ATO Data Analysis on SMSF and APRA Superannuation Accounts

DATA61 ATO Data Analysis on SMSF and APRA Superannuation Accounts Zili Zhu, Thomas Sneddon, Alec Stephenson, Aaron Minney CSIRO Data61 CSIRO e-publish: EP157035 CSIRO Publishing: EP157035 Submitted on 14 th September 2015 Last modified on the 6 th May 2016 This report is produced for the CSIRO Monash Superannuation Research Cluster

Executive summary This report outlines some of our analysis of the Self Managed Super Fund (SMSF) and standard industry superannuation funds regulated by the Australian Prudential & Regulation Authority (APRA). The information dataset on the SMSF and APRA superannuation accounts is provided by the Australian Taxation Office (ATO) to the CSIRO Monash Superannuation Research Cluster for research into a randomly sampled 150,000 members with APRA and SMSF accounts in 2004, and their subsequent changes from 2004 to 2014. The findings of this report are: The median account balance in an SMSF ($420,000) is substantially higher than the account balance in an APRA regulated fund ($33,000). The median account balance in retirement generally falls with age for both SMSF and APRA accounts. For SMSF only accounts, the median values of the SMSF balances start to fall around the age of 75, whereas the APRA only account balances start to fall from the age of 65. For accounts with medium and higher balances, there are far more account holders switching from APRA to SMSF accounts than from SMSF to APRA accounts. For accounts with high and very high balances, the rate for switching from APRA to SMSF accounts is three to four times of the rate for switching from SMSF to APRA accounts. The age cohort of 45 to 65 are most likely to switch. The shape and spread of the age distributions for people switching are very similar for switches from APRA to SMSF and from SMSF to APRA. On investment performances of the SMSF and APRA accounts, the median returns of APRA accounts have a higher volatility as compared with SMSF accounts. Both SMSF and APRA accounts experienced large negative returns between 2007 and 2009. The contribution rate as a percentage of the account balance for SMSF members is consistently lower than for APRA members. This is attributable to the smaller balances of APRA accounts leading to a higher contribution rate for APRA accounts for the same contribution amount. SMSF account holders contribute a significantly larger annual amount in dollar terms to their accounts than APRA account holders during the important ages of 50 to 65 years. For SMSF account holders, their annual contribution amount is doubled from the age of 50 to the age of 62, whereas the annual contribution to APRA accounts stays the same for the same period. From the age of 62 to 65, both SMSF and APRA account holders progressively make less annual contribution in dollar terms before the retirement age of 65. At 70 and 71 years old respectively, APRA and SMSF account holders cease their contribution. The ATO dataset shows that the majority of the SMSF members withdraw at or near the minimum withdrawal rates as regulated by the government for APRA and SMSF account holders. In 2011, when the regulated minimum withdrawal rates were lowered, SMSF account holders did not reduce their withdrawal rates accordingly, which can be interpreted as SMSF account holders preferring to maintain a certain standard of living even when it is possible to withdraw less. The withdrawal pattern supports the finding that the majority of SMSF account holders maintain their SMSF as a pension account but withdraw at or more than the regulated minimum rates there is no evidence to suggest SMSF account holders withdrawing lump sums, and thus depleting their SMSF balances early in retirement. Detailed analysis data in tabulated form is also provided in the appendices of this report. This report is the outcome of research activities from October 2013 when ATO and CSIRO began scoping data until the final version of this report is completed in May 2016. ii

CSIRO Data61 Copyright and disclaimer 2016 CSIRO To the extent permitted by law, all rights are reserved and no part of this publication covered by copyright may be reproduced or copied in any form or by any means except with the written permission of CSIRO. Important disclaimer CSIRO advises that the information contained in this publication comprises general statements based on scientific research. The reader is advised and needs to be aware that such information may be incomplete or unable to be used in any specific situation. No reliance or actions must therefore be made on that information without seeking prior expert professional, scientific and technical advice. To the extent permitted by law, CSIRO (including its employees and consultants) excludes all liability to any person for any consequences, including but not limited to all losses, damages, costs, expenses and any other compensation, arising directly or indirectly from using this publication (in part or in whole) and any information or material contained in it. iii

