Self-managed super funds are having a moment. Australia now has a record of about 680,000 SMSFs holding more than $1.1 trillion in assets, according to the latest Australian Taxation Office data for the year ended 30 June 2026, and 47,000 funds were added over that year. If the growth has you wondering whether an SMSF might suit you, it helps to weigh the genuine opportunities against the responsibilities before doing anything.

Why so many are joining

The appeal for many trustees comes down to control. An SMSF lets members choose their own investments and take a hands-on role in their retirement savings, within the rules. That flexibility, combined with accessible digital platforms and lower-cost administration, has drawn a wave of new, often younger, trustees into the sector.

Industry commentary offers a measured view of the trend: SMSFs remain a really attractive vehicle for the right people at the right stage of life. The phrase "right people at the right stage" matters, because an SMSF is not designed to suit everyone.

The opportunities

The clearest opportunity is choice. Trustees can invest across a broad range of assets, including listed shares, which make up the largest slice of SMSF holdings at around 27% of Assets sector-wide, as well as cash, property and managed investments, subject to the fund's rules and strategy.

Control also brings visibility. Many people who run their own fund report feeling more engaged with their super and better informed about where their money sits. For those who value that involvement and have the time for it, the structure can be rewarding.

The risks and responsibilities

The flip side of control is responsibility, and it is substantial. An SMSF can have up to six members, and all members are generally trustees, or directors of a corporate trustee, personally responsible for complying with Superannuation and tax law.

That responsibility is not delegable in the way some people expect. Trustees must meet the sole purpose test, which requires the fund be maintained solely to provide retirement benefits. They must keep the fund's money separate from their personal money, prepare and maintain an Investment strategy, keep proper records, and arrange an annual independent audit by an ASIC-registered approved auditor before lodging the fund's return.

Then there is cost and time. Running a fund involves ongoing administration, accounting, audit and compliance work, whether done personally or paid for. For smaller balances in particular, those fixed costs can weigh more heavily, and the appropriateness of an SMSF depends on individual circumstances.

Weighing it up

An SMSF is a serious undertaking rather than a product to sign up for lightly. The record growth shows it is working for many Australians, but the same data does not mean it is the right choice for any particular person. Factors such as balance size, investment knowledge, appetite for administration and willingness to shoulder legal responsibility all feed into whether the structure fits.

Because the decision carries tax, legal and retirement consequences, professional advice may be appropriate. An accountant, licensed financial adviser or SMSF specialist could help someone assess whether the opportunities outweigh the obligations in their situation.

The bottom line

The surge to a record number of SMSFs reflects real advantages: control, investment choice and engagement. It also reflects a structure that demands time, cost and genuine legal responsibility, and that suits some people but not everyone. Anyone considering a fund may wish to look honestly at both sides and, where the picture is unclear, seek appropriately qualified advice before deciding.