Meg's Musings – November 2026

Even though it’s November, I must confess I’m still regularly musing about the ATO’s annual statistics released in September. In particular, the fact that over 52,000 SMSFs were established in 2025/26. Regular readers will know I love a good stat – so let me share some with you about this number:

• I looked at establishments all the way back to 2000. 2025/26 was the highest year on record during that two decades by thousands,
• The second highest year for establishments was 2006/7 (~44,500). That made more sense. For those with long memories, it was the year the Government introduced tax free super payments (with no cap) and for the first time introduced a cap on personal, non-concessional contributions. There was a special (final) opportunity to contribute very large amounts (up to $1m) in 2006/7 which naturally prompted many to set up an SMSF,
• After that year, establishments dropped back to more “normal” levels (30,000 – 35,000) and stayed that way for 10 years. They dropped further after 2017 when some of the excesses of 2007 were wound back – in particular we saw the introduction of the transfer balance cap. Establishments then hovered around 20,000 – 30,000 until 2024. 
• But for the last three years, they have suddenly jumped to 33,040 (2023/24) then 42,320 and then finally 52,020 in 2025/26. In each year the establishment figure was the highest in the previous 10 years.

Historical rises (2007) and falls (2017) have made sense. But the jump now is against a backdrop of .. nothing much happening that would encourage more SMSFs. Of course, the May 2026 Federal Budget was extremely negative for investing outside super. And the last minute announcement of ending LRBAs for residential property will have prompted a rush to SMSFs in the final few weeks of the year. But establishments were strong long before either of those events.

The general consensus is that it’s a new generation seeking control and transparency they feel they can only get by running their own super fund. Since it’s happening at a time when many advisers have drifted away from SMSFs, the new SMSF trustee is entering the industry via accountants, administrators and their own research. They’re hungry for knowledge, highly engaged and looking for support on their terms. I expect this will profoundly change the expectations of all of us as professionals in this industry over the coming years.

If you’re an accountant or adviser struggling to keep up with clients who want to know more about everything, make sure you receive our 12 Days of Christmas newsletters that start on 1 December. We have two series these days – one for professionals and one for trustees. They’re free and you’re welcome to sign up for both. They include new client guides, e-books, flow charts and more – as well as updates of some you’ll have seen before. I’m biased I know but I think they’re perfect for the new generation of SMSF trustees and professionals.

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