SMSF establishments in the September quarter 2025 were the highest on record, according to ATO data, with the “Class Annual Benchmark Report Half Year Findings” for the six months to the end of December revealing these establishments were dominated by millennials (aged 30 to 44) and generation X (45 to 59).
The ATO data revealed there were 14,500 new SMSFs established in the September quarter, an increase of 33.4 per cent on the quarter a year prior and the highest on record since tracking began in 2012.
The Class report highlights a combined share of new establishments by millennials and generation X of 90.3 per cent over the six months to 31 December, up from 87 per cent in the previous corresponding period.
People aged under 30 also appeared in the new fund establishment data, accounting for 1.7 per cent of new establishments for the first half of the 2026 financial year. New trustees are now an average of 47 years old, compared to 61 for existing SMSFs.
Class chief executive Tim Steele said the data shows SMSFs are becoming more accessible for younger Australians.
“The SMSF sector continues to thrive, gaining momentum among millennials and gen X as a key growth opportunity, while also attracting emerging interest from gen Z and alpha. This is despite the proposed Division 296 tax implications and a broader industry discussion around super regulation,” Steele said.
Newer SMSFs are less likely to seek financial advice, with analysis of Class data showing just 20 per cent of newly established SMSFs were set up with financial advice. That compares to 26.8 per cent of the total Class SMSF population receiving financial advice in the last financial year, a slight increase on the 26 per cent receiving advice the previous year.
However, Steele also pointed out 98 per cent of new establishments on Class are under a corporate trustee structure, suggesting new trustees are not uninformed.
“At some point their needs will be such that they will need financial advice,” he said of the newer trustees.
“They are going to be the future advice clients.”
