The SMSF Association has suggested speculation over the proposed Division 296 tax has not to date dulled sector growth, with this fact being reflected in the latest ATO statistics.
The ATO “SMSF quarterly statistical report March 2025” showed new funds set up for the period numbered 9956, while there were only 297 wind-ups recorded, resulting in a total net establishment of 9659.
“This sustained growth suggests that the looming Division 296 tax has not significantly dampened confidence in SMSFs to date,” the SMSF Association said.
However, the observation was qualified with regard to the quarter in which the ATO statistics were indicative.
“Whether sentiment shifts in the post-election landscape remains to be seen, but what is clear is that our advocacy efforts will be stronger than ever as we continue to fight for a fairer approach to taxing earnings on large super balances,” the association noted.
The data from the regulator also showed the total number of SMSFs now stands at 646,168, servicing the retirement savings needs of 1,197,293 Australians.
With regard to initial entrants, individuals between the ages of 35 and 44 dominated, accounting for 38.4 per cent of all new trustees. This cohort was largely made up of women, 39.9 per cent, compared to 37.1 per cent for men. The figures indicate the SMSF population now consists of 55.1 per cent male members and 44.9 per cent female members.
The industry body acknowledged the rise in trustees has the potential to propel the sector towards more noteworthy achievements in the near future and also recognised the significance of female participation levels in SMSFs.
“If the current trend continues, total membership is on track to break through the 1.2 million mark within the next 12 months, a significant milestone for the sector. It also comes amid encouraging signs of greater gender diversity: women now make up 45 per cent of new fund members and are steadily closing the gap toward equal representation,” it pointed out.
