SMSF profile

On this page

• Size of the SMSF sector
• Establishments and wind-ups
• Growth of SMSF assets
• Contributions, rollovers and benefit payments
• SMSFs by payment phase
• SMSF structure
• Service providers
• Compliance

Size of the SMSF sector

At 30 June 2021:

• there were almost 598,000 SMSFs, an increase of 4% on the previous year, and an increase of 6% over the five years from 2016–17.
• there were almost 1.115 million members of SMSFs.
• SMSFs collectively held $822 billion (25%) of the $3.3 trillion in super assets under management^Footnote1.

Graph 1: Total super assets by fund type at 30 June 2016, 30 June 2020, and 30 June 2021

See table 1 and table 2 of the Data tables (XLXS 611KB)This link will download a file.

Establishments and wind-ups

In the five years to 2020–21, the number of SMSFs grew by an annual average of 1.7%, with an average of 25,000 new funds established annually (around 2,100 per month).

30,000 SMSFs were established in 2016–17, dropping to 20,000 in 2018-19, then growing to 25,000 in 2020–21.

Our most recent lodgment data for 2019–20 shows that:

• average SMSF assets on establishment were $391,000, up 5% from $372,000 in 2015–16 and down 4% from $407,000 in 2018–19
• median SMSF assets on establishment were $260,000, up 12% from $232,000 in 2015–16, and down 3% from $269,000 in 2018–19
• more than half (62%) of SMSFs had been established for more than 10 years, while 11% had been established for three years or less.

Approximately 15,900 SMSFs wound up in 2019-–20, compared to an annual average of 17,300 for the five years to 2019–20. Of the SMSFs that wound up in 2019–20:

• the average assets held in the year before wind-up was $487,000, up from $318,000 for funds that wound up in 2015–16, and $443,000 for funds that wound up in 2018–19
• the median assets held in the year before wind-up was $293,000, up from $161,000 for funds that wound up in 2015–16 and $255,000 for funds that wound up in 2018–19
• 39% reported assets of $200,000 or less in the year before their wind-up, down from 55% of funds that wound up in 2015–16, and 42% of funds that wound up in 2018–19
• 59% were in accumulation phase and 41% were in retirement phase
• the average period from establishment to wind-up was 11.5 years.

See table 1, table 3, table 4, table 6 and table 7 of the Data tables (XLXS 611KB)This link will download a file.

Growth of SMSF assets

At 30 June 2021, SMSF assets totalled $822.0 billion.^Footnote2 This represents an increase of $224.3 billion, or 38%, in the five years to 30 June 2021.

In the 12 months from the 2020 to the 2021 financial year, SMSF assets grew by $80.1 billion, or 11%.

At 30 June 2020:

• SMSFs had assets of over $1.3 million on average, the same as the previous year and up 20% from 2015–16
• the median SMSF asset size was $734,000, up 2% from the previous year and 23% from 2015–16.

See table 2 and table 5 of the Data tables (XLXS 611KB)This link will download a file.

Contributions, rollovers and benefit payments

Contributions

• Total contributions to SMSFs were $17.9 billion in 2019–20, a 4% increase from $17.2 billion in 2018–19, and a 41% decrease from $30.5 billion in 2015–16.
• Member contributions rose by 7% to $12.6 billion from $11.8 billion in 2018–19.
• Employer contributions dropped by 2% to $5.4 billion from $5.5 billion in 2018–19.
• The level of contributions is well below what it was in 2015–16 when member contributions were $23.5 billion and total contributions were $30.5 billion. This is largely attributed to the lowering of the contribution caps from the 2017–18 year.
• Average member contributions increased to $54,000 from $51,000 in 2018–19. Median member contributions rose from $19,000 to $20,000 over the same period.
• Average employer contributions remained the same at $19,000 in 2018–19 and 2019–20. Median employer contributions also remained constant at $16,000 over the same period.

Graph 2: Split of contributions to SMSFs by type and total, 2015–16 to 2019–20

In 2019–20, total contributions to SMSFs accounted for 13% of all super contributions made in the superannuation sector^Footnote3, with:

• member contributions to SMSFs accounting for 34% of member contributions to all super accounts
• employer contributions to SMSFs accounting for 5% of employer contributions to all super accounts.

A new label for proceeds from primary residence disposal was introduced to the 2018–19 SMSF annual return to capture data on trustees utilising the Downsizer measure. These contributions are included with member contributions.

• In 2018–19, 1,709 members of SMSFs reported a total of $439 million at this label. The average contribution per member was $257,000 and the median was $300,000.
• In 2019–20, 2,344 members reported a total of $596 million at the proceeds from primary residence disposal label. The average contribution per member as $254,000 and the median was $300,000.

Graph 3: Contributions to SMSFs as a proportion of the superannuation sector by type and total, 2015–16 to 2019–20

Rollovers

Rollovers reported in 2019–20 include:

• $12.5 billion rolled into SMSFs, up 1% from 2018–19 and down 14% from 2015–16
• $8.6 billion rolled out of SMSFs, down 6% from 2018–19, and up 62% from 2015–16.

Benefit payments

Benefit payments include lump sum, income stream, transition to retirement and combination of payments.

Total SMSF benefit payments were $32.4 billion in 2019–20, a drop of 5% from $34.3 billion in 2018–19, and from $34.0 billion in 2015–16.

In 2019–20:

• The average benefit payment per SMSF was $105,000, a 12% drop from 2018–19 and an 11% decrease from 2015–16.
• The median benefit payment per SMSF was $55,000, a 21% decrease from 2018–19 and a 12% decrease from 2015–16.
• The number of SMSF members receiving a benefit payment dropped by 8% from 2018–19 and by 11% from 2015–16.
• 62% of total benefit payments by SMSFs were in the form of an income stream, including transition to retirement income streams.
• Transition to retirement income streams made up 2.5% of total benefit payments, down from 3.3% in the previous year and 11.9% in 2015–16.

Over the five years to 30 June 2020, there was an overall net outflow of funds from SMSFs of $64.2 billion. This was mainly due to significantly higher benefit payments against contributions from the 2017–18 year onwards.

Graph 4: Benefit payments from SMSFs by type and total, 2015–16 to 2019–20

See table 8, table 9, table 10 and table 11 of the Data tables (XLXS 611KB)This link will download a file.

SMSFs by payment phase

In 2019–20:

• 55.1% of SMSFs were wholly in accumulation phase, down from 57.9% in 2018–19, and 56.3% in 2015–16
• 35.3% were wholly in retirement phase, up from 32.8% in 2018–19 and 32.7% in 2015–16
• the remaining 9.6% of SMSFs were in partial accumulation and retirement phase, up from 9.3% in 2018–19, and down from 11% in 2015–16
• 45% of SMSFs made retirement benefit payments to at least one member in 2019–20, up from 42% in 2018–19, and 44% in 2015–16
• of the SMSFs that started to make retirement benefit payments, 67% of the funds were more than five years old and 9% were less than two years old.

See table 12 and table 13 of the Data tables (XLXS 611KB)This link will download a file.

SMSF structure

At 30 June 2021, 65% of all SMSFs had a corporate trustee.^Footnote4 This is compared to new registrations during the 2020–21 year when 85% of SMSFs were established with a corporate trustee.

SMSFs with two members continue to be the dominant structure, accounting for 69% of SMSFs at 30 June 2020. SMSFs with a single member made up 24% of funds. Those with three members make up 3% of SMSFs and those with four member SMSFs making up 4%.^Footnote5

From 1 July 2021, SMSFs have been permitted to register 6 members. Data regarding this change is not yet available and will be published in future SMSF statistical publications.

See table 14 of the Data tables (XLXS 611KB)This link will download a file.

Service providers

In 2019-20:

• SMSFs used the services of around 4,600 SMSF auditors and 13,800 tax agents
• 47% of SMSF auditors performed five to 50 SMSF audits, and 27% of SMSF auditors performed 51 to 250 audits.
• 7% of SMSF auditors conducted more than 250 audits, representing 59% of total SMSF audits
• the average audit fee was $660, and the median audit fee was $550
• 99% of SMSFs used a tax agent to lodge their 2019–20 SMSF annual return. For these agents, the average number of SMSF clients was 31 and the median was 9.

See table 15, table 16 and table 17 of the Data tables (XLXS 611KB)This link will download a file.

Auditor Contravention Reports

The number of auditor contravention reports (ACRs) reported by approved SMSF auditors was 2.6% of the total number of lodging SMSFs^Footnote6:

• In 2020–21, ACRs were lodged for 13,900 SMSFs, reporting 40,200 contraventions. Just under half (45%) of all contraventions were reported as rectified.
• The most commonly reported contraventions continued to be loans or financial assistance to members (20%), while in-house assets and separation of assets constituted 17% and 13% respectively. 

See table 18 of the Data tables (XLXS 611KB)This link will download a file.

