Australia's self-managed super funds now hold an estimated $1.06 trillion, according to the ATO's March 2026 quarterly statistics. That puts roughly a quarter of the nation's retirement savings in the hands of about 1.24 million members running their own funds. With new funds still arriving at a rapid pace and the new Division 296 tax now in force, it is worth looking at what sits behind the trillion-dollar figure and where the money is invested.

How big is the SMSF sector now

The ATO counted 672,805 SMSFs and 1,239,977 members at the end of March 2026, with total estimated Assets of $1.06 trillion.

The same data shows said SMSFs account for around 25 per cent of Australia's $4.44 trillion Superannuation pool.

The sector has hovered above the trillion-dollar mark for some time. ATO figures reported by the Australian Associated Press put SMSF assets at $1.05 trillion at June 2025, so the latest reading reflects continued, if modest, growth.

Reading the headline number carefully

The ATO stresses that its quarterly asset figures are statistical estimates. Outside June quarters, it projects assets forward from the previous quarter using estimated Investment returns and flows, rather than actual fund returns.

That means the figure may be revised as more complete data arrives, and it is best read as a broad indicator rather than a precise tally.

It also helps to know whose money it is. The ATO's March 2026 figures show 85 per cent of SMSF members are aged 45 or older, so a large share of the sector's Wealth belongs to people approaching or already in retirement.

What is pushing the total higher

Several forces appear to be at work, although the ATO does not publish a precise breakdown of their contributions.

The first is simply more funds., the number of SMSFs grew by 38,885 in the 12 months to March 2026, with 11,687 new funds established in the March 2026 quarter alone.

New funds usually begin with money rolled over from existing super accounts, so each establishment can bring an existing balance into the sector.

The second is contributions. With the super guarantee at 12 per cent since 1 July 2025, employer contributions flowing into member accounts are larger than they were a few years ago.

The third is investment markets. Because SMSFs hold a large share of their wealth in listed shares, movements on the share market could lift or trim the estimated total from one quarter to the next.

Some flows work in the opposite direction. Pension payments, lump sum withdrawals and funds winding up all draw money out of the sector, so the headline figure is a net result of money coming in and going out.

Where the trillion dollars is invested

Listed shares remain the largest single asset class. The ATO's March 2026 statistics show listed shares made up 26 per cent of total estimated assets, while cash and term deposits accounted for 16 per cent. Together, those two classes represent more than 40 per cent of the sector's estimated wealth.

A more detailed snapshot comes from the ATO's June 2025 data, as reported by the Australian Associated Press. At that point SMSFs held about $296 billion in listed shares and $170.7 billion in cash and term deposits.

Unlisted trusts accounted for $132.8 billion. Non-residential property, often Business premises, stood at $105.3 billion, while residential property was $56.6 billion.

Cryptocurrency remains a small slice. SMSF crypto holdings were about $3 billion at June 2025, slightly lower than a year earlier.

Averages hide a wide spread

ATO data for 2023–24, shows an average of $1,634,608 per fund but a median of $932,572. The gap indicates a smaller number of very large funds pull the average up.

Per member, the average was $881,495 and the median $529,433 in the same year.

Asset mix also varies by fund size. In 2025, SMSF Association chief executive Peter Burgess pointed to ATO data showing crypto made up 8.5 per cent of assets in funds with $50,000 to $100,000, compared with 0.6 per cent in funds holding $500,000 to $1 million. He raised concerns about Diversification in smaller funds.

What a bigger pool means for trustees

Growth in the sector does not change the obligations of individual trustees, but it has drawn more policy attention.

The most significant change is Division 296, which applies from 1 July 2026. It adds 15 per cent tax on the proportion of realised Earnings attributable to a member's total super balance above $3 million, and a further 10 per cent on the proportion above $10 million.

Under the enacted law, only realised earnings are counted, such as rent, interest, dividends and net capital gains. Unrealised gains are not taxed. The tax is assessed to the individual and can generally be paid from super.

SMSFs may also make an optional, irrevocable election to reset the cost bases of fund assets to Market Value at 30 June 2026. The election is all or nothing, covering every asset, and is due by the lodgement date of the fund's 2026–27 annual return.

For most funds, Division 296 will not apply. For those near the thresholds, the interaction between asset allocation, realised gains and member balances could become an important planning question, and

Concentration is another consideration. A fund heavily weighted to one asset, such as a single property, may find it harder to meet Liquidity needs or pay benefits, depending on its circumstances.

The bottom line

The SMSF sector's estimated $1.06 trillion reflects more funds, larger contributions under a 12 per cent super guarantee and the influence of investment markets. Listed shares and cash dominate holdings, with property, unlisted trusts and a small crypto allocation making up much of the rest. Averages mask wide differences between funds, and the ATO's quarterly figures are estimates that can be revised. With Division 296 now in force, the size and mix of individual balances matter more than the headline total.