Table of Contents Executive summary ii Table of Contents... iv Introduction... 1 ATO dataset and Analysis Process... 1 Privacy restrictions... 2 Summary analysis of ATO data on SMSF and APRA super accounts... 2 Account Closure of SMSF and APRA Funds... 4 Switching between SMSF and APRA accounts... 5 Median balances of super accounts... 8 Growth rate for super accounts... 12 SMSF and APRA Funds Contribution Rates... 15 SMSF withdrawal rate distribution... 17 SMSF median withdrawal rate by age and by account balance... 22 Summary... 24 Acknowledgement... 25 Reference... 25 Appendix A: ATO data by age and year 26 Appendix B: Selected data tables 28 1 34 iv

Introduction The number of Self Managed Superannuation Funds (SMSFs) has increased substantially in recent years. Australian Taxation Office (ATO) published data shows that from 2004 to 2014, the number of SMSFs has increased from 270,000 to more than 534,000 in 2014. During the same time period, the number of SMSF members has increased from 523,000 to more than 1 million. On average, over 25,000 net new SMSFs are established each year. Currently, over $500 billion of assets are controlled by SMSFs. To gain more insight into the SMSF sector, it is useful to compare SMSFs with conventional superannuation funds such as industrial superannuation funds that are regulated by the Australian Prudential & Regulation Authority (APRA). To contribute to the activities of the CSIRO Monash Superannuation Research Cluster, the Australian Tax Office (ATO) provided CSIRO with a large dataset of individual and self managed superannuation fund (SMSF) annual return information to facilitate analysis of APRA regulated superannuation funds and SMSFs. The analysis of SMSF and APRA fund activity can shed light on how older Australians behave in relation to withdrawals, contributions and maintenance of their superannuation entitlements. The ATO data can also shed light on any potential switching behaviour between an individual s SMSF and APRA funds. This study represents the first time the original raw ATO return data has been analysed directly. In this report we provide the outlines of the analysis of this ATO data, and also detail some insights into the behaviour of older Australians in relation to their superannuation fund entitlements. ATO dataset and Analysis Process The ATO dataset incorporated the annual personal tax return data between 2004 and 2014 of 150,000 Australians aged between 7 and 90 in 2004. Individuals are only included in the data if they have a nonmissing balance value (either APRA or SMSF or both) in 2004. Of the 150,000 individuals, 92,421 have data available in every year, whereas 993 only have data for the year 2004. The distribution of available account balances by age and income year is provided in Appendix A. The tax return data provided the following information: gender; year of birth of the member; balance of any self managed super account held by the individual as reported in the year of the return; personal contributions to any super account in the year of the return, split by SMSF and APRA funds; total contributions (both personal and employer) to any super account in the year of the return; split by SMSF and APRA funds; investment earnings or losses on accounts held as reported for the year of the tax return (available ONLY for SMSF accounts); total amount of benefit payments received (if any) as reported in the year of the return (available ONLY for SMSF accounts). Split into the categories of lump sums, pensions and transition to retirement income streams; aggregate balance of all APRA super fund accounts held by the individual as reported in the year of the return. From the above information, the following data was imputed: age of the member in the year of the tax return; withdrawal rate: proportion of account balance paid out during the income year relative to the SMSF account balance at the start of the income year (available for SMSF accounts only). Over the 11 years, there are a total of 1,587,576 records, including some blank records for some years where there was missing data. The dataset was chosen on the basis that, in 2004, of the 150,000 individuals within the dataset, 50,000 had solely an APRA account, 50,000 had solely an SMSF account and 50,000 had both an 1

