowing arrangements

    45,982

    6.1%

    10.8%

    758,196

    500,000

    Non–residential real property

    67,272

    9.0%

    11.4%

    1,040,734

    620,000

    Residential real property

    35,791

    4.8%

    9.8%

    648,095

    466,156

    Collectables and personal use assets

    355

    <0.1%

    0.5%

    122,092

    46,835

    Other assets

    20,087

    2.7%

    83.6%

    42,397

    9,657

    Crypto-currency

    142

    <0.1%

    0.34%

    75,213

    28,693

    Overseas shares

    8,581

    1.1%

    6.6%

    228,239

    53,663

    Overseas non-residential real property

    134

    <0.1%

    <0.1%

    499,938

    149,519

    Overseas residential real property

    287

    <0.1%

    0.2%

    319,607

    167,662

    Overseas managed investments

    1,254

    0.2%

    0.7%

    296,684

    108,912

    Other overseas assets

    2,549

    0.3%

    2.4%

    188,031

    61,432

    Total Australian and overseas Assets

    749,079

    100%

    n/a

    1,349,141

    744,705

    Borrowings

    22,884

    3.1%

    11.7%

    347,831

    260,882

    Other liabilities

    5,484

    0.7%

    59.4%

    16,492

    3,071

    Net Australian and overseas assets

    720,711

    96.2%

    n/a

    1,297,058

    689,129
    (h) Mean values are only applicable to the funds that held those types of assets.(i) Median values are only applicable to the funds that held those types of assets.
    SMSF limited recourse borrowing arrangement asset allocations, 30 June 2019

    LRBA investment by asset type

    Total
    ($m)

    % of total SMSF assets

    % of SMSFs holding these assets

    Mean
    ($)(j)

    Median
    ($)(k)

    Australian residential real property

    23,811

    3.2%

    7.5%

    564,400

    461,057

    Australian non-residential real property

    20,318

    2.7%

    2.9%

    1,237,773

    715,000

    Overseas real property

    37

    <0.1%

    <0.1%

    493,440

    243,912

    Australian shares

    487

    0.1%

    0.3%

    325,199

    187,829

    Overseas shares

    11

    <0.1%

    <0.1%

    309,733

    105,570

    Other

    1,317

    0.2%

    0.3%

    770,859

    335,000

    Total(l)

    45,982

    6.1%

    11.0%

    758,196

    500,000
    (j) Mean values are only applicable to the funds that held those types of assets.(k) Median values are only applicable to the funds that held those types of assets.(l) The total represents the proportion of total SMSFs holding all LRBA assets. There is a small proportion of SMSFs that hold more than one type of LRBA asset.
    Total LRBA assets and proportion of SMSFs reporting LRBAs, 2014–15 to 2018–19

    LRBA assets

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Total LRBA assets ($m)

    45,982

    46,060

    41,096

    26,640

    21,081

    Proportion of SMSFs reporting LRBAs (%)

    10.8%

    10.7%

    9.6%

    7.3%

    6.3%
    SMSF investment in real property and borrowings, 2014–15 to 2018–19

    Investment type

    2018–19
    ($m)

    2017–18
    ($m)

    2016–17
    ($m)

    2015–16
    ($m)

    2014–15
    ($m)

    Non-residential real property

    67,272

    66,601

    66,175

    65,760

    63,108

    LRBA non-residential real property

    20,318

    20,484

    18,570

    11,933

    9,350

    Residential real property

    35,791

    36,194

    34,371

    28,496

    23,064

    LRBA residential real property

    23,811

    23,647

    20,662

    12,930

    9,837

    Total SMSF investment in property

    147,192

    146,926

    139,778

    119,119

    105,359

    Total borrowings

    22,884

    24,543

    23,339

    20,899

    17,903

    Table 29: SMSF population holding assets

    These tables show the:

    • distribution of the SMSF population holding certain assets
    • distribution of total SMSF assets by asset type.
    SMSF population holding assets, by asset type

