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Date of article: 26 September 2008
Last updated: N/A

2008 SMSF statistics

Key statistics

  • 387,936 self managed super funds
  • three quarters of a million Australians now have all or part of their superannuation savings in self managed super fund
  • 31,660 new self managed super funds established

The Australian Taxation Office (ATO) publishes statistical report on self managed super funds.

For the year to June 2008, there were 31,660 (June 2007: 44,661) new self managed super funds established. This bringing the total number of self managed super funds to 387,936.

Around three quarters of a million Australians now have all or part of their superannuation savings in self managed super fund.

The decrease in the number of new self managed super funds established was as expected due to the sharp increase in the number of new self managed superannuation funds that were established to take advantage of the contribution cap transitional arrangements that ended June 2007. In the June 2007 quarter alone, there were 22,678 new self managed super funds established.

The data also shows that the more than two-thirds of self managed super funds had 2 members.

The estimated total amount of assets held by self managed super funds at June 2008 was $358 billion. More than half of those assets were in listed equities and cash assets. Listed equities represented 31%, while cash assets (including term deposit and debt securities) represented 27%.

The estimated amount of contributions into self managed super funds has steadily increased over the years, both member contributions and employer contributions. The 2006-2007 showed the greater jump in member contributions – up 333% from $13,608 million in 2005-2006 year to $58,945 million in the 2006-2007 year. This significant increase in member contributions was largely due to people taking advantage of the contribution cap transitional arrangements.

The report revealed that in the 2006-2007 year the average self managed super fund has assets of $938,315. From the data available, the average administration and investment expense was $4,911, which is approximately 0.5% of the asset value. The 2007-2008 year data is not available yet.

Based on 2006-2007 data, approximately a quarter of all self managed super funds had between $200,000 – $500,000 in assets, 22% had between $500,000 – $1 million, and 17% had between $1 million – $2 million.

The full report is available from the Australian Taxation Office website.