APRA account and an SMSF account in that year. Across the dataset, this resulted in a mix of 31,960 having SMSF data only, 47,432 having APRA only, and the remaining 70,608 having both APRA and SMSF data throughout the time period. The dataset is sampled for 150,000 individuals with super accounts at 2004. Privacy restrictions Due to privacy restrictions imposed by the ATO, balance data figures are rounded to the nearest $1000 and account values are censored above $5,000,000. These restrictions impact the accuracy of some of the data, such as returns and withdrawal rate calculations. The insights provided by analysis of these figures should be treated with some caution. For example, all figures below $500 are rounded to zero, severely limiting the accuracy of median return rate and withdrawal rate calculations. Summary analysis of ATO data on SMSF and APRA super accounts In total, the SMSF account tax return data has 920,186 account balances. Of these, 192,247 are zero. The APRA account tax return data has 919,531 account balances. Of these, 180,273 are zero. A table of zero balances and income year for SMSF data is provided below: Table 1 Frequency of zero balances for SMSF account balance data by year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Non-Zero 43037 40304 46949 52642 87149 70799 77713 84793 82973 79828 61752 Zero 56963 47031 39688 32657 2931 1350 1792 2405 2623 2684 2123 Compared to SMSF data, frequencies within the APRA data are more constant over time, whilst there is relatively more APRA data than SMSF data in the earlier years. A table of zero balances and income year for APRA data is provided below: Table 2 Frequency of zero balances for APRA account balance data by year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Non-Zero 67255 70473 68784 67431 67379 63573 61081 59589 57745 78422 77526 Zero 32745 20673 17694 16156 16090 13614 13001 11018 9710 15823 13749 The trend of an annual reduction in zero balance accounts may be explained by two factors. Firstly, the substantial level of initial zero balance SMSF accounts is likely to be due to the high proportion of individuals within the dataset who do not have an active SMSF account (or an extremely low SMSF balance rounded to $0) in 2004 but open one during the subsequent decade and are therefore recorded as holding a zero balance account for all years before opening the SMSF account and transferring funds from their APRA account which existed at 2004. Secondly, due to data restrictions it is assumed that all accounts with a balance of less than $500 are rounded to a zero balance. Therefore, the number of zero balance accounts declines throughout the decade and equivalently the number of non zero balances increases as accounts receive additional contributions and some accounts become considered non zero balances once their level exceeds $500. The distribution of non zero account balances by age is provided below for both the SMSF and APRA account data: Figure 1 Distributions of non zero account balances by age for SMSF Only and APRA Only accounts 2

It can be clearly seen that the distribution of APRA data by age is more evenly spread than that of the SMSF data, and that the SMSF data has a higher median age, indicating that SMSF accounts are opened by individuals of older ages than for APRA accounts as expected. The hump on the left of the APRA distribution reflects the dataset capturing new entrants to the workforce opening super balances throughout the 11 year window. For a more accurate presentation of the age distribution of APRA and SMSF account holders, it is more useful to look at the age distribution for a particular year. For years 2004 and 2014, we plot the age distributions for APRA account holders in the following two graphs: Figure 2 Comparison of age distributions for APRA Only accounts in 2004 and 2014 As expected, the age distribution of APRA account holders is more evenly spread out from the ages 19 to 50, this reflects the age distribution of the general working population more closely, as 2004 was 12 years after the introduction of compulsory superannuation contribution system in Australia, and the super system had been fully established. The following graph on the right displays the age distribution of the working population in 2004 as reported by Australian Bureau of Statistics, whereas the graph on the left shows the age distribution of the APRA accounts but grouped into the equivalent 10 year cohorts. The two graphs are very similar even though they have very different units for the vertical axis, which can be used to indicate the validity of the ATO data. Labour force by age Number of persons (000) 0 1000 2000 3000 15 24 years 25 34 years 35 44 years 45 54 years Age group 55 64 years 65 years and over Figure 3 Comparison of age distribution of APRA Only accounts and Labour Force in Australia in 2004 3

Because the APRA and SMSF account holders are sampled first for year 2004, and the same holders are followed in time longitudinally from 2004 to 2014, it is as expected that the age distribution for 2014 is similar to the 2004 distribution, except that the age has increased correspondingly by 10 years. For SMSF account holders, the following two graphs show the corresponding age distribution for 2004 and 2014: Figure 4 Comparison of age distributions for SMSF Only accounts in 2004 and 2014 The age distribution of the SMSF account holders displays a highly skewed distribution for 2004. In 2004, the highest number of SMSF account holders is in the 57 60 years of age group, and numbers rapidly decrease after the age of 62. The number of people with SMSF accounts increases linearly from the age of 45 to 60 years of age. Account Closure of SMSF and APRA Funds Investigation of the closure of superannuation accounts (i.e. a positive balance followed in the next and subsequent years by a zero balance) can provide insight into when people are exhausting their superannuation entitlements. Longitudinally, the following two graphs show the rate of closure of SMSF and APRA accounts respectively for all account holders in the dataset across the ten financial years of the dataset for which full information is available: Figure 5 Comparison of annual account closure rates for SMSF and APRA data by year 4

