The Australian Taxation Office has released its September 2025 SMSF quarterly statistical report, revealing record growth in self-managed superannuation funds. Total SMSF assets have now exceeded $1 trillion, and new fund registrations are running at the highest levels ever recorded.
All data in this article is sourced from the ATO Self-Managed Superannuation Funds Quarterly Statistical Report published on data.gov.au.
For business owners and professionals considering whether an SMSF is right for them, here is what the latest data shows about the sector.
As at September 2025, there are 661,384 self-managed super funds in Australia with 1.22 million members. This represents growth of nearly 17% over the past five years, with the pace accelerating sharply in 2024 and 2025.
Total assets held in SMSFs now stand at $1.07 trillion, making the sector roughly one quarter of Australia's total superannuation pool. After accounting for borrowings and other liabilities, net assets are estimated at $1.03 trillion.
The average SMSF holds $1.63 million in assets, though the median figure of $933,000 gives a more realistic picture for typical funds.
The September 2025 quarter saw 14,494 new SMSFs established, the highest quarterly figure since records began. This continues a surge that started in late 2024 and shows no signs of slowing.
To put this in context, the 2024-25 financial year saw 42,257 new funds registered against just 9,033 exits, producing net growth of 33,224 funds. This is nearly double the net growth seen in 2023-24 and almost ten times the net growth recorded in 2019-20.
Several factors appear to be driving this acceleration. Lower establishment costs through online platforms, increased awareness of SMSF benefits among younger professionals, and the desire for greater control over investment decisions have all contributed. This surge also aligns with broader trends in superannuation, with growing confidence in self-managed options among Australians seeking more direct involvement in their retirement planning.
Perhaps the most significant trend in the data is the changing age profile of new SMSF members.
Among those who established funds in the September 2025 quarter, nearly 40% were aged 35 to 44. A further 19% were aged 45 to 49. In total, 68% of new SMSF members are under 50 years old.
This is a marked shift from the overall SMSF population. While approximately 62% of existing members are under 65, the 75 to 84 age bracket still represents the largest single cohort at 13.7%. The new entrant profile skews significantly younger, suggesting SMSFs are increasingly being viewed as a long-term wealth building tool rather than a vehicle primarily for those approaching retirement.
Income data for new members reinforces this picture. Among those establishing funds in the September 2025 quarter, 25.6% earn between $100,000 and $150,000, while a further 13.9% earn between $150,000 and $200,000. This suggests mid-career professionals in their peak earning years are driving this shift. For advisers, this highlights opportunities to emphasise tax planning and long-term investment strategies for this demographic.
The overall gender split across the SMSF population is 52.7% male and 47.3% female. Among new entrants, the split is approximately 55% male and 45% female. The increasing participation of women in SMSFs presents opportunities for targeted advice around estate planning, insurance, and family-focused superannuation strategies.
The asset allocation data provides useful benchmarks for anyone reviewing their own SMSF investment strategy.
Australian listed shares remain the dominant asset class, representing 27.6% of total SMSF assets or $296 billion. This reflects the income focus of many SMSF trustees, with franked dividends from Australian equities providing tax-effective returns.
Cash and term deposits account for 15.7% of assets at $169 billion. This is a relatively defensive allocation, suggesting many trustees are maintaining liquidity buffers or waiting for investment opportunities.
Property investments represent a combined 16.1% of SMSF assets. Commercial property at 10.5% outweighs residential property at 5.5%, reflecting the generally better yield characteristics of commercial assets.
Assets held under limited recourse borrowing arrangements total approximately $75 billion, representing around 7% of total SMSF assets. It is important to distinguish this from actual borrowings, which sit at approximately $29 billion or 2.7% of total assets. The LRBA figure represents the value of assets (typically property) acquired using gearing strategies, while the borrowings figure reflects outstanding debt.
Crypto assets have now reached $3.2 billion across the SMSF sector, representing 0.3% of total assets. While still small in relative terms, this is a notable increase from negligible levels just five years ago and reflects growing trustee interest in digital assets.
The data reveals significant concentration in the SMSF sector.
Nearly half of all SMSFs (48.4%) have assets between $500,000 and $2 million. A further 28.7% have assets below $500,000, while 22.7% have assets exceeding $2 million.
However, when measured by asset value rather than fund count, the picture shifts dramatically. Funds with over $2 million in assets, representing just 22.7% of all SMSFs, hold 64.5% of total sector assets.
This concentration has implications for service providers and trustees alike. Larger funds can spread fixed compliance costs across a bigger asset base, improving cost efficiency. For business owners reviewing their SMSF arrangements, benchmarking against these figures can help assess whether current costs are competitive and identify opportunities for efficiency gains.
