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: