Self-managed superannuation funds (SMSF) make up a large portion of the superannuation and investor market here in Australia.
We reviewed the most recent ATO statistics to drill into this ever-growing industry.
How many self-managed superannuation funds are there?
- According to the most recent ATO statistics released for the December quarter, the total number of SMSFs was 601,906!
- Of these 601,906 funds, there are over 1.1 million members with $876 billion assets!
- Whilst SMSFs can have 4 (and now up to 6) members, according to data extracted in July 2021, only 7% of funds had more than 2 members
Who are these members?
- According to ATO statistics from June 2021, 65.5% of members are over age 55
- Over 70% of members have an annual taxable income of less than $100,000. Keep in mind that this income level does not include account-based pensions of anyone over age 60, which would likely make up a huge portion of the over age 55 membership base
- 8% are male & 47.2% are female
What do they invest in?
According to ATO data from January 2022, of all the money invested through SMSFs:
- 29% is invested in listed shares
- 18% is invested in cash & term deposits
- 17% is invested in property
Who is setting up SMSFs?
All of the above information was for the SMSF industry as a whole, but are these demographics changing?
- Out of the new funds established in the December quarter, 37% of new members are aged 35 to 44, compared to the overall 11% of current members in this age group
- 7% of new members were male and 43.3% were female (quite similar to the overall statistics)
- Taxable income for new members was very broad, 39.7% of new members had a taxable income of over $100,000 and 39.2% with a taxable income of between $40,000 & $80,000
If you require any assistance please reach out to the C&N team.