Member profile

On this page

• SMSF member demographics
• SMSF member balances

SMSF member demographics

At 30 June 2021:

• there were 1.114 million SMSF members, of whom 53% were male and 47% female^Footnote7
• both the average and median age for all SMSF members was 61 years.

Our most recent lodgment data for 2019–20 shows that:

• 40% of members were in retirement phase, compared to 38% in 2018–19 and 39% in 2015–16
• 5% of SMSF members receiving retirement benefit payments reported they were also receiving the age pension
• 33% of SMSF members also had entitlements in non-SMSF super funds, compared with 38% in 2018–19 and 39% in 2015–16
• the average taxable income of all SMSF members was $116,000, while the median taxable income was $65,000^Footnote8
• the median age of SMSF members of newly established funds was 46 years.

See table 19 and table 20 of the Data tables (XLXS 611KB)This link will download a file.

SMSF member balances

At 30 June 2020:

• the average SMSF member balance was $696,000, up 1% from 2018–19, and 21% from 2015–16
• the median SMSF member balance was $415,000, up 3% from 2018–19 and 23% from 2015–16
• the average member balance for female members was $644,000, up 1% from 2018–19 and 23% from 2015–16. The median member balance for females was $307,000, up 6% from 2018–19
• the average member balance for male members was $768,000, down less than 1% from 2018–19 and up 19% from 2015–16. The median member balance for males was $385,000, up 3% from 2018–19.
• 43% of SMSF members had balances of $200,001 to $1 million
• 1% of SMSF members had balances of over $5 million
• 94% of SMSF members had a balance below $1.6 million, with 6% reporting balances over $1.6m
• the average member balance for funds established in 2019–20 was $210,000, a decrease of 2% from 2018–19 and an increase of 9% from funds established in 2015–16
• the median member balance for funds established in 2019–20 was $130,000, an increase of 1% from 2018–19 and 19% from 2015–16
• over the five years to 30 June 2020, the proportion of SMSF members with balances of $1 to $200,000 fell from 40% to 33%.

See table 5, table 6, table 21 and table 22 of the Data tables (XLXS 611KB)This link will download a file.

Investment profile

On this page

• Investment performance
• SMSF expenses
• SMSF asset allocation
• Diversification
• Property investment
• SMSF borrowings
• Limited recourse borrowing arrangement (LRBA) assets

Investment performance

In this report, we have updated the methodology used to calculate SMSF investment performance. This is an indicator of performance across the entire SMSF sector and is not a direct comparison to APRA fund investment performance as the data inputs and methodology used are different.

The estimated SMSF return on assets (ROA) continues to show a direct relationship to SMSF size. Generally, the larger the SMSF asset holding, the higher the ROA:

• The proportion of SMSFs recording a zero or negative ROA improved from 48% in 2015–16 to 26% in 2018–19, but then plummeted to 61% in 2019–20. This drop in 2019–20 is most likely due to the effect of COVID-19 on financial markets during the last quarter of the 2020 financial year.
• The proportion of funds with an ROA of greater than 5% increased from 18% in 2015–16 to 46% in 2018–19, then dropped to 16% in 2019–20.
• In 2019–20 the average ROA for SMSFs was 0.7%, down from 7.3% in 2018–19 and 3.7% in 2015–16.
• In 2019–20 the median ROA for SMSFs was -1.6%, down from 4.3% in 2018–19, and 0.2% in 2015–16.

Graph 5: Average and median returns for SMSFs, 2015–16 to 2019–20

See table 23 and table 24 of the Data tables (XLXS 611KB)This link will download a file.

SMSF expenses

In 2019–20:

• the average total expense ratio was 1.16% or $15,300, down 4% from $15,900 in 2018–19, and up 10% from $13,900 in 2015–16
• median total expenses were $8,200, the same as in 2018–19, and up 16% from $7,100 in 2015–16
• SMSFs in retirement phase incurred lower average total expenses ($14,300) than funds solely in accumulation phase ($16,100)
• average operating expenses were $6,200, down from $6,400 in 2018–19, and the same as 2015–16. The average operating expense ratios were 0.47%, 0.5% and 0.57% respectively.
• median operating expenses were $4,000, the same as 2018–19 and up from $3,900 in 2015–16.

While the average total expense ratio is highest for lower balance SMSFs, the total dollar value of average and median expenses increased as fund size increased. For example, in 2019–20:

• in the $1 to $50,000 asset range the average total expense ratio was 17.6%, average expenses were $4,400 and median expenses were $2,000
• in the greater than $2 million asset range the average total expense ratio was 0.7% but average expenses were $28,600 and median expenses were $15,900.

Graph 6: SMSF average and median expenses and total borrowings, 2015–16 to 2019–20

Interest expense within Australia has dropped from 2018–19 to 2019–20. This follows several years of steady growth due to the rise in SMSF investment in LRBAs. In 2019–20, 11.3% of SMSFs reported an LRBA, down slightly from 11.6% in 2018–19, and up from 7.4% in 2015–16. Borrowings also decreased as a result of the drop in investment in LRBAs, from $25.1 billion in 2018–19 to $23.8 billion in 2019–20, leading to decreasing average and median interest expenses within Australia. In 2019–20 almost 95% of borrowings were for LRBA purposes.

The following graphs show a breakdown of expenses reported by SMSFs by the asset range of the fund in 2019–20. The first graph shows that in general the average expense for each expense type rises as the size of the fund increases. A noticeable exception is overseas interest expenses and forestry managed investment scheme expenses due to the small population reporting expenses at this label. The second graph shows a similar trend for median expenses except for interest (both Australian and overseas), where SMSFs with balances up to $1 million have higher median interest expenses than larger funds.

Graph 7a: Average expense by expense type and asset range, 2019–20

Graph 7b: Median expense by expense type and asset range, 2019–20

See table 25, table 26 and table 27 of the Data tables (XLXS 611KB)This link will download a file.

SMSF asset allocation

At 30 June 2020:

• SMSFs held 24% of their assets in indirect investments (trusts and managed investments)
• SMSFs held 47% of their assets in either Australian listed shares or cash and term deposits
• 75% of all SMSF assets are held in one of the following five investments: Australian listed shares, cash and term deposits, unlisted trusts, non-residential real property and LRBA assets.

As an SMSF’s total assets increased, the proportion of assets held in cash and term deposits and 'other assets' tended to fall significantly while the proportion of assets held in trusts, LRBAs and non-residential property tended to increase.

Graph 8: SMSF asset allocation, 30 June 2020

SMSFs in retirement phase had very similar asset allocations to SMSFs in accumulation phase. The only noticeable differences were that SMSFs in retirement phase tended to favour listed shares, while accumulation phase funds held a greater proportion in LRBAs.

Funds in retirement phase held 64% of total SMSF assets. This reflects a small increase, up one percentage point from 2018–19 but down two percentage points over the five years from 2015–16.

See table 28, table 29 and table 30 of the Data tables (XLXS 611KB)This link will download a file.

Diversification

Generally, smaller SMSFs have less investment diversification than larger SMSFs. At 30 June 2020:

• cash and term deposits were the sole asset held by 6% of SMSFs
• 8% of SMSFs held all their investments in one asset class, consistent with 2018–19 and down from 11% in 2015–16
• 40% of SMSFs with assets $50,000 or less held all their assets in one asset class, compared to less than 16% of SMSFs with assets over $500,000
• 40% of SMSFs held 50% or more of their assets in either cash and term deposits or listed shares

See table 31, table 32, table 33 and table 34 of the Data tables (XLXS 611KB)This link will download a file.

Property investment

The growth in the value of property held by SMSFs is attributed to both new investment and the rising value of Australian real property. SMSFs invest in real property both directly and through LRBAs:

• Total SMSF investment in real property has grown to $157.2 billion in 2019-20, up from $154.3 billion in 2018–19 and $118.2 billion in 2015–16.
• Direct investment in non-residential real property grew by 8% from $65.2 billion in 2015–16 to $70.8 billion in 2019–20. Investment in 2018–19 was $69.4 billion.
• Residential property investment has risen over the past five years, increasing by 35% from $28.3 billion in 2015–16 to $38.3 billion in 2019–20. Investment in 2018–19 was $37.0 billion.
• Overall SMSF investment in residential real property, both directly and through LRBAs, was $64.4 billion in 2019–20, representing 0.9% of the total Australian residential property market of $7,138.2 billion^Footnote9.
• In 2019–20, residential property investment was highest in the $200,000 to $2 million range, where 6% of SMSF assets are invested in this asset type.
• In contrast, investment in non-residential real property increased as fund size grew, peaking at 13% of assets in the over $20 million to $50 million range, before dropping to 10% for funds with assets exceeding $50 million.

Graph 9: SMSF investment in real property, 2015–16 to 2019–20

See table 28 of the Data tables (XLXS 611KB)This link will download a file.

