The number of SMSFs rose 7.1 per cent to 509,362 funds during the 2013 financial year while APRA-regulated entities with more than four members fell 8.4 per cent.

During the 12-month period, total superannuation assets increased by $219.8 billion or 15.7 per cent to $1.62 trillion, according to APRA.

Small fund assets including SMSFs, single-member approved deposit funds and small APRA fund assets, increased 15.4 per cent while industry fund assets increased 21.5 per cent and retail funds grew 13.9 per cent.

APRA-regulated superannuation entities held $970.1 billion in assets at the end of June, public sector schemes held $97.5 billion and the balance of life office statutory funds held $45.4 billion.

The industry-wide rate of return for all superannuation funds with four or more members was 13.7 per cent for the financial year while the average rate of return in the 10 years to June 2013 was six per cent per annum.

Public sector fund accounts fell 1.2 per cent, retail fund accounts decreased 6.1 per cent, industry funds declined 1.2 per cent and corporate fund accounts fell 6.9 per cent, APRA stated.

In addition, superannuation contributions for the 12 months totalled $115.3 billion, with employers contributing $77.5 billion and members contributing $36.5 billion.