New SMSF quarterly statistics highlight continued post-COVID recovery
The ATO’s newly released March 2021 quarterly statistical report has revealed the total number of SMSFs will soon hit 600,000, with consistent growth seen across establishments and assets as the industry heads into a post-COVID economic recovery.
The ATO has released the March 2021 self-managed superannuation fund (SMSF) quarterly statistical report revealing the latest statistics on the SMSF sector.
The report shows that there are now approximately 597,396 SMSFs and an estimated 1,120,936 members. These figures point to overall growth in total fund numbers, which have increased on average by around 2 per cent each year over the last five years.
The March 2021 quarter saw more than 6,000 new SMSF establishments showing continued growth compared with previous quarters, while wind-ups have also hit record lows with around 240 recorded. Fifty-three per cent of SMSF members are male and 47 per cent are female, while 86 per cent of all SMSF members are 45 years or older.
Total estimated SMSF assets increased by 3 per cent over the quarter, from $763 billion in the December 2020 quarter to $787 billion in the March 2021 quarter.
The top asset types held by SMSFs (by value) continue to be listed shares (26 per cent of total estimated SMSF assets) and cash and term deposits (19 per cent).
Asset allocations in LRBAs saw its biggest continued increase of around 7 per cent ever since its numbers stagnated during the December 2019 to September 2020 period.
Non-residential and residential property also saw higher growth in asset allocations compared with December 2020 numbers.
Overseas assets have also seen an increase across the spectrum of shares, property and managed investments. Meanwhile, cryptocurrency assets continued to see a decline compared with the December 2020 quarter and haven’t seen an increase ever since June 2019.
In the new establishments recorded in the quarter, around 56 per cent of new SMSF members are male and around 44 per cent are female. Individuals aged 35 to 44 make up the majority of most of the establishments, accounting for both male and female.
Meanwhile, taxable income ranges of the members of SMSFs which were established during the March 2021 quarter show incomes around $100,000 to $150,000 to be the most common for members, accounting around 18.5 per cent.
NSW, Victoria and Queensland continue to remain the top three areas for new funds established.
This comes as new data was also released by the Australian Prudential Regulation Authority showing total superannuation assets increased by 3.1 per cent for the quarter and 13.9 per cent over the 12 months to March 2021 to hit a record high of $3.1 trillion.
Total contributions into the system remained broadly steady at $121.2 billion for the 12 months to March 2021, increasing by 0.8 of a percentage point compared with the previous year.
Total benefit payments were $18.3 billion for the March 2021 quarter following the conclusion of the government’s temporary COVID‑19 early release of superannuation measure.
A more detailed overview of the ATO statistical report can be found here.
Tony Zhang
25 May 2021
smsfadviser.com
Hot Issues
- ATO encourages trustees to use voluntary disclosure service
- Beware of terminal illness payout time frame
- Capital losses can help reduce NALI
- Investment and economic outlook, August 2024
- What the Reserve Bank’s rates stance means for property borrowers
- How investing regularly can propel your returns
- Super sector in ASIC’s sights
- Most Popular Operating Systems 1999 - 2022
- Our investment and economic outlook, July 2024
- Striking a balance in the new financial year
- The five reasons why the $A is likely to rise further - if recession is avoided
- What super fund members should know when comparing returns
- Insurance inside super has tax advantages
- It’s never too early to start talking about aged care with clients
- Capacity doubts now more common
- Most Gold Medals in Summer Olympic Games (1896-2024)
- SMSF assets reach record levels amid share market rally
- Many Australians have a fear of running out
- How to get into the retirement comfort zone
- NALE bill passed by parliament
- Compliance focus impacts wind-ups
- LRBA interest rates increase for 2025
- Income-free areas set to increase from 1 July
- Most Spoken Languages in the World
- Middle-to-higher incomes boosting SMSF growth
- Investment and economic outlook, May 2024
- Transitioning into retirement: What you should know
- Plan now to take advantage of stage 3 tax cuts
- Deeming freeze a win for Age Pensioners
Article archive
- April - June 2024
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
April - June 2021 archive
- End of year financial strategies
- Budget 2021: Retirement Outcomes
- Videos to help understand financial planning topics.
- SMSFs still on top for member satisfaction
- Understanding home downsizing and super contributions
- ATO issues final warnings on outstanding SARs
- New SMSF quarterly statistics highlight continued post-COVID recovery
- Budget measures designed to give retirees control in increasingly ‘opaque’ super environment
- Federal Budget 2021 - Overview
- Building a more secure and resilient Australia
- Federal Budget 2021 - Health
- Asset allocations still hold the key
- Why Australian households are getting richer
- Dealing with compliance complexities impacting overseas SMSF property
- SMSFs flagged on Div 7A relief implications from ATO’s updated guidance
- SMSF Association clarifies NALI issues around pension phase assets
- 5 strategies for successful ‘work from home’ policies
- A new crypto world is emerging - the non-fungible token
- Retirees aren’t sitting on their super: ASFA
- COVID crash: one year on
- Phishing scams that pretend to be very reputable companies - BEWARE!!
- ATO releases updated guidance on LRBA and Division 7A interaction
- Understanding the coming super balance cap changes
- A broad range of Calculators.