SMSF borrowings

At 30 June 2020:

• 12% of SMSFs held total borrowings of $23.8 billion and equating to 3% of the total value of SMSF assets
• the average value of total borrowings was $340,000, down from $353,000 in 2018–19, and $378,000 in 2015–16
• the median value of total borrowings was $258,000, down from $264,000 in both 2018–19 and $270,000 in 2015–16
• 95% of the total value of borrowings reported by SMSFs was for LRBA assets. The average value of borrowings for LRBA purposes was $345,000, down from $360,000 in 2018–19.

Over the five years to 2019–20, on average 91% of SMSFs with borrowings were in accumulation phase, while 9% were in retirement phase.

See table 28 of the Data tables (XLXS 611KB)This link will download a file.

Limited recourse borrowing arrangement (LRBA) assets

In 2019–20:

• the number of SMSFs reporting LRBAs was 11.3%, down from 11.6% in 2018–19 and 7.4% in 2015–16
• SMSFs reported borrowings for LRBA purposes of $17.6 billion
• LRBAs made up 6.8% of the total value of all SMSF assets, consistent with 2018–19 and up from 4.5% in 2015–16
• assets owned through LRBAs had grown to $50.3 billion, up from $50.0 billion 2018–19 and $26.5 billion in 2015–16
• of the $50.3 billion of assets held under LRBAs, 96% ($48.2 billion) is related to real property. This was split between residential ($26.2 billion or 52%) and non-residential real property ($22.1 billion or 44%).

A new label was introduced in the 2020 SMSF annual return to record the number of real properties that an SMSF holds under an LRBA arrangement. 84% of SMSFs reported holding one property, 9% reported holding two properties and 3% reported holding three or more. The remainder (5%) reported holding no properties.

Graph 10: Total LRBA assets and proportion of SMSFs reporting LRBAs, 2015–16 to 2019–20

See table 28 and table 29 of the Data tables (XLXS 611KB)This link will download a file.

Data tables

The main source of data for these tables is 2019–20 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 2021.

You can download all the data tables in Excel format – see Data tables (XLXS 611KB)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
• Table 2: Australian superannuation sector
• Table 3: SMSF age distribution
• Table 4: Wind-ups by asset size, average and median assets and fund phase
• Table 5: Average and median asset sizes
• Table 6: Asset sizes in establishment year
• Table 7: Asset ranges by fund size in year of establishment
• Table 8: Contribution flows
• Table 9: Rollover flow (into and out of SMSFs)
• Table 10: Benefit payments
• Table 11: SMSF net fund flow
• Table 12: SMSFs by payment phase
• Table 13: SMSF fund size and SMSF member account balances, by phase
• Table 14: SMSF trustee type
• Table 15: Audits performed by SMSF auditors
• Table 16: SMSF auditor fees
• Table 17: SMSF annual return lodgments per tax agent
• Table 18: Contraventions reported to the ATO by type
• Table 19: Age ranges of SMSF members
• Table 20: SMSF members and non-SMSF members
• Table 21: Gender statistics
• Table 22: Asset ranges, by fund size and member account balance
• Table 23: Average returns for SMSFs and APRA-regulated funds
• Table 24: Average return on assets by fund size and age
• Table 25: Expenses
• Table 26: Average expense ratios
• Table 27: Average expense ratios by fund size
• Table 28: Asset allocations
• Table 29: SMSF population holding assets
• Table 30: SMSF asset allocations, by fund phase
• Table 31: Asset concentrations
• Table 32: Asset concentration by fund size
• Table 33: Asset concentration by asset type
• Table 34: Asset concentration by phase

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 2021.

SMSF population and assets, 2016–17 to 2020–21

	2020–21	2019–20	2018–19	2017–18	2016–17
Establishments	25,312	21,723	20,341	25,332	30,306
Wind ups	2,187	15,856	17,252	24,898	14,849
Net establishments	23,125	5,867	3,089	434	15,457
Total SMSFs	597,900	574,775	568,908	565,819	565,385
Total members	1,114,529	1,071,788	1,067,106	1,060,953	1,065,547
Total assets ($m)	$822,045	$741,859	$732,324	$693,674	$663,175

Annual SMSF growth

SMSFs	2020–21	2019–20	2018–19	2017–18	2016–17	2015–16
Total SMSFs	597,900	574,775	568,908	565,819	565,385	549,928
Growth	4.0%	1.0%	0.5%	0.1%	2.8%	–

Table 2: Australian superannuation sector

This table shows:

• total assets held in APRA-regulated funds, SMSFs and other funds at 30 June 2016 and 30 June 2021
• the percentage change from June 2016 to 2021
• the proportion for each fund type at 30 June 2021.

These figures are sourced from the APRA June 2021 Quarterly Superannuation Performance Statistics, 24 August 2021, Key Statistics Table and the Self-managed super fund quarterly statistical report – June 2021.

Assets by fund type

Fund Type	Assets at 30 June 2021 ($b)	Proportion (%) 30 June 2021	Assets at 30 June 2020 ($b)	Assets at 30 June 2016 ($b)	Change in assets from 2016 to 2021 (%)
Corporate	$61.1	1.8%	$57.2	$54.6	12%
Industry	$927.1	28.1%	$747.4	$466.4	99%
Public Sector	$584.2	17.7%	$530.5	$223.9	161%
Retail	$688.5	20.8%	$593.2	$545.3	26%
SMSFs	$822.0	24.9%	$741.9	$597.7	38%
Other(a)	$220.3	6.7%	$210.0	$188.8	17%
Total	$3,303.2	100%	$2,880.2	$2,076.7	59%
(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 2021

SMSF age in years from establishment	Proportion of SMSFs
In 1st year of establishment	4.1%
>1 – 2 years	3.4%
>2 – 3 years	3.2%
>3 – 5 years	8.5%
>5 – 10 years	19.2%
>10 years	61.7%
N/A	0.0%
Total	100%
Average SMSF age (years)	11.63
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
• average period in years from establishment of SMSFs to wind-up.

Distribution of SMSFs by fund size in year before wind-up, 2015–16 to 2019–20

Fund size	2019-20	2018-19	2017-18	2016-17	2015-16
>$0-$50k	17.0%	17.7%	20.1%	21.7%	26.4%
>$50k-$100k	8.5%	8.9%	9.5%	10.4%	11.6%
>$100k-$200k	13.6%	15.7%	17.1%	17.4%	17.4%
>$200k-$500k	29.5%	29.9%	29.2%	28.1%	25.8%
>$500k-$1m	19.6%	17.8%	16.5%	15.3%	12.8%
>$1m-$2m	8.8%	7.6%	6.0%	5.1%	4.5%
>$2m-$5m	2.7%	2.0%	1.5%	1.7%	1.3%
>$5m	0.3%	0.3%	0.2%	0.3%	0.2%
Total	100%	100%	100%	100%	100%

Distribution of SMSFs in year of wind up by fund phase, 2015–16 to 2019–20

Fund Phase	2019–20	2018–19	2017–18	2016–17	2015–16
Accumulation	59.2%	59.5%	75.0%	66.9%	68.0%
Retirement	40.8%	40.5%	25.0%	33.1%	32.0%
Total	100%	100%	100%	100%	100%

SMSF average assets in year before wind-up by fund phase, 2015–16 to 2019–20

Fund phase	2019–20	2018–19	2017–18	2016–17	2015–16
Accumulation	$323,137	$302,372	$267,653	$264,032	$216,472
Retirement	$686,974	$620,708	$533,216	$563,182	$478,574
All SMSFs	$487,299	$442,862	$381,328	$374,981	$318,118

SMSF median assets in year before wind-up by fund phase, 2015–16 to 2019–20

Fund phase	2019–20	2018–19	2017–18	2016–17	2015–16
Accumulation	$167,031	$154,930	$138,394	$131,059	$94,527
Retirement	$475,710	$426,550	$376,816	$365,399	$303,793
All SMSFs	$293,089	$255,031	$222,089	$200,844	$160,856

Average period (years) from establishment of SMSFs to wind-up, 2015–16 to 2019–20

Average	2019–20	2018–19	2017–18	2016–17	2015–16
Number of Years	11.5	11.1	11.2	10.0	9.0

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 2020.

To ensure consistency, the figures used in the first table are those reported in the Self-managed super fund quarterly statistical report – June 2021.