For the SMSF accounts, it can be observed that the rate of closure increases rapidly from 1.3% in 2010 to the highest value of 3.3% in 2013. Incidentally, the rate of closure decreases from 2005 until 2007 but then spikes somewhat in 2009 to over 2%, at the time that the global financial crisis ( the GFC ) was at its worst, possibly due to small balances falling below $500 due to market falls and not recovering. The steady increase in closure for SMSF accounts from 2010 to 2013 is interesting, we assume that the increased closure of SMSF accounts was the consequence of bad performances experienced by SMSF during the GFC, and also due to the more stringent compliance requirement imposed. The rate of closure for APRA accounts is highest in 2005 at over 4% and gradually decreases to less than 2% in 2011, before it slowly increases to 2.3% in 2013. The reduced rate of closure in 2010 2011 can be attributed to people having to postpone retirement due to superannuation loses during the GFC. It will be interesting to see if the longer term trend for the closure rate of APRA accounts will revert to the steady level of 2.8% achieved from 2007 to 2009. Switching between SMSF and APRA accounts Investigation of superannuation account switching behaviour (the movement of the majority of total superannuation assets from one form of account to another) can provide insight as to the trend towards greater self management of funds at later ages and the impact of superannuation regulation changes upon this trend. In the graphs below, the behaviour of transferring funds to an SMSF from an APRA account is only considered a switch when the proportion of an individual s combined (SMSF and APRA) account balances which is invested in an SMSF goes from below 80% to above 80%. Similarly, the definition of switching from SMSF to APRA involves the proportion of an individual s combined account balances in APRA rising from below 80% to above 80%. The graphs below illustrate switching behaviour by age over the 10 year time span: Figure 6 Comparison of annual account switching rates by age It can be observed clearly from the above two graphs that the proportion of people switching from APRA accounts to SMSF accounts is generally much higher than in the opposite direction. Further, it can be seen that the age distribution of those switching from APRA accounts to SMSF accounts is more heavily weighted toward the 44 to 62 age bracket. In stark contrast, the switching distribution from SMSF to APRA is a much flatter spread over different age groups. This would suggest that switching to SMSF is generally undertaken when the account balance is large enough for the switching to be worthwhile (as the greater control offered by SMSF accounts has a trade off of increased administrative costs relative to APRA account), whereas people switching to APRA do not display this propensity. In fact, for the age of 30 33 years, the reverse has happened: a higher proportion of SMSF holders have switched to APRA accounts: possibly due to low SMSF account 5

balances not being worthwhile to retain considering the management time and cost or a lack of time due to other commitments early in life. Longitudinally, the following charts illustrate the switching behaviour of account holders according to the year of switching. It can be seen in the graph on the left that there was a larger number of account holders switching from APRA to SMSF in 2007, at a rate of 2.7%. However, before 2007 and after 2007, the switching from APRA to SMSF was fairly stable, 1% before 2007, and 0.5% after 2007. The major switching behaviour and/or establishment of SMSF accounts in 2007 is likely to be related to the capacity to invest up to $1,000,000 into superannuation before 30 June 2007. Figure 7 Comparison of annual account switching rates by year The switching rate from SMSF to APRA accounts peaked at 1.1% in 2004 and decreased to its lowest level of 0.15% in 2009. Throughout the final 4 years of the dataset from 2010 to 2013, the switching rate from SMSF to APRA accounts has steadily grown to 0.45%. To further understand switching behaviour between APRA and SMSF accounts, below we graph the age distributions for APRA to SMSF and SMSF to APRA account switching, expressed as a proportion of the total number of records at that age for APRA and SMSF accounts respectively, split into quantile by each member s highest total account balance throughout the ten year period. These quantiles of balance are set in 20% bands as: very low (under $54,000), low (between $54,000 and $174,000), medium (between $174,000 and $389,000), high (between $389,000 and $810,000) and very high (over $810,000). 6

