The growth in the SMSF sector has continued at an even pace, with nearly 600,000 funds in existence and more than 1.1 million members holding $733.1 billion in assets, according to the latest annual statistical data released by the ATO.
In the 2018/19 statistical overview of the SMSF sector released late last week, the ATO stated there were 593,375 SMSFs as at 30 June 2020, which was an increase of 3 per cent over the previous financial year and an 11 per cent rise over the five years from 2015/16.
At the same time, SMSFs had 1.107 million members and the sector represented 26 per cent of the $2.9 trillion in total superannuation assets under management.
The statistics, which contain in-depth data for the 2019 financial year, also include data for the 2020 financial year for the metrics outlined above as well as establishments and wind-ups, and showed net establishments for 2019/20 were 18,540, well above the 2018/19 figure of 4694.
The SMSF sector growth rate for 2019/20 was 3.2 per cent, but was slightly lower over the five years to 2019/20 at 2.1 per cent, with an average of 26,000 new funds established annually, or almost 2200 per month.
Falling back on the figures for 2018/19, the ATO noted average SMSF assets on establishment were $417,000, up 11 per cent from $375,000 in 2014/15 and 4 per cent from $401,000 in 2017/18, and median SMSF assets on establishment were $281,000, also up 11 per cent from $221,000 in 2014/15 and 4 per cent from $262,000 in 2017/18.
The regulator noted SMSF expenses also increased during 2018/19, with median total expenses at $8100, an increase of 5 per cent from $7700 in 2017/18 and 32 per cent from $6100 in 2014/15.
At the same time, average operating expenses were $6500, up from $6100 in 2017/18 and $5500 in 2014/15, and median operating expenses were $4100, up from $3900 in 2017/18 and $3600 in 2014/15.