SMSF average and median asset sizes, 2015–16 to 2019–20

Assets	2019–20	2018–19	2017–18	2016–17	2015–16
Average assets per member	$695,757	$690,656	$657,543	$627,471	$577,159
Median assets per member	$414,912	$404,632	$382,380	$363,908	$338,631
Average assets per SMSF	$1,300,728	$1,296,648	$1,235,784	$1,180,824	$1,088,126
Median assets per SMSF	$733,926	$718,540	$679,079	$646,862	$604,431

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	$427,945	$648,369	$1,575,594	$1,043,464
Member median balance	$204,175	$552,462	$638,461	$1,047,526

Member balances by phase, 30 June 2020

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	$431,514	$621,580	$1,533,311	$1,024,160
Member median balance	$213,823	$526,511	$730,377	$1,049,852

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, 2015–16 to 2019–20

Assets	2019–20	2018–19	2017–18	2016–17	2015–16
Average assets per member account balance	$209,965	$213,845	$207,645	$262,039	$192,504
Median assets per member account balance	$129,500	$127,814	$121,250	$138,101	$109,244
Average assets per SMSF	$390,892	$406,645	$396,290	$490,286	$371,873
Median assets per SMSF	$259,588	$268,552	$257,860	$297,820	$231,709

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, 2015–16 to 2019–20

Fund asset range	2019–20	2018–19	2017–18	2016–17	2015–16
$0–$50k	11.1%	11.1%	12.6%	10.5%	14.6%
>$50k–$100k	9.0%	9.4%	9.6%	8.1%	9.9%
>$100k–$200k	19.5%	18.1%	18.2%	17.3%	19.8%
>$200k–$500k	35.5%	35.4%	34.7%	32.3%	32.1%
>$500k–$1m	18.1%	18.5%	18.0%	20.4%	16.7%
>$1m–$2m	5.6%	5.8%	5.5%	8.7%	5.6%
>$2m–$5m	1.1%	1.6%	1.2%	2.5%	1.2%
>$5m	0.1%	0.1%	0.2%	0.3%	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 2021.

For additional data on member and employer contributions by member age and gender, see Data tables (XLXS 611KB)This link will download a file.

Total SMSF contributions, 2015–16 to 2019–20

Contribution type	2019–20 ($m)	2018–19 ($m)	2017–18 ($m)	2016–17 ($m)	2015–16 ($m)
Member	$12,556	$11,773	$11,083	$32,557	$23,533
Employer	$5,357	$5,468	$5,715	$7,042	$6,944

Mean SMSF contributions (per member), 2015–16 to 2019–20

Contribution type	2019–20	2018–19	2017–18	2016–17	2015–16
Member	$37,766	$35,721	$33,652	$90,209	$67,251
Employer	$12,553	$12,846	$13,136	$16,151	$16,199

Median SMSF contributions (per member), 2015–16 to 2019–20

Contribution type	2019–20	2018–19	2017–18	2016–17	2015–16
Member	$16,000	$15,000	$14,879	$22,529	$16,614
Employer	$10,000	$10,409	$10,758	$12,000	$12,000

Contributions to SMSFs as a proportion of total super contributions, 2015–16 to 2019–20

Contribution type	2019–20	2018–19	2017–18	2016–17	2015–16
Member	34.0%	34.0%	35.0%	50.7%	51.8%
Employer	5.3%	5.6%	6.1%	7.6%	7.8%
Total SMSF	12.9%	13.1%	13.4%	25.3%	22.6%

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 2021.

Total SMSF rollovers, 2014–15 to 2018–19

Rollover type	2019–20 ($m)	2018–19 ($m)	2017–18 ($m)	2016–17 ($m)	2015–16 ($m)
Inward	$12,503	$12,424	$14,594	$17,414	$14,560
Outward	$8,583	$9,079	$8,206	$8,544	$5,308

Mean SMSF rollovers, 2015–16 to 2019–20

Rollover type	2019–20	2018–19	2017–18	2016–17	2015–16
Inward	$146,008	$189,681	$211,411	$239,138	$194,584
Outward	$380,521	$366,342	$359,334	$440,382	$297,114

Median SMSF rollovers, 2015–16 to 2019–20

Rollover type	2019–20	2018–19	2017–18	2016–17	2015–16
Inward	$19,321	$50,000	$70,000	$77,243	$77,285
Outward	$141,493	$141,636	$128,311	$120,000	$80,996

Distribution of total inward rollovers by fund size, 2015–16 to 2019–20

Fund size	2019–20	2018–19	2017–18	2016–17	2015–16
$0	1.1%	0.9%	0.7%	0.5%	0.4%
>$0–$50k	0.7%	0.6%	0.7%	0.5%	0.5%
>$50k–$100k	1.2%	1.2%	1.3%	1.1%	1.6%
>$100k–$200k	5.2%	4.7%	5.1%	4.9%	7.1%
>$200k–$500k	20.1%	19.7%	20.2%	17.6%	22.7%
>$500k–$1m	22.6%	22.3%	22.6%	18.3%	22.9%
>$1m–$2m	21.8%	21.4%	21.6%	18.8%	20.8%
>$2m–$5m	18.6%	20.9%	18.7%	22.7%	16.1%
>$5m–$10m	5.1%	5.3%	5.5%	9.0%	5.3%
>$10m–$20m	3.1%	2.2%	2.7%	4.4%	2.0%
>$20m–$50m	0.5%	0.7%	0.4%	1.9%	0.4%
>$50m	<0.1%	0.1%	0.5%	0.3%	0.3%
Total	100%	100%	100%	100%	100%

Distribution of total outward rollovers by fund size, 2015–16 to 2019–20

Fund size	2019–20	2018–19	2017–18	2016–17	2015–16
$0	39.8%	37.1%	32.2%	21.4%	26.6%
>$0–$50k	12.8%	13.7%	11.6%	8.4%	9.3%
>$50k–$100k	1.5%	1.9%	1.7%	1.5%	1.3%
>$100k–$200k	1.7%	2.1%	1.9%	1.5%	2.0%
>$200k–$500k	4.8%	4.8%	4.7%	4.1%	5.8%
>$500k–$1m	7.7%	7.4%	8.2%	6.3%	10.5%
>$1m–$2m	10.9%	10.9%	12.2%	11.3%	14.3%
>$2m–$5m	13.7%	14.2%	17.1%	24.8%	18.4%
>$5m–$10m	3.6%	4.9%	5.1%	11.3%	7.0%
>$10m–$20m	2.8%	2.4%	2.7%	6.5%	3.5%
>$20m–$50m	0.6%	0.5%	1.6%	2.4%	0.7%
>$50m	0.1%	0.2%	1.0%	0.5%	0.7%
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 of payments.

The figures for total benefit payments are consistent with those reported in the Self-managed super fund quarterly statistical report – June 2021. The average and median figures are based on SMSF annual returns.

SMSF benefit payments (per SMSF), 2015–16 to 2019–20

SMSF benefit payments	2019–20	2018–19	2017–18	2016–17	2015–16
Total ($m)	$32,435	$34,269	$32,868	$42,509	$33,971
Average ($)	$104,843	$118,642	$114,336	$145,150	$118,380
Median ($)	$54,590	$69,000	$66,000	$66,500	$62,226

Distribution of total SMSF benefit payments by type, 2015–16 to 2019–20

Type of benefit	2019–20	2018–19	2017–18	2016–17	2015–16
Income stream	59.8%	64.3%	64.9%	77.9%	76.5%
Lump sum	37.8%	32.4%	30.6%	13.7%	11.6%
Transition to retirement	2.5%	3.3%	4.5%	8.4%	11.9%
Total	100%	100%	100%	100%	100%

Distribution of SMSF members receiving benefit payments by age, 2019–20

Age range	% of members receiving benefit payments	Average member benefit payment	Average member balance(b)
<55	5.0%	$17,805	$366,926
55–59	2.8%	$39,301	$871,651
60–64	14.9%	$66,464	$1,085,365
65–69	25.9%	$69,355	$1,105,714
70–74	26.0%	$66,557	$1,141,528
>74	25.3%	$85,947	$1,188,560
Unknown(c)	<0.1%	$197,483	$1,334,106
Total	100%	$69,007	$1,089,469

(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 Data tables (XLXS 611KB)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 2015–16 to 2019–20 financial years.

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

Flow type	2019–20 ($m)	2018–19 ($m)	2017–18 ($m)	2016–17 ($m)	2015–16 ($m)
Total contributions	$17,913	$17,241	$16,798	$39,599	$30,477
Net transfers	$3,920	$3,345	$6,388	$8,870	$9,252
Benefit payments	$32,435	$34,269	$32,868	$42,509	$33,971
Total expenses	$8,769	$8,941	$8,463	$8,033	$7,700
Net fund flow	$19,371	$22,623	$18,144	$2,072	$1,942

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 2020 by year

Payment phase	2019–20	2018–19	2017–18	2016–17	2015–16
Accumulation	55.1%	57.9%	58.7%	58.9%	56.3%
Partial retirement phase	9.6%	9.3%	9.2%	10.5%	11.0%
Full retirement phase	35.3%	32.8%	32.1%	30.6%	32.7%
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 2020.

