The average taxable income of all SMSF members in the year ended 30 June 2015 was $108,000, while the median taxable income was $59,000. Members aged 45–49 years had the highest average taxable income of $139,000, while members under 25 years had the lowest average taxable income of $50,000 (see Appendix 1, table 11).
Graph 7 shows older members had higher average balances and lower average taxable incomes. The average SMSF member balance ranged from $47,000 for members under 25 years to $900,000 for those over 85 years. This represents a growth over the five years to 2015 of 24% and 34% respectively.
The 60–64 year age group had the largest proportion of members, with an average balance of $779,000. Analysis shows that as the proportion of SMSF members aged 60 years or older increased during the five-year period, as did their average balance.
Graph 7: 2015 Average and median taxable income and balance of SMSF members by age
Graph 8 shows the average and median taxable incomes for SMSF members and non-SMSF members across age ranges. SMSF members across all age ranges had higher average and median taxable incomes. The most significant difference in average taxable income was for members aged 85 years and older, who on average, earned $119,000, compared to non-SMSF members, who earned $53,000 (see Appendix 1, table 11).
From 2011 to 2015, SMSF members of all ages had higher average taxable incomes than non-SMSF members (which averaged $59,000 in 2015).
Graph 8: 2015 Average and median taxable income of SMSF members and non-SMSF members by age range
SMSF members by balance
At 30 June 2015, the average SMSF member balance was $590,000 (see Appendix 1, table 12), which was approximately 13 times the size of the average account balance of non-SMSF members’ of $46,000. The median SMSF member balance was $355,000.
Graph 9 shows that over the five years to 2015, the average and median member balances grew by more than 21% and 26% respectively. Following a marginal decrease to average and median member balances in 2012, there was an increase each year from 2013 onwards.
Graph 9: Asset size SMSF and SMSF member 2011–2015
There was also an increase in opening member balances of newly established SMSFs over the five years to 2015 (see Appendix 1, table 13). However the average member balance for members of newly established funds in 2012 to 2014 decreased, followed by an increase in 2015.
Graph 10 shows the average and median member balance and assets for funds established over the period, as at the end of the establishment year. The average member balance reported by funds established in 2015 was $200,000, an increase of 5% over the five years to 2015. In contrast, the median member balance grew by 15% during the period to $108,000 for funds established in 2015.
On average, 67% of members had balances between $1 and $200,000, while 8% had a $0 balance in year of establishment. For funds established in 2015, 7% of members had a $0 balance.
Graph 10: Asset size in establishment year, SMSF and SMSF members 2011–2015
Over the five years to 30 June 2015, the average member balance of male SMSF members exceeded that of female SMSF members by $135,000. However the difference in average SMSF member balances of males and females reduced over the period (by 4%).
In 2015, the average member balances were $498,000 and $633,000 for female and male members respectively. Female average member balance increased by 24% over the period, while male average member balance increased by 17%.
Analysis of average member balances by gender and age shows a trend of higher average balances as members get older for both males and females, consistent with total SMSF members (see Appendix 1, table 12).
Male SMSF members across all age ranges had higher average balances than females, with the exception of members under 25 years where females had a higher average balance.
Male and female members between 35 and 44 years had the largest difference in average member balances, with the average male balance 37% higher than the average balance of females in the same age range.
Over the five years to 30 June 2015, the proportion of members with a balance of $200,000 or less has decreased from 41% in 2011 to 33% in 2015 (see Appendix 1, table 14).
Graph 11 shows a continued shift in members towards larger balance ranges over the five years. In 2015, the highest proportion of members (31%) had a balance of $200,001–$500,000.
Graph 11: SMSF member balance sizes 2011–2015
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