About the demographics and balances of SMSF members.
SMSF member demographics
At 30 June 2022:
- there were 1.123 million SMSF members, of whom 53% were male and 47% female 7.
- the average age for all SMSF members was 61 years and the median age was 62.
Our most recent lodgment data for 2020–21 shows that:
- 40% of members were in retirement phase, compared to 37% in 2019–20 and 39% in 2016–17
- 5% of SMSF members receiving retirement benefit payments reported they were also receiving the age pension
- 31% of SMSF members also had entitlements in non-SMSF super funds, compared with 34% in 2019–20 and 39% in 2016–17
- the average taxable income of all SMSF members was $127,000, while the median taxable income was $69,000 8
- the median age of SMSF members of newly established funds was 46 years.
See table 19 and table 20 of the data tables.
7 Based on registrations and ABR data.8 Average taxable income is determined by individual income tax returns received for the relevant year as at 30 June 2022.
SMSF member balances
At 30 June 2021:
- the average SMSF member balance was $791,000, up 16% from 2019–20, and 26% from 2016–17
- the median SMSF member balance was $473,000, up 18% from 2019–20 and 31% from 2016–17
- the average member balance for female members was $745,000, up 18% from 2019–20 and 30% from 2016–17. The median member balance for females was $357,000, up 23% from 2019–20.
- the average member balance for male members was $882,000, up 16% from 2019–20 and up 26% from 2016–17. The median member balance for males was $442,000, up 20% from 2019–20.
- 43% of SMSF members had balances of $200,001 to $1 million
- 1% of SMSF members had balances of over $5 million
- 88% of SMSF members had a balance below $1.6 million, with 12% reporting balances over $1.6m
- the average member balance for funds established in 2020–21 was $217,000, an increase of 6% from 2019–20 and a decrease of 17% from funds established in 2016–17
- the median member balance for funds established in 2020–21 was $138,000, an increase of 10% from 2019–20 and the same as 2016–17
- over the 5 years to 30 June 2021, the proportion of SMSF members with balances of $1 to $200,000 fell from 38% to 29%.
See table 5, table 6, table 21 and table 22 of the data tables.