Distribution of SMSFs by phase and asset range, 2019–20

Asset range	Accumulation phase	Retirement phase
$0–$50k	7.2%	3.8%
>$50k–$100k	4.4%	0.7%
>$100k–$200k	9.9%	2.4%
>$200k–$500k	29.2%	13.6%
>$500k–$1m	26.9%	24.0%
>$1m–$2m	14.4%	28.1%
>$2m–$5m	6.7%	21.3%
>$5m–$10m	1.1%	4.8%
>$10m–$20m	0.3%	1.1%
>$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, 2019–20

Member closing balance	Accumulation phase	Retirement phase
$0–$50k	20.9%	6.4%
>$50k–$100k	11.8%	2.9%
>$100k–$200k	19.2%	7.2%
>$200k–$500k	26.3%	23.1%
>$500k–$1m	13.0%	26.1%
>$1m–$1.4m	3.8%	11.9%
>$1.4m–$1.6m	1.1%	4.8%
>$1.6m–$2m	1.5%	5.4%
>$2m–$5m	2.2%	10.1%
>$5m	0.3%	2.2%
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 2021 and for new registrations in the 2019, 2020 and 2021 financial years.

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

SMSF trustee type

Trustee type	% of all SMSFs at 30/06/2021	2020–21 registrations	2019–20 registrations	2018–19 registrations
Corporate	64.6%	85.1%	81.4%	81.9%
Individual	35.4%	14.9%	18.6%	18.1%
Total	100%	100%	100%	100%

Table 15: Audits performed by SMSF auditors

These tables show, for the 2015–16 to 2019–20 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, 2015–16 to 2019–20

Number of auditors	2019–20	2018–19	2017–18	2016–17	2015–16
Total	4,628	5,079	5,423	5,747	6,035

Distribution of SMSF auditors by number of audits carried out, 2015–16 to 2019–20

Number of audits	2019–20	2018–19	2017–18	2016–17	2015–16
<5 funds	18.1%	14.8%	14.3%	13.8%	13.7%
5–50 funds	47.4%	46.5%	47.2%	47.9%	49.1%
51–250 funds	27.4%	31.0%	31.1%	31.4%	31.1%
>250 funds	7.0%	7.7%	7.4%	6.9%	6.1%
Total	100%	100%	100%	100%	100%

Distribution of SMSFs by total audits performed by their auditor, 2015–16 to 2019–20

Number of audits	2019–20	2018–19	2017–18	2016–17	2015–16
<5 funds	0.4%	0.3%	0.3%	0.3%	0.3%
5–50 funds	10.9%	10.4%	11.2%	12.2%	13.6%
51–250 funds	30.2%	31.3%	32.5%	34.4%	36.7%
>250 funds	58.5%	58.1%	56.0%	53.1%	49.4%
Total	100%	100%	100%	100%	100%

Distribution of total assets audited by number of audits, 2015–16 to 2019–20

Number of audits	2019–20	2018–19	2017–18	2016–17	2015–16
<5 funds	0.4%	0.3%	0.3%	0.3%	0.3%
5–50 funds	10.8%	10.3%	11.2%	12.0%	13.4%
51–250 funds	30.4%	32.6%	33.5%	35.0%	36.9%
>250 funds	58.4%	56.8%	55.1%	52.7%	49.5%
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, 2015–16 to 2019–20

SMSF auditor fees	2019–20	2018–19	2017–18	2016–17	2015–16
Average	$660	$685	$684	$688	$700
Median	$550	$550	$550	$550	$550

Distribution of SMSFs by audit fee range, 2015–16 to 2019–20

Audit fee range	2019–20	2018–19	2017–18	2016–17	2015–16
>$0–$499	38.7%	37.9%	38.4%	37.6%	36.9%
$500–$999	50.4%	49.6%	49.6%	49.9%	50.1%
$1,000–$1,999	9.3%	10.4%	9.8%	10.2%	10.6%
$2,000 and above	1.7%	2.1%	2.2%	2.3%	2.4%
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, 2015–16 to 2019–20

Number of SMSF annual returns lodged per tax agent	No. tax agents 2019–20	No. tax agents 2018–19	No. tax agents 2017–18	No. tax agents 2016–17	No. tax agents 2015–16
1	2,135	2,208	2,335	2,391	2,436
2	1,182	1,201	1,222	1,307	1,357
3	887	885	933	909	887
4	674	680	685	699	725
5	498	562	546	575	579
6–10	1,847	1,893	1,932	1,910	1,883
11–20	2,016	2,066	2,051	2,119	2,136
21–100	3,683	4,096	4,187	4,193	4,089
101–500	861	1,052	1,022	968	911
>500	32	36	32	27	25
Total	13,815	14,679	14,945	15,098	15,028

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 2021).

Distribution of SMSF contraventions by type, to 30 June 2021

Contravention type	% of total contraventions	% of value of contraventions
Acquisition of assets from related parties	1.1%	2.0%
Administrative type contraventions	11.7%	8.0%
Borrowings	7.7%	8.2%
In-house assets	17.3%	27.1%
Investments at arm's length	7.4%	9.4%
Loan to member/financial assistance	20.0%	13.6%
Operating standard type contraventions	8.2%	6.0%
Other	4.1%	0.9%
Separation of assets	12.7%	21.9%
Sole purpose	9.9%	3.0%
Total	100%	100%

Table 19: Age ranges of SMSF members

This table shows:

• the approximate age distribution of SMSF members at 30 June 2021
• the age distribution of members of SMSFs established in each financial year from 2015–16 to 2019–20.

This is based on ABR data.

Age distribution of SMSF members by establishment year of SMSF

Age range	All members at June 2021	2019–20	2018–19	2017–18	2016–17	2015–16
<25	0.5%	1.4%	1.4%	1.5%	1.6%	1.6%
25–34	2.8%	12.1%	12.3%	12.8%	10.7%	11.3%
35–44	10.7%	32.7%	31.9%	31.8%	28.6%	29.8%
45–49	9.3%	17.7%	18.0%	17.7%	17.3%	16.9%
50–54	11.3%	14.7%	14.4%	14.3%	15.1%	15.3%
55–59	12.4%	11.3%	11.6%	11.3%	12.7%	12.5%
60–64	13.1%	6.0%	6.1%	6.2%	7.9%	7.7%
65–69	12.6%	2.6%	2.6%	2.9%	3.9%	3.4%
70–74	12.3%	1.1%	1.2%	1.2%	1.7%	1.0%
75–84	12.6%	0.4%	0.4%	0.3%	0.5%	0.3%
85+	2.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Total	100%	100%	100%	100%	100%	100%
Average member age	60.6	46.4	46.5	46.4	47.8	47.3
Median member age	61.1	46.1	46.2	46.1	47.5	47.0

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 2020 (issued 29 January 2021).

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

Age distribution of SMSF members and non-SMSF members, 30 June 2020

Age range	All SMSF members at 30 June 2020	All non-SMSF members at 30 June 2020
<25	0.7%	11.6%
25–34	2.8%	22.2%
35–44	10.1%	20.5%
45–49	9.3%	10.0%
50–54	11.1%	9.0%
55–59	13.4%	8.4%
60–64	14.3%	7.2%
65–69	13.8%	4.9%
70–74	12.5%	3.1%
75–84	10.8%	2.4%
85+	1.2%	0.5%
Unknown	0.0%	0.2%
Total	100%	100%

SMSF member taxable income and member balance by age range, 30 June 2020

Age range	Average taxable income	Median taxable income	Average member balance per 2020 SAR	Median member balance per 2020 SAR
<25	$56,372	$40,442	$58,043	$7,309
25–34	$94,973	$76,681	$90,400	$42,054
35–44	$131,952	$92,155	$170,910	$109,673
45–49	$149,222	$96,075	$262,479	$167,764
50–54	$149,642	$89,992	$379,153	$222,857
55–59	$144,225	$82,291	$573,227	$326,797
60–64	$112,288	$59,128	$823,558	$498,152
65–69	$88,323	$36,916	$966,890	$603,112
70–74	$80,352	$29,618	$1,037,925	$592,508
75–84	$77,573	$29,523	$1,087,883	$589,933
85+	$106,357	$39,991	$952,813	$476,245
Unknown	$ -	$ -	$765,146	$359,090
Total (all ages)	$116,437	$64,655	$695,757	$414,912

Non-SMSF member(d) taxable income by age range, 2019–20

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 member contribution was received during the year ended 30 June 2020.

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 2020
• the distribution of member account balances by gender and closing account balance range at 30 June 2020.

'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 2021.

