SMSF Data To March 2024 Data Released May 2024
ASIC recently released its SMSF statistics to March 2024. While it is a quarterly update, past quarters are also updated due to the lag time in processing SMSF funds.
We have updated our SMSF Data Dashboards - Members Have Full Access to 14 dashboards, some including data based on the number of advisers.
A free limited version is now available to all users - See Free Dashboards in Menu.
A PowerPoint Version of ALL Dashboards is available at the store for $20.00 - Click To View More
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Enter promo code 50%MONTH1 for 50% discount on first month Selecting 'YEARLY' cost is only $950
We have put our own overlay of adviser population data, and we also break down some of the data such as fees and net movement of funds at an average level per super fund.
The dashboards are mostly interactive, allowing users to do their own analysis.
Key points of interest and dashboard number shown below:
D1, D2 and D3 - The SMSF opportunity continues to grow - albeit more slowly as the adviser numbers have steadied over more recent times. The SMSF growth has been relatively stable and is now at 614,400 established SMSFs compared to 596,370 for Q1 in 2023. On a ‘net assets’ per adviser, a high was created this quarter at $57.58 Mil. This is an increase of over 260% to a low Q4 in 2018 which was the peak for adviser numbers.
D3 - The rate of SMSF establishments still high - New establishments for the quarter reached 7,371, while below last quarter, it was the highest March quarter total recorded by ATO in their quarterly datasets, going back to 2017. The data from the ATO can have a delayed effect and this is highlighted by the windups for June quarter 2023 at 9,040, a significant jump on the last quarter report when it was just 7,541,
D4 - Total Net Assets at a new record of $896.4 Bil. An increase from $823.2 Bil as of Q1 2023. The previous quarter (Q4 2023) the total was at $872.7 Bil.
D5 - Listed equities is the preferred investment, at 30.2%, followed by Cash and Fixed Interest at 16.18%. The holdings to equities increased and cash slipped over the quarter, most likely due to better returns for equities in the last quarter - See also D9 - That highlights how the larger SMSFs hold less cash and fixed interest compared to smaller SMSFs. Larger SMSFs also hold a greater weighting towards unlisted trusts.
D10 and D11 - Males still dominate SMSF membership – During the quarter, 55.7% of all new members (into new established SMSFs) are male. And the greatest demographic for new establishments (D11) are males earning between $100,000 to $150,000 at 28%. This same earnings range was also the highest for females at 19%.
D14 - Fund and Assets By States - NSW saw a marked increase to 37.5% of all new SMSFs for the quarter. Year by year averages, typically NSW accounts for approx 33% of all SMSFs. The increase was mainly at the expense of VIC who dropped to 27.5% for the quarter whereby its averages are approx 30.3%. Something to track when yearly stats are released.
Note: Data below is not updated each quarter by the ATO - Most data extracted by ATO during July 2023
D5 - The greatest portion of SMSFs falls into the size of >$500,000 to $1m at 25.4% - Whereas the greatest portion of assets fall into the SMSF funds that are between >$2m and $5m at 31.1%.
D6 - Average and Median balances have a significant difference - driven by a few very large SMSF funds. For example, the average asset size of an SMSF is $1,450,642 and the median is $826,299.
D10 - By age group, the greatest portion of members are aged between 75 and 84 - Males still dominate
D11 - By distribution of taxable income, the $0 to $20,000 grouping has the most members - most likely driven by the age group that have now retired. As for new members, the largest age group is between >$100,000 to $150,000 and driven by males
D13 - Expenses per SMSF and per Member has remained at a similar level - Admin and Operational costs currently running (latest data 2021/2) at an average of $3,720 per member. Back in 2018/19 it was $3,427 (D13)
D14 - NSW is still the largest state for both the number of SMSFs and total assets.
Total Net Assets and Averages by SMSF and Members
You may also find the latest APRA Super Fund statistics (Dec 2023 - expect to be updated by June 2024 for this March Quarter), which we have analysed. We have built in elements of the SMSF data, plus Adviser and population stats. See Blog Post Here
The Full Suite of SMSF Funds Data and Analysis Dashboards are available at the Members Lounge And includes our latest data for APRA based Funds.
