Self managed super fund statistics show decline in establishment numbers

The establishment of new self-managed super funds has seen a few years of decline, with the number established in the most recent quarter being below 4,000 for the first time at least since June 14 – according to the latest Australian Taxation Office SMSF statistical report found here.

The total number of SMSFs stood at 598,429 at the end of Mar 19, with 1.129 million members.  The number of members of SMSFs is estimated based on SMSF return form data, with the estimates for June 2018 extrapolated from 2016–17 data. The data was extracted on 08 April 2019.

Population table – annual data

The establishment of SMSFs peaked in the September quarter 2015, when 9615 funds were set up. Since then, there have been periods when there were very large numbers of windups: 10,361 in June 2017; 9152 in September 2017; and 8,620 in June 2018.  These changes perhaps were caused by the introduction of the transfer balance cap and warnings from the Productivity Commission and ASIC that people should not set up an SMSF with less than $500,000.

Population table – quarterly data

With a total net assets of $715 billion in self-managed funds as at March 19, average net assets per SMSF member stand at $633,000 at Mar 19.

The biggest asset class is listed shares, with $220 billion invested, followed by cash and term deposits, with $171 billion invested.  The value of cash and term deposit holdings has barely changed over the past year, despite the big drop in interest rates.

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 This information is general in nature and should not be relied on for your personal financial planning needs. You should seek personal financial advice of your own.