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.

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%