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Figure 8 Comparison of annual account switching rates by age for each balance quantile As can be readily observed, for accounts with very high balances the rate for switching from APRA to SMSF accounts is around 4 times as for the switch in the opposite direction for the 45 to 62 age cohort. For accounts with High Balances the rate for switching from APRA to SMSF accounts is about 2.5 times as for the switch in the opposite direction for the 45 to 61 age cohort, whereas for accounts with a Medium Balance the rate for switching from APRA to SMSF accounts is about 2 times as for the switch in the opposite direction for the 45 to 65 age group. For accounts with a Low Balances the overall rate for switching from APRA to SMSF is almost the same as that from SMSF to APRA and, in fact, slightly more SMSF account holders of 60 or older switch to SMSF than to APRA. As to be expected, for accounts of Very Low Balances the rate of switching from SMSF to APRA accounts is roughly twice as many as in the opposite direction. In summary, for accounts with medium and higher balances, there are far more account holders switching from APRA to SMSF accounts than from SMSF to APRA accounts. Additionally, the higher the account balance, the older the age at which people tend to switch. The age distributions for people switching are very similar for switches from APRA to SMSF and from SMSF to APRA. Median balances of super accounts The increased longevity of SMSF accounts as compared to APRA accounts can be partially attributed to the higher balances apparent in SMSF accounts. To demonstrate the disparity in median account balances, below are boxplots of balances for SMSF and APRA accounts excluding any balances of $0, where the median value is indicated by the solid black line, and 25% and 75% quantiles are indicated by the lower and upper horizontal sides of the box, and the whiskers are used to indicate the interquartile range of that quantile multiplied by 1.5. Balances over $5 million are taken to be equal to $5 million. Due to rounding in the data for privacy reasons, the smallest non zero balance is $1000. The median of non zero balances is $420,000 for SMSF and $33,000 for APRA are shown in the figure below (the exact numerical values are tabulated in Table 1 of Appendix B): 8

Figure 9 Boxplot of account balances for SMSF and APRA data To further demonstrate this substantial disparity, below are boxplots of account balance for both SMSF and APRA accounts, but split by age. Outliers are not shown. Boxplot widths are proportional to the number of records in the dataset at that age. 9

Figure 10 Boxplots of account balance for SMSF Only, APRA Only, SMSF Both and APRA Both accounts, split by age It can be observed that SMSF balances are substantially higher at all ages than APRA account balances. It can also be observed that the median account balance level generally falls with age in retirement for both SMSF and APRA accounts. For SMSF only accounts, the median values of the SMSF balances start to fall around the age of 75, whereas the APRA only account balances start to fall from the age of 65, though the median 10

balance starts to rise from the age of 70 though the data beyond the age of 70 becomes sparse and in our view less reliable for reaching conclusions. The other notable trend is that the APRA account balances stay rather flat with increasing age, whereas the SMSF account balances increase steadily with age, but reach a peak at around the age of 73. The figures relating to these boxplots of balances by age can be found in tables 2 to 5 of Appendix B. The above account balance boxplots can be split into representative years to give a more accurate indication of trends across the timeframe of 2004 to 2014. For easy interpretation in the new graphs, we have also plotted below the balances according to age brackets. For more information, the below plots of balances by age bracket and year are tabulated in Tables 6 to 25 of Appendix B. 11

Figure 11 Comparison of boxplots of account balances by age group for SMSF Only and APRA Only accounts For 2005, 2009 and 2013, the median values of SMSF only accounts generally decrease from the age of 70, whilst from the age of 65 to 70 the SMSF account balances normally increase. For the APRA only accounts, however, for years 2004 and 2009 the median APRA account balance dropped significantly from the age of 65 onward, indicating a large number of possible lump sum withdrawals and/or closures. However, for the year 2013 the median account value stays relatively flat until the age range of 75 to 78, though the number of record data becomes much smaller here, which may be explained as caused by large withdrawals/closures of accounts with smaller balances. Growth rate for super accounts At a superficial level, it is possible to assess the relative performance of SMSF account balance growth compared to the balance growth of APRA accounts purely on the basis of the annual change of account balances. Provided below is a plot of median growth in account balances (taking the difference of the last two years balances and dividing it by the previous year s balance) by age, ignoring zero balances. The figures for this plot can be found in Table 26 of Appendix B. The lines are solely the median rate of change in account balances from one year to the next for each age. For example, for APRA accounts the average change in account balances from age 65 to age 66 is approximately 12.5%. This chart indicates that the median growth rate in APRA accounts balances is always higher relative to that of SMSF accounts. This is consistent with the overall lower balances of the APRA accounts and a higher growth rate coming directly from new contributions into the APRA accounts. Contribution levels would also explain the higher growth rate at younger ages, when APRA account balances are still small. From the age of 65, the rate of growth in account balances for both APRA and SMSF decrease noticeably, which can be attributed to withdrawals taking place after retirement or due to transition to retirement. 12