    Asset type

    2018–19

    2017–18

    2016–17

    2015–16

    2014–15

    Listed trusts

    33.4%

    30.7%

    28.8%

    28.5%

    27.7%

    Unlisted trusts

    23.2%

    23.0%

    22.4%

    21.7%

    20.3%

    Other managed investments

    11.7%

    11.1%

    10.5%

    10.8%

    11.2%

    Cash and term deposits

    96.6%

    96.9%

    97.0%

    97.1%

    97.0%

    Listed shares

    59.3%

    58.6%

    58.5%

    59.5%

    59.7%

    Non-residential real property

    11.4%

    11.6%

    11.9%

    13.8%

    14.5%

    Residential real property

    9.8%

    10.0%

    9.8%

    9.1%

    8.1%

    Limited recourse borrowing arrangements

    10.8%

    10.7%

    9.6%

    7.3%

    6.3%

    All other assets

    112.8%

    111.2%

    108.6%

    107.3%

    104.0%
    Distribution of SMSF asset holdings by asset type

    Asset type

    2018–19
    (%)

    2017–18
    (%)

    2016–17
    (%)

    2015–16
    (%)

    2014–15
    (%)

    Listed trusts

    5.8

    4.8

    4.2

    4.4

    4.1

    Unlisted trusts

    11.4

    11.9

    11.1

    10.4

    9.6

    Other managed investments

    5.3

    4.9

    4.6

    4.9

    4.9

    Cash and term deposits

    21.1

    21.3

    24.0

    24.4

    25.3

    Listed shares

    28.7

    27.9

    27.2

    28.1

    29.8

    Non-residential real property

    9.0

    9.4

    9.9

    11.0

    11.1

    Residential real property

    4.8

    5.1

    5.1

    4.8

    4.1

    Limited recourse borrowing arrangements

    6.1

    6.5

    6.1

    4.5

    3.7

    All other assets

    7.8

    8.0

    7.8

    7.6

    7.4

    Total

    100

    100

    100

    100

    100

    For additional tables on changes in distribution of SMSF asset holdings from 2015 to 2019, see SMSF overview data tables 2018–19 (XLSX, 604KB)This link will download a file.

    Table 30: SMSF asset allocations, by fund phase

    This table shows the distribution of assets held by SMSFs in accumulation and retirement phases for each type of asset listed on the 2018 SMSF annual return.

    SMSF asset allocation by fund phase, 30 June 2019

    Asset type

    Accumulation phase
    (%)

    Retirement phase
    (%)

    Listed trusts

    4.7

    6.3

    Unlisted trusts

    10.7

    12.0

    Insurance policy

    <0.1

    <0.1

    Other managed investments

    4.6

    5.6

    Cash and term deposits

    20.8

    21.2

    Debt securities

    0.8

    1.9

    Loans

    0.7

    0.7

    Listed shares

    20.4

    32.8

    Unlisted shares

    1.5

    0.9

    Limited recourse borrowing arrangements

    15.1

    1.4

    Non-residential real property

    9.4

    8.9

    Residential real property

    6.4

    4.0

    Collectables and personal use assets

    0.1

    <0.1

    Other assets

    2.8

    2.7

    Crypto-currency

    <0.1

    <0.1

    Overseas shares

    1.3

    1.1

    Overseas non-residential real property

    <0.1

    <0.1

    Overseas residential real property

    0.1

    <0.1

    Overseas managed investments

    0.2

    0.2

    Other overseas assets

    0.3

    0.3

    Total Australian and overseas assets

    100

    100

    Table 31: Asset concentrations

    These tables show the distribution of SMSFs that have 50% or more of their assets by value invested in one particular asset class.

    For example, at 30 June 2019, 42.9% of SMSFs held 80% or more of their assets in one particular asset class, representing 28.2% of total SMSF assets.

    An asset concentration of 100% indicates all assets are held within a single asset class.

    Distribution of SMSFs by asset concentration, 2014–15 to 2018–19

    Asset concentration

    2018–19
    (%)

    2017–18
    (%)

    2016–17
    (%)

    2015–16
    (%)

    2014–15
    (%)

    100%

    8.6

    9.4

    10.5

    10.9

    11.6

    >=90%

    29.0

    30.6

    30.8

    31.2

    31.6

    >=80%

    42.9

    44.6

    44.6

    44.8

    45.2

    >=70%

    55.6

    57.2

    57.3

    57.5

    57.9

    >=60%

    68.8

    70.3

    70.3

    70.6

    71.0

    >=50%

    83.5

    84.7

    84.8

    85.2

    85.8
    Distribution of SMSF assets by asset concentration, 2014–15 to 2018–19

    Asset concentration

    2018–19
    (%)

