The median SMSF balance increased to $473,000, up 18 per cent from 2019–20 and 31 per cent from the 2016–17 year.

Despite the growth in balances, the statistics indicate that the vast majority of SMSF members have balances below $1.6 million, with only 12 per cent of members reporting balances above this amount for the 2020–21 income year.

The statistics also show that just one per cent of SMSF members had a balance over $5 million.

The majority of large member balances above $5 million were in retirement phase. Around three per cent of all retirement phase members had a balance above $5 million at 30 June 2021 while 0.5 per cent of members in accumulation phase had a figure above this amount.

Overall, SMSF assets increase from $577.8 billion from 30 June 2020 up to $603.4 billion at the end of 2021.

The statistics also indicate that there has been a slight increase in the proportion of SMSF members in retirement phase.

Forty per cent of members were in retirement phase at 30 June 2021, compared to 37 per cent in 2019–20.

The median age of SMSF members of newly established funds remained 46 years for the 202–21 income year.