New South Wales accounts for the largest share of SMSFs at 33.4% of funds and 34.9% of assets. Victoria follows at 30.5% and 31.2% respectively.
Notably, NSW is outperforming in new fund registrations, capturing 38% of the September 2025 quarter compared to its 33% share of existing funds. This suggests accelerating demand in Sydney and regional NSW, likely reflecting the concentration of high-earning professionals and business owners who are prime candidates for SMSF establishment.
For Sydney-based businesses and professionals, this trend highlights the growing local appetite for self-managed super. Service providers in the region are well positioned to support this demand with SMSF setup, administration, and strategic advice tailored to the needs of high-income earners.
Queensland represents 17.4% of funds but only 15.9% of assets, suggesting a slightly lower average fund size compared to the southern states.
The fund flow data shows $46.5 billion in total inflows during 2023-24, split between member contributions ($19.9 billion), employer contributions ($6.3 billion) and transfers in from other super funds ($20.3 billion).
Outflows were dominated by benefit payments at $57.7 billion, reflecting the retirement phase activity of many SMSF members. Outward transfers to other funds totalled $11.5 billion.
Total expenses across the sector came to $11.2 billion, of which $4.5 billion related to administration and operating costs including audit fees, management expenses and the supervisory levy.
The continued growth of the SMSF sector reflects ongoing demand for control and flexibility in retirement savings. For business owners in particular, SMSFs offer potential advantages including the ability to hold business real property, greater investment choice, and estate planning flexibility.
However, the compliance obligations are significant. SMSFs must be audited annually, lodge returns with the ATO, and maintain an investment strategy. Trustees must understand their legal obligations and keep proper records.
Based on 2023-24 data, the average administration and operating cost across the sector works out to approximately $7,400 per fund annually. For smaller funds, this cost can represent a meaningful drag on returns compared to industry or retail alternatives.
The general rule of thumb remains that SMSFs become cost-effective at balances above $200,000 to $500,000, though this depends on individual circumstances and the complexity of investments held.
As at September 2025, there are 661,384 self-managed superannuation funds in Australia with approximately 1.22 million members. This represents growth of 7.7% over the past year and 16.7% over the past five years.
Total SMSF assets reached $1.07 trillion as at September 2025. After accounting for borrowings and other liabilities, net assets are estimated at $1.03 trillion. This represents approximately 25% of Australia's total superannuation pool.
The average SMSF balance is $1,634,608 as at 2023-24. However, the median balance of $932,572 gives a more realistic picture for typical funds, as averages are skewed by very large funds.
Australian listed shares are the dominant asset class at 27.6% of total assets. Cash and term deposits represent 15.7%, followed by unlisted trusts at 13.0%, commercial property at 10.5%, assets held under limited recourse borrowing arrangements at 7.0%, and residential property at 5.5%.
The 35 to 44 age group represents the largest cohort of new SMSF members at 39.5% of new registrations in the September 2025 quarter. Overall, 68% of new SMSF members are under 50 years old, indicating a shift toward younger trustees compared to the existing member base where approximately 62% are under 65.
New South Wales has the most SMSFs at 33.4% of all funds and 34.9% of total assets. Victoria follows at 30.5% of funds and 31.2% of assets. Queensland accounts for 17.4% of funds. NSW is also leading in new registrations, capturing 38% of the September 2025 quarter.
Based on 2023-24 data, total administration and operating expenses across the SMSF sector averaged approximately $7,400 per fund. This includes audit fees, management expenses, and the ATO supervisory levy. Costs vary significantly based on fund complexity and service providers used.
Yes, SMSFs can invest in cryptocurrency provided it is permitted under the fund's investment strategy and the investment is made in accordance with superannuation law. As at September 2025, crypto assets across the SMSF sector totalled $3.2 billion, representing 0.3% of total assets.
An SMSF can have between one and six members. Currently, 67.9% of SMSFs have two members (typically couples), 25.3% have a single member, 3.3% have three members, 3.1% have four members, 0.2% have five members, and 0.1% have six members.
There is no legal minimum balance, but SMSFs generally become cost-effective at balances above $200,000 to $500,000. Below this level, the fixed costs of compliance and administration may outweigh the benefits compared to industry or retail super funds.
The overall gender split across the SMSF population is 52.7% male and 47.3% female. Among new fund entrants, the split is approximately 55% male and 45% female, indicating increasing female participation in self-managed super.
SMSF members span a wide income range. Approximately 16.9% have taxable income below $20,000 (often retirees), while 16.1% earn between $100,000 and $150,000. Among new members establishing funds, 25.6% earn $100,000 to $150,000 and 13.9% earn $150,000 to $200,000, reflecting the mid-career professional demographic driving new fund growth.
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