SMSFs Continue To Grow In 2023

The SMSF sector has grown exponentially in 2023 and shows no signs of slowing down in 2024. 

As the latest figures have been released by the ATO, growth has been evident across all facets of the SMSF sector. 

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The Growing SMSF Sector

The SMSF sector has grown drastically regarding the number of SMSFs in 2023, as well as the number of members. 

The total number of SMSFs and SMSF members has increased, as follows: 

- 610,287 SMSFs

- 1,130,640 members of SMSFs

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The total estimated assets have also increased: 

-The total estimated assets of SMSFs are $876.4 billion.

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The Changing Face of SMSFs

The face of SMSFs also continues to evolve with female SMSF members slowly closing the gap between male members. 

The majority of SMSF members have also become drastically younger. 

- 53% of SMSF members are male and 47% are female.

- 87% of SMSF members are 45 years or older.

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Numbers Don’t Lie 

All in all, the average assets of SMSF members and types of contribution continue to grow on an upward trend.  

- The average assets per SMSF member were $780,000

- The average assets per SMSF were $1.5 million

- Member contributions to SMSFs were $16.3 billion

- Employer contributions to SMSFs were $5.7 billion

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Considering leaving the industry and retail super funds behind? Why not establish your very own SMSF?