Average SMSF member balance (female), 2015–16 to 2019–20

Phase	2019–20	2018–19	2017–18	2016–17	2015–16
Accumulation	$344,333	$327,748	$299,109	$272,531	$234,459
Retirement	$4,811,116	$4,863,366	$4,572,281	$4,311,296	$3,860,521
All SMSFs	$643,580	$639,644	$604,510	$575,493	$521,306

Average SMSF member balance (male), 2015–16 to 2019–20

Phase	2019–20	2018–19	2017–18	2016–17	2015–16
Accumulation	$442,549	$424,064	$389,822	$355,973	$313,763
Retirement	$5,419,768	$5,515,056	$5,220,621	$4,945,729	$4,518,560
All SMSFs	$767,978	$770,520	$732,899	$700,329	$647,871

Average SMSF member balance by age and gender, 30 June 2020

Age range	Female	Male	Overall
<25	$68,925	$62,074	$65,501
25–34	$90,099	$109,880	$100,328
35–44	$157,767	$203,956	$181,186
45–49	$240,842	$307,546	$274,472
50–54	$352,589	$434,688	$394,078
55–59	$545,407	$639,767	$593,753
60–64	$784,928	$925,997	$857,726
65–69	$958,979	$1,067,460	$1,015,322
70–74	$1,025,714	$1,157,965	$1,096,343
75–84	$1,083,539	$1,225,578	$1,165,362
85+	$1,039,918	$1,122,868	$1,093,288
Unknown	$861,963	$964,706	$887,025

For additional historical data for 2015-16 to 2018-19, see Data tables (XLXS 611KB)This link will download a file.

Distribution of SMSF members by gender and closing balance range, 30 June 2020

Member balance range	% of female members	% of male members
>$0–$50k	18.4%	12.1%
>$50k–$100k	9.7%	6.9%
>$100k–$200k	14.5%	14.4%
>$200k–$500k	22.9%	26.9%
>$500k–$1m	16.9%	19.3%
>$1m–$2m	11.7%	13.4%
>$2m–$5m	4.9%	5.7%
>$5m	0.8%	1.3%
Total	100%	100%

For additional historical data for 2015–16 to 2018–19, see Data tables (XLXS 611KB)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 2021.

Distribution of members by account balance range, 2015–16 to 2019–20

Member account balance range	2019–20	2018–19	2017–18	2016–17	2015–16
$0–$50k	15.1%	15.9%	16.5%	17.3%	18.3%
>$50k–$100k	8.2%	8.7%	9.4%	9.9%	10.4%
>$100k–$200k	14.4%	14.6%	15.0%	15.2%	15.5%
>$200k–$500k	25.0%	24.1%	23.9%	23.5%	23.8%
>$500k–$1m	18.2%	17.7%	17.4%	17.2%	16.7%
>$1m–$1.4m	12.6%	12.4%	11.7%	11.1%	10.1%
>$1.4m–$1.6m	5.3%	5.4%	5.1%	4.8%	4.5%
>$1.6m-$2m	1.1%	1.2%	1.0%	0.9%	0.7%
>$2m–$5m	15.1%	15.9%	16.5%	17.3%	18.3%
>$5m	8.2%	8.7%	9.4%	9.9%	10.4%
Total	100%	100%	100%	100%	100%

Distribution of funds by asset range, 2015–16 to 2019–20

Fund asset range	2019–20	2018–19	2017–18	2016–17	2015–16
$0–$50k	4.9%	5.9%	5.9%	6.1%	6.3%
>$50k–$100k	2.7%	3.1%	3.4%	3.8%	4.3%
>$100k–$200k	6.6%	7.0%	7.8%	8.5%	9.3%
>$200k–$500k	22.3%	22.1%	23.0%	23.5%	24.4%
>$500k–$1m	25.8%	24.8%	24.5%	24.2%	24.1%
>$1m–$2m	20.7%	20.1%	19.5%	19.0%	18.1%
>$2m–$5m	13.4%	13.2%	12.5%	11.9%	10.9%
>$5m–$10m	2.8%	2.9%	2.6%	2.5%	2.2%
>$10m – $20m	0.7%	0.7%	0.7%	0.6%	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, 2015–16 to 2019–20

Fund asset range	2019–20	2018–19	2017–18	2016–17	2015–16
$0–$50k	<0.1%	0.1%	0.1%	0.1%	0.1%
>$50k–$100k	0.2%	0.2%	0.2%	0.2%	0.3%
>$100k–$200k	0.8%	0.8%	0.9%	1.1%	1.3%
>$200k–$500k	6.0%	6.0%	6.5%	6.9%	7.7%
>$500k–$1m	14.2%	13.8%	14.2%	14.7%	15.9%
>$1m–$2m	22.4%	21.9%	22.2%	22.5%	23.3%
>$2m–$5m	30.8%	30.7%	30.2%	30.0%	29.8%
>$5m–$10m	14.5%	14.9%	14.3%	14.1%	13.3%
>$10m–$20m	6.6%	7.2%	6.9%	6.3%	5.3%
>$20m–$50m	3.0%	3.2%	3.1%	2.8%	2.3%
>$50m	1.4%	1.4%	1.3%	1.2%	0.7%
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, 2015–16 to 2019–20

SMSF ROA	2019–20	2018–19	2017–18	2016–17	2015–16
Average	0.7%	7.3%	8.0%	11.3%	3.7%
Median	-1.6%	4.3%	4.0%	5.0%	0.2%

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, 2015–16 to 2019–20

Fund size	2019–20	2018–19	2017–18	2016–17	2015–16
$1–$50k	-22.0%	-19.8%	-15.6%	-15.6%	-16.5%
>$50k–$100k	-10.9%	-8.6%	-4.9%	-5.9%	-7.3%
>$100k–$200k	-5.9%	-2.6%	-1.0%	-0.9%	-3.5%
>$200–$500k	-1.9%	2.9%	3.7%	4.4%	0.0%
>$500k–$1m	-0.9%	5.9%	6.0%	6.9%	1.5%
>$1m–$2m	-0.4%	7.0%	8.4%	8.4%	2.4%
>$2m-$5m	0.5%	7.5%	7.8%	10.2%	3.4%
>$5m-$10m	1.3%	7.5%	8.2%	13.7%	4.9%
>$10m	3.3%	7.7%	9.0%	22.0%	9.6%

SMSF average ROA by fund age, 2015–16 to 2019–20

Fund age	2019–20	2018–19	2017–18	2016–17	2015–16
<2 years	-0.2%	3.2%	4.9%	4.7%	1.7%
2–3 years	0.2%	4.9%	5.9%	8.1%	2.5%
4–5 years	1.3%	5.7%	6.2%	7.8%	2.5%
>5 years	0.3%	6.9%	7.6%	10.6%	3.2%

Distribution of SMSFs by ROA, 2015–16 to 2019–20

ROA	2019–20	2018–19	2017–18	2016–17	2015–16
<–20%	5.3%	3.9%	3.0%	3.2%	3.9%
–20% to <–15%	3.3%	1.2%	1.0%	1.2%	1.7%
–15% to <–10%	6.9%	2.1%	1.9%	2.2%	3.9%
–10% to <–5%	15.7%	4.7%	4.5%	4.5%	10.4%
–5% to 0%	29.7%	13.8%	14.5%	13.4%	28.3%
>0% to 5%	23.3%	28.8%	31.7%	25.6%	34.1%
>5% to 10%	7.0%	26.5%	24.9%	24.7%	9.0%
>10%	8.8%	19.1%	18.4%	25.2%	8.5%
Total	100%	100%	100%	100%	100%

Table 25: Expenses

These tables show:

• average and median total expenses for the 2016 to 2020 financial years
• average and median total expenses by SMSF asset range for the 2016 to 2020 financial years
• average and median operating expenses for the 2016 to 2020 financial years
• average and median expenses by expense type for the 2016 to 2020 financial years
• average and median expenses by expense type and asset range for the 2020 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	2019–20	2018–19	2017–18	2016–17	2015–16
Average	$15,308	$15,877	$14,961	$14,128	$13,918
Median	$8,228	$8,218	$7,674	$7,241	$7,066

(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	2019–20	2018–19	2017–18	2016–17	2015–16
>$0–$50k	$4,390	$4,315	$3,810	$3,585	$3,526
>$50k–$100k	$6,027	$6,257	$5,561	$5,484	$5,612
>$100k–$200k	$10,447	$10,704	$10,279	$9,930	$9,755
>$200k–$500k	$12,854	$13,269	$12,576	$11,826	$11,466
>$500k–$1m	$12,493	$13,012	$12,343	$11,926	$11,853
>$1m–$2m	$14,518	$15,133	$14,699	$14,706	$15,325
>$2m	$28,583	$31,027	$30,069	$28,794	$28,883
All funds	$15,308	$15,877	$14,961	$14,128	$13,918

Median total expenses by SMSF asset range

Asset range	2019–20	2018–19	2017–18	2016–17	2015–16
>$0–$50k	$2,024	$1,938	$1,780	$1,768	$1,874
>$50k–$100k	$2,708	$2,723	$2,615	$2,680	$2,888
>$100k–$200k	$4,585	$4,775	$4,658	$4,670	$4,764
>$200k–$500k	$7,239	$7,358	$6,938	$6,650	$6,578
>$500k–$1m	$8,209	$8,278	$7,861	$7,662	$7,739
>$1m–$2m	$9,924	$10,147	$9,674	$9,452	$9,592
>$2m	$15,923	$16,731	$16,016	$15,444	$15,032
All funds	$8,228	$8,218	$7,674	$7,241	$7,066

Operating expenses – average and median(f)

