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Table 5: Benefit payments

Last updated 19 December 2016

This table shows the total benefit payments from SMSFs during each financial year, and average and median amounts over those periods. Benefit payments includes income stream benefits, lump sum benefits, transition-to-retirement (TRIS) and combination payments.

These figures are estimates based on SMSF annual return form data. To ensure consistency, the benefit payments figures used are those reported in the Self-managed super fund statistical report, June 2016.

SMSF benefit payments

 

2011

2012

2013

2014

2015

Total benefit payments ($m)

19,163

22,656

25,678

29,898

34,986

Average benefit payments ($)

94,382

101,119

109,367

121,317

126,389

Median benefit payments ($)

47,700

52,000

53,660

61,000

62,910

Types of SMSF benefit payments

 

2011

2012

2013

2014

2015

Lump sum benefit

10.7%

9.1%

7.3%

6.1%

5.9%

Income stream benefit

68.5%

70.7%

81.3%

81.1%

82.3%

Transition to retirement benefit

10.7%

11.5%

11.4%

12.7%

11.8%

Combination*

10.1%

8.7%

 

 

 

*Combination payments were for members who received both lump sum and income stream payments. Because the 2013 SMSF annual return has introduced separate benefit payment labels for lump sum and income stream benefits, this label is no longer reported.

Additional data tables on members receiving income stream benefit payments can be accessed in Appendix 1 XLS file.

SMSF members receiving benefit payments in 2015 by age range

Age range

(%) members receiving benefit payments

average
benefit payment

average
member balance**

< 55

1.9%

$28,809

$567,665

55–59

8.9%

$43,262

$816,060

60–64

25.2%

$72,807

$902,963

65–69

30.6%

$83,371

$938,014

70–74

19.8%

$79,476

$997,616

>74

13.6%

$91,660

$998,587

Unknown

0.0%

$136,316

$841,417

Total

100%

$76,487

$931,342

**Average member balance is calculated prior to benefit payment.

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