Super Numbers from APRA and ATO

Superannuation assets are estimated by APRA to be $1.85 trillion as at 30 June 2014.  APRA estimated the increase in total superannuation assets in the 12 months to 30 June 2014 was 15.3%.  

The ATO has now released its latest SMSF stats.  As at 30 June 2014, the ATO estimates that there are 534,176 SMSFs with slightly more than 1m members.   

While there has been a decline in the number of new SMSFs being established (from a peak of 41,000 in 2011/12 to 39,500 (2012/13) to 32,500 (2013/14) there has been a significant reduction in the numbers of SMSFs which have been wound up in those years, so the net increase has changed from 33,700 (2011/12), 30,000 (2012/13) to 30,100 (2013/14).  (note: the figures have rounded to nearest 100).

The ATO figures confirm that only a minority of SMSFs have more than 2 members – for 2013/14, it is estimated that 8% of SMSFs have more than 2 members – down from 9.1% in 2008/09.  The overwhelming majority of SMSFs as at 30 June 2014 have 2 members (69.5%).  Single member SMSFs as at 30 June 2013 constitute 22.6% of all SMSFs.

In terms of geographical location, over 60% of SMSFs are located in NSW or Victoria (as at 30 June 2013).

In terms of fund size by assets, the proportion of funds with less than $200,000 in assets has steadily decreased from 27.9% (2008/09) to 22.3% (2012/13 - the most recent year for which data is available).  While this may suggest that about 1 in 4 SMSFs may be too small in asset size to be justified solely on the grounds of fee savings, this is not the only way to view the figures.  The figures could simply reflect the fact that many newly established SMSFs commence with a low asset size which, given time, will increase beyond $200,000.  Another view is that the figure could reflect SMSFs which are towards the end of the superannuation life cycle with asset size reducing due to pension payments.  The data is probably far too aggregated to make any assessment as to whether there is a material number of SMSFs which are too small to be justified solely on the basis of fees.  

In terms of median assets per member and per SMSF, the respective figures for 2012/13 (the most recent year for which data is available) are $313,000 and $558,900 (rounded to nearest $100).  The median figures (rather than the average figures) are less distorted by funds with either very large asset sizes or very small asset sizes.  The corresponding average figures are $523,800 and $992,100 (per member and per fund and each rounded to nearest $100).  Interestingly, the median member balance has increased from $251,700 to $313,000 over 5 years – which is an interest of slightly under 4.6% per annum compound.  The corresponding figure for median fund balance over the same period is about 4% per annum compound.