In this guide
Self-managed super funds (SMSFs) in Australia are privately run super funds for between one and six members who must also be trustees of their fund.
According to the Australian Taxation Office (ATO), 68% of SMSFs had two members in June 2025, typically a married couple, followed by 25% with just a single member. Those with three or four members made up just under 7% of funds.
While the maximum number of members increased from four to six on 1 July 2021, by June 2025 fewer than 0.3% of funds had five or six members. That suggests there hasn’t been much pent-up demand, although it’s only been a few years since the change took effect.
How many SMSFs are there?
The latest available ATO figures indicate there were 653,062 SMSFs in Australia in June 2025, up 6.2%. This continued the steady growth of the sector, despite ongoing market uncertainty.
As you can see from the table below, the number of new funds established increased significantly, while there was also a massive decline in the number of SMSF wind-ups in the year to June 2025.
Overall, this resulted in the strongest increase in net establishments in many years.
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Number of SMSFs
| Year ended | New funds | Wind-ups | Net new entries | Total number of SMSFs | Total members of SMSFs |
|---|---|---|---|---|---|
| June 2025 | 41,980 | 3,531 | 38,449 | 653,062 | 1,203,127 |
| June 2024 | 33,032 | 15,146 | 17,886 | 614,613 | 1,133,070 |
| June 2023 | 27,149 | 15,817 | 11,332 | 596,727 | 1,105,568 |
| June 2022 | 28,208 | 16,878 | 11,330 | 585,395 | 1,089,329 |
| June 2021 | 25,873 | 18,679 | 7,194 | 574,065 | 1,074,326 |
| June 2020 | 21,888 | 18,416 | 3,472 | 566,871 | 1,062,215 |
Source: ATO. Estimate extrapolated from June 2024 data.
As at June 2025, 653,062 SMSFs in Australia had a combined total of more than 1.2 million members. Although this represents less than 5% of Australia’s population, they accounted for $1.05 trillion in assets, or about 24% of the $4.33 trillion invested in superannuation.
What is the average and median SMSF balance?
The average account balance of individual SMSF members grew in the year to June 2024, with an overall increase of around 6%.
The average balance is skewed by a relatively small number of very high balance funds. The median balance per member in the second row of the table below is perhaps a more accurate reflection of the typical fund.
While the median balance per member has been growing steadily, it is well below the average balance per member. Bearing in mind that the majority of SMSFs in Australia have two members, the average and median combined balance of SMSF fund members is provided in the third and fourth rows of the table. These are the latest figures available.
| 2023–24 | 2022–23 | 2021–22 | 2020–21 | 2019–20 | |
|---|---|---|---|---|---|
| Average assets per member | $881,495 | $826,643 | $769,945 | $780,505 | $675,529 |
| Median assets per member | $529,433 | $480,547 | $445,907 | $447,818 | $392,255 |
| Average assets per SMSF | $1,634,608 | $1,540,856 | $1,437,769 | $1,459,793 | $1,266,125 |
| Median assets per SMSF | $932,572 | $851,763 | $792,182 | $794,789 | $696,314 |
Source: ATO. Data extracted on 17 July 2025.
The vast majority (87%) of SMSFs in Australia had balances greater than $200,000 in June 2024, as indicated in the table below. This is consistent with the generally held view that it is not cost effective to set up and run an SMSF with less than $200,000.
As our superannuation system matures, the percentage of funds with less than $200,000 is declining. At the other end of the scale, the ATO has only recently started providing figures for funds with $10 million to $20 million in assets, $20 million to $50 million and $50 million plus.
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Find out more| SMSF asset balance at 30 June 2024 | Percentage of SMSFs |
|---|---|
| $0–50k | 5.3% |
| >$50k–100k | 2.1% |
| >$100k–200k | 5.1% |
| >$200k–500k | 16.2% |
| >$500k–1m | 25.2% |
| >$1m–2m | 23.2% |
| >$2m–5m | 17.4% |
| >$5m–10m | 4.0% |
| >$10m–20m | 1.1% |
| >$20m–50m | 0.2% |
| >$50m | <0.1 |
| TOTAL | 100% |
Source: ATO. Data extracted on 17 July 2025.
Age and gender of SMSF members
Perhaps surprisingly, the age of SMSF members is fairly evenly spread between the ages of 35 and 84, as indicated in the table below. Older members still have the numbers, though, as do men. As at June 2024, the median age of SMSF members was 62, while the median age of SMSF members of newly established funds was 46. Overall, 53% of all members are men and 47% are women.
| Age bracket | All members % |
|---|---|
| Under 25 | 0.6% |
| 25–34 | 2.7% |
| 35–44 | 12.2% |
| 45–49 | 9.5% |
| 50–54 | 11.9% |
| 55–59 | 12.3% |
| 60–64 | 12.6% |
| 65–69 | 11.5% |
| 70–74 | 10.0% |
| 75–84 | 13.7% |
| 85+ | 3.0% |
| Average age | 62.1 |
| Median age | 63 |
Source: ATO. Data extracted on 17 July 2025.
SMSF trustee structures
According to ATO data released in 2025 that relates to the 2023 financial year, approximately 88% of all SMSFs have corporate trustees, while 12% have individual trustees.
SMSF phases
A majority of all the SMSFs in Australia (56%) were solely in accumulation phase (that is, solely accepting contributions by or on behalf of members) in June 2023.
The remaining 44% of funds were either partially (9%) or wholly (35%) in retirement phase (formerly called pension phase). The increase in members wholly in retirement phase is a flow-on effect from the baby boomer bubble gradually leaving the workforce.
The bottom line
SMSFs are now firmly entrenched in the Australian superannuation landscape. The number of SMSFs continues to rise despite the market uncertainty in recent years, along with individual member and overall fund balances. Most SMSFs have corporate trustees, with this structure becoming increasingly popular. SMSFs typically have two members, with more women getting on board. And an increasing number of funds are moving from accumulation phase to retirement phase, as the system matures and Australia’s population ages.
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