Self-managed superannuation funds are on the rise according to figures released by the Australian Taxation Office.
The 2017 Statistical Report reveals the total number of SMSFs in operation has increased to almost 600,000 with 23,508 accounts added in the last year.
Well over one million Australians are now members of SMSFs (1,130,721), with total value estimated to be more than $700 billion.
The vast majority of SMSFs hold between $200,000 to $2 million, with 0.5% holding more than $10 million, and 5.6% holding less than $50,000.
Average assets of an SMSF now exceed $1.1 million, with the average account balance per member about $600,000.
Top asset types held by SMSFs by value are: listed shares 29%, cash and term deposits 23%, non-residential real property and unlisted trusts 11%.
Total administration and operating expenses for SMSFs reached $3.86 billion, while total investment expenses jumped to about $4 billion.
Related story: Need for SMSF specialists growing
Individuals running SMSFs control nearly a third (30%) of Australia's superannuation assets, which reached $2.5 trillion for the first time last month.
Key statistics for the superannuation industry as at 30 September 2017: