SMSF members by income
The average taxable income of all SMSF members in the year ended 30 June 2012 was $97,000.26 The median taxable income was $52,000. Members aged 35–49 years had the highest average taxable income of $123,000 (see appendix 1, table 11). Members over 65 years old had the lowest average taxable income of $66,000 and a median taxable income of $29,000.
From 2008 to 2012, SMSF members of all ages had a higher average taxable income than non-SMSF members (which averaged $56,000 in 2012).
Graph 7 shows older members had higher average balances and lower average taxable incomes. The average SMSF member balance ranged from $58,000 for members under 35 years to $802,000 for those over 65 years. This represents a growth over the five years to 2012 of 14% for members under 35 years and 4% for members over 65 years.27
The 50–59 year age group had the largest proportion of members, with an average balance of $445,000. Analysis shows that as the proportion of SMSF members aged 60 years or older increased during the five-year period, so did their average balance.
Graph 7: 2012 Average and median taxable income and balance of SMSF members, by age
Graph 8 shows the differing average and median taxable incomes across age ranges between SMSF members and non-SMSF members. The most significant difference in average taxable income was for members aged 35–49 years. On average, SMSF members in this group earned on $123,000, compared to non-SMSF members, who earned $68,000 (see appendix 1table 11).
The difference in the median taxable incomes follows a different trend for members aged 60 years or older, where non-SMSF members have a higher median taxable income than SMSF members.
Graph 8: 2012 Average and median taxable income of SMSF members and non-SMSF members by age range