As per SMSF fund quarterly statistics for June 2023 revealed the establishment of 6,351 new funds during the quarter, along with 297 fund closures, resulting in a net growth of 6,054 funds. Consequently, the total count of SMSFs has now reached 610,287, collectively comprising 1.13 million members.

The ATO figures noted 52.9 per cent of members are men and 47.1 per cent are women and while the gender split is generally equal across all age ranges, female members lead their male counterparts around taxable income under $100,000 at time of establishment.

According to the regulator, establishment in the June quarter

The report added that contribution splitting, recontributions and catch-up concessional contributions available to SMSFs were likely to help close the gap, particularly where members had balances above the general transfer balance cap of $1.9 million.

Source: SMSFs attract lower-income women | SMS Magazine


Sundaram Shanmugam