Operating expenses	2019–20	2018–19	2017–18	2016–17	2015–16
Average	$6,199	$6,404	$6,073	$5,935	$6,210
Median	$4,002	$4,020	$3,858	$3,818	$3,907

(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, 2015–16 to 2019–20

Expense type	2019–20	2018–19	2017–18	2016–17	2015–16
Interest expense within Australia	$15,679	$17,118	$16,594	$16,068	$16,404
Interest expense overseas	$15,289	$13,604	$13,517	$14,274	$16,888
Insurance premiums	$7,063	$6,930	$6,759	$6,566	$6,390
SMSF auditor fee	$660	$685	$684	$688	$700
Investment Expenses	$10,426	$10,459	$10,050	$9,495	$9,053
Management and admin expenses	$4,441	$4,399	$4,439	$4,252	$4,243
Forestry managed investment scheme	$7,776	$7,801	$5,632	$5,757	$7,874
Supervisory levy	$259	$259	$259	$259	$259
Other deductions	$2,561	$2,978	$2,574	$2,651	$3,147
Total expenses	$15,308	$15,877	$14,961	$14,128	$13,918

Median expense by expense type, 2015–16 to 2019–20

Expense type	2019–20	2018–19	2017–18	2016–17	2015–16
Interest expense within Australia	$12,666	$13,545	$12,929	$11,950	$11,450
Interest expense overseas	$9,071	$8,858	$9,762	$8,522	$9,188
Insurance premiums	$4,828	$4,694	$4,541	$4,395	$4,213
SMSF auditor fee	$550	$550	$550	$550	$550
Investment expenses	$5,969	$5,720	$5,326	$4,938	$4,498
Management and admin expenses	$2,883	$2,852	$2,766	$2,705	$2,663
Forestry managed investment scheme	$2,407	$2,532	$2,445	$2,308	$2,229
Supervisory levy	$259	$259	$259	$259	$259
Other deductions	$260	$396	$337	$370	$518
Total expenses	$8,228	$8,218	$7,674	$7,241	$7,066

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 2020

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	$10,155	$11,580	$12,469	$13,933	$15,767	$17,542	$29,025	$15,679	$57,170
Interest expense overseas	$9,834	$7,830	$9,870	$11,914	$17,321	$20,611	$21,737	$15,289	$296
Insurance premiums	$6,772	$4,817	$4,964	$5,834	$7,540	$9,513	$12,865	$7,063	$86,726
SMSF auditor fee	$571	$564	$578	$596	$629	$675	$809	$660	$327,535
Investment expenses	$2,637	$3,852	$5,789	$6,497	$7,270	$9,518	$21,526	$10,426	$224,214
Management and admin expenses	$1,583	$1,775	$2,260	$2,950	$3,903	$5,129	$8,115	$4,441	$404,918
Forestry managed investment scheme	$4,403	$1,952	$4,195	$5,196	$4,293	$5,402	$19,809	$7,776	$278
Supervisory levy	$259	$259	$259	$259	$259	$259	$259	$259	$423,397
Other deductions	$1,110	$1,340	$1,502	$1,539	$1,862	$2,208	$5,659	$2,561	$201,561
Total expenses	$4,390	$6,027	$10,447	$12,854	$12,493	$14,518	$28,583	$15,308	$423,397

Median expenses by expense type and range, year ended 30 June 2020

	$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	$10,564	$11,918	$12,551	$13,089	$12,839	$11,524	$6,844	$12,666	$57,170
Interest expense overseas	$9,834	$8,478	$9,303	$10,113	$11,342	$10,096	$706	$9,071	$296
Insurance premiums	$3,935	$3,189	$3,591	$4,359	$5,499	$6,552	$8,238	$4,828	$86,726
SMSF auditor fee	$460	$480	$495	$538	$550	$550	$644	$550	$327,535
Investment expenses	$140	$737	$4,426	$5,084	$5,400	$6,765	$11,447	$5,969	$224,214
Management and admin expenses	$1,190	$1,421	$1,859	$2,393	$2,847	$3,409	$4,691	$2,883	$404,918
Forestry managed investment scheme	$3,735	$1,987	$1,972	$2,139	$2,107	$2,940	$5,064	$2,407	$278
Supervisory levy	$259	$259	$259	$259	$259	$259	$259	$259	$423,397
Other deductions	$262	$313	$408	$360	$259	$259	$259	$260	$201,561
Total expenses	$2,024	$2,708	$4,585	$7,239	$8,209	$9,924	$15,923	$8,228	$423,397

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 2020

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, 2015–16 to 2019–20

Expense type	2019–20	2018–19	2017–18	2016–17	2015–16
Operating	0.47%	0.50%	0.50%	0.52%	0.57%
Total	1.16%	1.24%	1.23%	1.24%	1.28%

Distribution of SMSFs by average expense ratio range, 2019–20

Ratio range	SMSFs with operating expenses in range	SMSFs with total expenses in range
<=0.25%	23.1%	12.4%
>0.25–0.5%	21.2%	13.3%
>0.5–0.75%	13.6%	10.5%
>0.75–1%	9.6%	8.8%
>1–1.5%	12.6%	14.0%
>1.5–2%	7.1%	9.0%
>2–3%	6.5%	9.6%
>3–5%	3.6%	7.9%
>5%	2.8%	14.5%
Total	100%	100%

For additional historical data for 2016 to 2019, see Data tables (XLXS 611KB)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 2020.

SMSF average expense ratios by fund size, 2019–20

Fund size	Operating expenses	Total expenses
$1–$50k	9.1%	17.6%
>$50k–$100k	3.5%	7.9%
>$100k–$200k	2.2%	6.8%
>$200k–$500k	1.2%	3.8%
>$500k–$1m	0.7%	1.7%
>$1m–$2m	0.5%	1.0%
>$2m	0.3%	0.7%

For additional historical data for 2016 to 2019, see Data tables (XLXS 611KB)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 2020 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 2021.

SMSF asset allocations, 30 June 2020

Asset type	All ($m)	% of total SMSF assets	% of SMSF population holding these assets	Mean ($)(h)	Median ($)(i)
Listed trusts	$44,286	6.0%	35.4%	$215,627	$95,335
Unlisted trusts	$88,600	11.9%	23.3%	$654,825	$268,416
Insurance policy	$113	<0.1%	0.1%	$317,010	$157,862
Other managed investments	$41,363	5.6%	12.5%	$570,200	$242,227
Cash and term deposits	$153,552	20.7%	96.6%	$276,468	$91,990
Debt securities	$11,162	1.5%	8.5%	$226,203	$94,449
Loans	$5,590	0.8%	3.0%	$324,649	$100,000
Listed shares	$195,637	26.4%	59.9%	$572,576	$263,947
Unlisted shares	$8,443	1.1%	6.8%	$213,987	$39,867
Limited recourse borrowing arrangements	$50,291	6.8%	11.3%	$770,575	$506,969
Non-residential real property	$70,768	9.5%	11.4%	$1,079,883	$642,727
Residential real property	$38,274	5.2%	9.9%	$674,330	$485,000
Collectables and personal use assets	$461	0.1%	0.6%	$143,354	$56,251
Other assets	$19,055	2.6%	83.0%	$39,820	$8,181
Crypto-currency	$218	<0.1%	0.6%	$67,726	$33,705
Overseas shares	$9,802	1.3%	7.2%	$233,692	$55,080
Overseas non-residential real property	$99	<0.1%	0.1%	$337,628	$147,715
Overseas residential real property	$349	<0.1%	0.2%	$333,437	$169,110
Overseas managed investments	$1,469	0.2%	0.8%	$332,102	$118,874
Other overseas assets	$2,328	0.3%	2.2%	$178,866	$61,608
Total Australian and overseas Assets	$741,859	100%	97.3%	$1,300,728	$733,926
Borrowings	$23,758	3.2%	12.1%	$339,566	$257,539
Other liabilities	$5,457	0.7%	59.8%	$15,872	$3,118
Net Australian and overseas assets	$712,644	96.1%	n/a	$1,273,016	$674,744

(h) (i) Mean and median values are only applicable to the funds that held those types of assets.

