ATO & APRA release super statistics

The ATO statistics show that the SMSF sector has continued to grow with 33,106 new funds being established during financial year 2010/11 while less than 500 were wound up during that year.

The ATO estimated that the total number of SMSFs as at 30 June 2011 were 456,472 (compared with 423,853 at 30 June 2010) with a total membership of 867,863 (compared to 805,978 at 30 June 2010).

New SMSFs were being established at the rate of about 2,760 per month.

Also, the ATO estimated (based on information up to the annual returns for the 2010 financial year) that average assets per member was $466,909 at 30 June 2010 (compared to $430,406 at 30 June 2009) and average assets per fund at 30 June 2010 was $888,433 (compared to $819,125 at 30 June 2009).

Two significant observations can be made.

First, the issue of undersized SMSFs is decreasing.  The percentage of SMSFs with a total balance of less than $50,000 were 6.8% in 2009/10 while the same figure for 2003/04 was 15%.  In each intervening financial year, the percentage of undersized funds has reduced.  A similar outcome has occurred in the balance ranges of $50,000 to $100,000 and from $100,000 to $200,000.   Finally, the percentage of SMSFs with asset balances of $200,000 or less has decreased from 42.4% in 2003/04 to 24.2% in 2009/10.

Second, the SMSF sector, both in numbers of participants and asset size, continues to grow.  This is confirmed by recently released APRA statistics.  The SMSF sector represented 31.23% of total super assets (as at 30 June 2011), with the next largest sectors being the Retail sector at 27.53% and the Industry sector at 18.58% of total super assets.  Surprisingly, the SMSF sector has, since 30 June 2010, increased its percentage of total super assets (up slightly from 30.93%), while both the Retail and Industry sectors decreased their percentage of total super assets (previously 28.09% and 18.71% respectively).

In dollar terms the SMSF sector constituted $418.5b (out of total super assets of $1,340b) compared to the Retail sector with $369b and the Industry sector with $249.7b.