    2017–18
    (%)

    2016–17
    (%)

    2015–16
    (%)

    2014–15
    (%)

    100%

    3.8

    4.0

    4.7

    4.7

    4.9

    >=90%

    18.0

    19.0

    18.9

    19.3

    19.4

    >=80%

    28.2

    29.2

    29.1

    29.6

    29.8

    >=70%

    37.7

    38.7

    38.6

    39.1

    39.4

    >=60%

    47.0

    48.0

    47.9

    48.5

    48.9

    >=50%

    56.4

    57.3

    57.3

    58.0

    58.6

    Table 32: Asset concentration by fund size

    This table shows, by fund size, the distribution of SMSFs that have 50% or more of their assets by value invested in one particular asset class.

    SMSF asset concentration by fund size, 30 June 2019

    Fund size

    SMSFs with 100% concentration

    >=90%

    >=80%

    >=70%

    >=60%

    >=50%

    $1–$50k

    39.5%

    63.1%

    73.9%

    82.4%

    89.8%

    97.2%

    >$50k–$100k

    22.3%

    52.2%

    65.3%

    75.9%

    85.1%

    94.8%

    >$100k–$200k

    18.7%

    45.4%

    59.6%

    71.2%

    82.2%

    93.2%

    >$200k–$500k

    11.1%

    37.8%

    54.5%

    67.3%

    78.6%

    90.0%

    >$500k–$1m

    6.4%

    27.9%

    43.1%

    56.7%

    70.4%

    85.3%

    >$1m–$2m

    4.6%

    20.3%

    32.6%

    45.5%

    60.3%

    78.2%

    >$2m–$5m

    2.6%

    14.8%

    25.9%

    38.6%

    53.7%

    72.3%

    >$5m–$10m

    1.5%

    12.4%

    23.0%

    35.5%

    50.1%

    68.5%

    >$10m

    1.3%

    13.7%

    23.2%

    35.7%

    49.7%

    66.6%

    Table 33: Asset concentration by asset type

    This table shows, by asset class, the distribution of SMSFs that have 50% or more of their assets by value invested in that asset class.

    SMSF asset concentration by type, 30 June 2019

    Asset type

    % of SMSFs with 100% of asset class

    >=90%

    >=80%

    >=70%

    >=60%

    >=50%

    Listed trusts

    <0.1%

    0.4%

    0.7%

    1.2%

    1.8%

    2.6%

    Unlisted trusts

    0.2%

    1.8%

    3.1%

    4.3%

    5.7%

    7.3%

    Insurance policy

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    Other managed investments

    0.1%

    1.4%

    2.1%

    2.7%

    3.3%

    4.0%

    Cash and term deposits

    7.1%

    10.6%

    12.4%

    14.4%

    16.8%

    19.9%

    Debt securities

    <0.1%

    <0.1%

    0.1%

    0.1%

    0.1%

    0.2%

    Loans

    <0.1%

    0.3%

    0.4%

    0.5%

    0.6%

    0.7%

    Listed shares

    0.2%

    5.1%

    9.5%

    14.0%

    18.7%

    23.7%

    Unlisted shares

    <0.1%

    0.2%

    0.4%

    0.5%

    0.6%

    0.7%

    Limited recourse borrowing arrangements

    0.3%

    4.7%

    7.0%

    8.3%

    9.2%

    9.8%

    Non-residential real property

    0.2%

    1.9%

    3.2%

    4.4%

    5.6%

    6.7%

    Residential real property

    0.1%

    1.6%

    2.6%

    3.4%

    4.2%

    5.1%

    Collectables and personal use assets

    <0.1%

    <0.1%

    0.1%

    0.1%

    0.1%

    0.1%

    Other assets

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    Crypto-currency

    0.4%

    0.9%

    1.2%

    1.4%

    1.7%

    2.0%

    Overseas shares

    <0.1%

    0.1%

    0.1%

    0.2%

    0.2%

    0.3%

    Overseas non-residential real property

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    Overseas residential real property

    <0.1%

    <0.1%

    0.1%

    0.1%

    0.1%

    0.1%

    Overseas managed investments

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    Other overseas assets

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    <0.1%

    Total

    8.6%

    29.0%

    42.9%

    55.6%

    68.7%

    83.4%

    Table 34: Asset concentration by phase

    This table shows the distribution of SMSFs in accumulation or retirement phase that have 50% or more of their assets by value invested in one particular asset class.