SMSF limited recourse borrowing arrangement asset allocations, 30 June 2020

LRBA investment by asset type	Total ($m)	% of total SMSF assets	% of SMSFs holding these assets	Mean ($)(j)	Median ($)(k)
Australian residential real property	$26,170	3.5%	8.0%	$568,558	$470,000
Australian non-residential real property	$21,982	3.0%	3.0%	$1,286,527	$745,000
Overseas real property	$47	<0.1%	<0.1%	$678,082	$275,915
Australian shares	$565	0.1%	0.3%	$394,306	$175,550
Overseas shares	$40	<0.1%	<0.1%	$1,078,704	$100,000
Other	$1,487	0.2%	0.4%	$707,308	$334,136
Total(l)	$50,291	6.8%	11.6%	$770,575	$506,969

(j) (k) Mean and 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, 2015–16 to 2019–20

LRBA assets	2019–20	2018–19	2017–18	2016–17	2015–16
Total LRBA assets ($m)	$50,291	$49,963	$45,899	$40,867	$26,468
Proportion of SMSFs reporting LRBAs (%)	11.3%	11.6%	10.8%	9.6%	7.4%

SMSF investment in real property and borrowings, 2015–16 to 2019–20

Investment type	2019–20 ($m)	2018–19 ($m)	2017–18 ($m)	2016–17 ($m)	2015–16 ($m)
Non-residential real property	$70,768	$69,435	$66,154	$65,534	$65,224
LRBA non-residential real property	$21,982	$22,110	$20,337	$18,431	$11,841
Residential real property	$38,274	$36,982	$35,797	$34,066	$28,294
LRBA residential real property	$26,170	$25,823	$23,650	$20,575	$12,862
Total SMSF investment in property	$157,194	$154,349	$145,938	$138,606	$118,221
Total borrowings	$23,758	$25,144	$24,529	$23,224	$20,762

Table 29: SMSF population holding assets

These tables show, for each financial year, 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	2019–20	2018–19	2017–18	2016–17	2015–16
Listed trusts	35.4%	31.9%	30.4%	28.7%	28.4%
Unlisted trusts	23.3%	23.3%	22.9%	22.3%	21.7%
Other managed investments	12.5%	11.4%	11.0%	10.5%	10.8%
Cash and term deposits	96.6%	96.7%	96.9%	97.0%	97.1%
Listed shares	59.9%	57.7%	58.3%	58.4%	59.4%
Non-residential real property	11.4%	11.7%	11.6%	11.9%	13.8%
Residential real property	9.9%	10.1%	10.0%	9.8%	9.1%
Limited recourse borrowing arrangements	11.3%	11.6%	10.8%	9.6%	7.4%

Distribution of SMSF asset holdings by asset type

Asset type	2019–20	2018–19	2017–18	2016–17	2015–16
Listed trusts	6.0%	5.5%	4.8%	4.2%	4.4%
Unlisted trusts	11.9%	12.0%	11.9%	11.1%	10.4%
Other managed investments	5.6%	5.1%	4.9%	4.5%	4.9%
Cash and term deposits	20.7%	20.7%	21.3%	24.0%	24.4%
Listed shares	26.4%	27.1%	27.7%	27.2%	28.0%
Non-residential real property	9.5%	9.5%	9.5%	9.9%	11.0%
Residential real property	5.2%	5.0%	5.2%	5.1%	4.8%
Limited recourse borrowing arrangements	6.8%	6.8%	6.6%	6.2%	4.5%
All other assets	6.0%	5.5%	4.8%	4.2%	4.4%
Total	100%	100%	100%	100%	100%

For additional tables on changes in distribution of SMSF asset holdings from 2016 to 2020, see Data tables (XLXS 611KB)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 2020 SMSF annual return.

SMSF asset allocation by fund phase, 30 June 2020

Asset type	Accumulation phase	Retirement phase
Listed trusts	4.9%	6.5%
Unlisted trusts	10.9%	12.4%
Insurance policy	<0.1%	<0.1%
Other managed investments	4.8%	5.9%
Cash and term deposits	19.8%	21.2%
Debt securities	0.8%	1.9%
Loans	0.7%	0.8%
Listed shares	19.1%	30.8%
Unlisted shares	1.5%	0.9%
Limited recourse borrowing arrangements	16.1%	1.5%
Non-residential real property	9.7%	9.4%
Residential real property	6.7%	4.3%
Collectables and personal use assets	0.1%	<0.1%
Other assets	2.8%	2.5%
Crypto-currency	0.1%	<0.1%
Overseas shares	1.4%	1.2%
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 2020, 41.4% of SMSFs held 80% or more of their assets in one particular asset class, representing 28.3% 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, 2015–16 to 2019–20

Asset concentration	2019–20	2018–19	2017–18	2016–17	2015–16
100%	7.7%	8.6%	9.2%	10.4%	10.7%
>=90%	27.7%	29.0%	30.1%	30.3%	30.7%
>=80%	41.4%	42.5%	43.8%	43.8%	44.1%
>=70%	53.6%	54.8%	56.2%	56.2%	56.5%
>=60%	66.4%	67.5%	68.8%	68.9%	69.3%
>=50%	80.7%	81.7%	82.9%	83.1%	83.7%

Distribution of SMSF assets by asset concentration, 2015–16 to 2019–20

Asset concentration	2019–20	2018–19	2017–18	2016–17	2015–16
100%	3.6%	3.8%	4.1%	4.7%	4.7%
>=90%	18.0%	18.3%	19.0%	18.9%	19.3%
>=80%	28.3%	28.4%	29.3%	29.1%	29.6%
>=70%	37.5%	37.9%	38.8%	38.6%	39.1%
>=60%	46.7%	47.1%	48.1%	47.9%	48.5%
>=50%	56.0%	56.5%	57.4%	57.4%	58.0%

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 2020

Fund size	% of SMSFs with 100% concentration	>=90%	>=80%	>=70%	>=60%	>=50%
$1–$50k	40.1%	62.8%	73.3%	81.4%	89.4%	96.2%
>$50k–$100k	21.0%	49.4%	63.1%	73.5%	83.0%	93.5%
>$100k–$200k	16.9%	44.1%	58.8%	70.5%	81.6%	92.6%
>$200k–$500k	9.7%	36.7%	53.1%	65.9%	77.6%	89.4%
>$500k–$1m	5.7%	27.5%	43.0%	56.6%	70.2%	84.8%
>$1m–$2m	4.3%	20.0%	32.3%	45.0%	59.6%	77.4%
>$2m–$5m	2.5%	14.9%	25.9%	38.2%	53.1%	71.5%
>$5m–$10m	1.6%	12.3%	23.1%	35.1%	48.9%	67.2%
>$10m	1.7%	13.7%	23.5%	35.4%	49.4%	65.7%

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 2020

Asset type	% of SMSFs with 100% of asset class	>=90%	>=80%	>=70%	>=60%	>=50%
Listed trusts	<0.1%	0.4%	0.8%	1.2%	1.8%	2.7%
Unlisted trusts	0.1%	1.8%	3.1%	4.2%	5.6%	7.2%
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%	3.4%	4.1%
Cash and term deposits	6.2%	9.3%	10.9%	12.8%	15.2%	18.2%
Debt securities	<0.1%	<0.1%	0.1%	0.1%	0.1%	0.2%
Loans	0.0%	0.3%	0.4%	0.5%	0.6%	0.7%
Listed shares	0.2%	4.9%	9.1%	13.2%	17.5%	22.2%
Unlisted shares	<0.1%	0.2%	0.4%	0.5%	0.6%	0.8%
Limited recourse borrowing arrangements	0.2%	4.9%	7.3%	8.7%	9.6%	10.2%
Non-residential real property	0.2%	1.9%	3.2%	4.4%	5.5%	6.7%
Residential real property	0.1%	1.6%	2.6%	3.5%	4.3%	5.2%
Collectables and personal use assets	<0.1%	<0.1%	0.1%	0.1%	0.1%	0.1%
Other assets	0.3%	0.9%	1.1%	1.4%	1.6%	1.9%
Crypto-currency	<0.1%	<0.1%	0.1%	0.2%	0.2%	0.3%
Overseas shares	<0.1%	<0.1%	0.0%	0.0%	0.0%	0.0%
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	7.7%	27.7%	41.3%	53.6%	66.4%	80.6%

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 2020

Asset concentration	% of SMSFs in accumulation phase	% of SMSFs in retirement phase
100%	9.6%	5.4%
>=90%	34.0%	20.1%
>=80%	48.9%	32.1%
>=70%	61.1%	44.4%
>=60%	72.8%	58.5%
>=50%	85.0%	75.3%

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 the following.

• 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.

Footnote 1

APRA June 2021 Quarterly Superannuation Performance Statistics, 24 August 2021, Key Statistics Table.

Return to footnote 1 referrer

Footnote 2

ATO, Self-managed super fund quarterly statistical report – June 2021.

Return to footnote 2 referrer

Footnote 3

APRA, Annual Superannuation Bulletin, June 2020, table 4a.

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Footnote 4

Based on registrations and ABR data.

Return to footnote 4 referrer

Footnote 5

Self-managed super fund quarterly statistical report – June 2021.

Return to footnote 5 referrer

Footnote 6

Commissioner of Taxation Annual Report 2020-21 (ato.gov.au)

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Footnote 7

Based on registrations and ABR data.

Return to footnote 7 referrer

Footnote 8

Average taxable income is determined by individual income tax returns received for the relevant year as at 30 June 2020.

Return to footnote 8 referrer

Footnote 9

6416.0 – Residential Property Price Indexes: Eight Capital Cities, June 2020, ABS, 15 September 2020

Return to footnote 9 referrer