    SMSF asset concentration by phase, 30 June 2019

    Asset concentration

    % of SMSFs in accumulation phase

    % of SMSFs in retirement phase

    100%

    10.7

    6.1

    >=90%

    35.1

    21.5

    >=80%

    50.4

    33.7

    >=70%

    63.0

    46.5

    >=60%

    75.0

    61.0

    >=50%

    87.7

    78.3

    Data issues

    Changes in ATO data collection methods from year to year affect comparisons of SMSF data across years.

    In 2013, the SMSF annual return was changed to improve data collection on SMSF asset holdings and expenses. The main label changes affecting analysis were as follows:

    • Sub-labels were added to report on the types of assets held under limited recourse borrowing arrangements (LRBA). Also, the return form instructions were updated to clarify how LRBA investments should be reported, which has led to increases of LRBA assets reported by SMSFs since 2013.
    • New labels were added to report on ‘non-deductible expenses’ incurred by SMSFs, particularly those in retirement phase. The relevant non-deductible expense items have been incorporated into the calculation of 'total operating expenses' in the net flow of funds analysis.

    Data limitations and differences in methodologies affect comparison of SMSFs with non-SMSF sectors.

    Rounding of figures may cause minor discrepancies to totals. For example, some proportions are rounded to zero but are not equal to zero.

    In 2010, the ATO introduced a new integrated core processing system for the collection and handling of data, which has affected the reproduction of certain historical SMSF data. Continual improvements will be made to the methodologies for reporting SMSF information, which may result in changes to figures in the future.

    Differences in methodologies

    Differences in methodologies may include:

    • Valuation and accounting practices might lead to incorrect calculations of return on assets (ROA). In particular, APRA-regulated funds must report assets at market value, while SMSFs are required to value all assets at their market value for the 2012–13 and future years.
    • Treatment of tax might differ between APRA-regulated funds and many SMSFs. APRA funds generally make full provision for income tax on an accrual's basis, as do many SMSFs. However, SMSFs are not required to do this and many do not – in which case, the fund is effectively taxed on a cash basis.
    • Exemption from income tax on investment earnings for funds in retirement phase means these funds have higher after-tax returns than an identically invested accumulation fund. Given that SMSFs have a proportionately higher number of member accounts in retirement phase, there is potential for the ROA of the whole SMSF population to be overstated.
    • Costs may be under or overstated because cost amounts for SMSFs are based on amounts included in the SMSF annual return rather than actual expenditure on fund costs. Such costs could include
      • life insurance and related covers, if only a portion of the premium is deductible depending on the type of insurance cover
      • opportunity costs, because the cost of a trustee’s time and effort in operating the SMSF are not captured. These costs are more likely to be reflected in APRA funds
      • costs incurred in retirement phase SMSFs, where only a part of an SMSF's total expenditure is tax deductible because the fund is not entitled to a deduction for expenses incurred in deriving exempt income
      • invisible costs, which potentially arise when assets are held through an external investment structure, such as a trust or managed investment scheme, rather than directly. Under these circumstances, fees charged by the investment structure will be expensed within the structure and only the net return remitted to the SMSF via distributions. This will not undermine the ROA calculation, because whether the expenses are incurred directly or in another vehicle, the net return to the SMSF is identical. However, the fees charged by the investment structure will not be taken into account in operating expense calculations because the calculations only capture expenses actually occurring within the SMSF. This can occur in both SMSFs and APRA funds
      • advice costs, because how (and whether) advice is received and paid for also affects comparisons
      • establishment costs, which are incurred by SMSF members but, due to their capital nature, are not deductible or able to be amortised over a defined life.
       
    • Management expense ratios of public offer funds. There are a number of membership features in a public offer super fund that make its published management expense ratios not directly comparable with the operating expense ratio of an SMSF (such as contribution fees, buy/sell spreads, insurance premiums and exit fees).
    • Number rounding has been used to comply with privacy legislation and regulations and some cells in some tables have been aggregated. However, this does not affect the total number of records or the total amounts.

    See also:

      Last modified: 26 Feb 2021QC 64920