Figure 12 Median account annual return rate by age for SMSF and APRA accounts To provide a clearer picture of the investment returns on the APRA and SMSF accounts, contributions should be excluded from any calculations. Plotted below are median averages for an investment returns proxy: the rate of change in account balance excluding any contributions. This calculation provides the change in account balance not attributable to contributions from one year to the next for each age (i.e. only due to investment returns and withdrawals). Exact figures for the below plot are provided in Table 27 of Appendix B. Figure 13 Median account annual return rate (excluding contributions) by age for SMSF and APRA accounts 13

It can be seen again from this above graph of investment returns (note: withdrawals impact the calculation of the return proxy here), that the proxy returns of APRA accounts are higher overall for each year of age relative to SMSF accounts. However, it is observable that account returns are negligible or even negative for most ages beyond 60. This result must be caveated by recognising that data limitations due to rounding limit the accuracy of these return calculations as small returns are effectively rounded to zero. It may indeed be the case that small returns were achieved but are imperceptible given current data restrictions. For longitudinal insight, median averages for the return proxy by income year are provided below. This plots the account balance return for each year attributable to account growth without contributions but including investment returns and withdrawals. This was obtained by only assessing the return rate distribution for 50 to 54 year olds cohort, where it is extremely unlikely that withdrawals would occur, (withdrawal data for APRA accounts is not available in the ATO data). The figures for these plots are provided in Tables 28 and 29 of Appendix B. It can be seen here that APRA and SMSF account balance returns are very similar when contributions are ignored, but that APRA account returns are more volatile than SMSF returns (higher in positive return years and lower in negative return years). The effect of the global financial crisis is also obvious in this plot: the APRA accounts have substantial negative median return rates during 2007 and 2009. This higher volatility for APRA accounts may indicate that APRA funds generally take more investment risk than SMSFs. Figure 14 Median account annual return rate (excluding contributions) by year for SMSF and APRA accounts 14

SMSF and APRA Funds Contribution Rates The graph below shows the median contribution rate for APRA and SMSF accounts at different ages over the 10 year span of the dataset. The contribution rate is calculated as the annual contribution amount as a percentage of account balance (in the graph, it is expressed as the ratio of contribution to account balance i.e. 0.10 = a contribution of 10% of pre contribution account balance). From this graph, we observe that the median contribution rate into APRA accounts is considerably higher than that into SMSF accounts across all age groups. The figures for this graph are provided in Table 30 of Appendix B. Figure 15 Median contribution ratio by age for SMSF and APRA accounts The large difference in the median contribution rate between SMSF and APRA accounts can be attributed to the fact that balances of APRA accounts are much smaller, and therefore the APRA annual contribution is a larger proportion of account balance but is actually a smaller dollar amount than the SMSF contribution. In real dollar terms, the below graph shows the median annual contribution amounts for SMSF and APRA accounts at different ages during the 10 year period. As shown in the graph below, the median annual contribution amount to SMSF accounts is significantly larger than to APRA accounts. A more interesting point to note is that for SMSF holders, the median annual contribution dollar figure doubles from the age of 50 to the age of 62, whereas the median contribution dollar figure to APRA accounts stays the same from the age of 50 to 62. From the age of 62 to 65, both SMSF and APRA account holders progressively make lower contributions in dollar terms before the retirement age of 65. At 70 and 71 respectively, the median APRA and SMSF account holder stops contributing to their accounts. The figures for this graph are provided in Table 31 of Appendix B. 15

Figure 16 Median contribution dollar amount by age for SMSF and APRA accounts To further investigate the changing contribution behaviour of APRA and SMSF account holders, we plot below the median contribution amounts in dollar terms of those of ages 50 and 60 years from 2005 to 2013 (the figures for these plots are provided in Tables 32 and 33 of Appendix B): Figure 17 Comparison of median contribution dollar amount by year for SMSF and APRA accounts aged 50 and 60 years As could be expected, SMSF account holders of age 60 years make significant larger contributions to their SMSF accounts than 50 year old SMSF account holders, despite the plot also revealing that at the beginning of the 10 year period, in 2004, their contribution amounts were similar in dollar terms. Interestingly, for 60 year old SMSF holders highest contributions were made in 2007. The jump in median contribution amount in 2007 can possibly be attributed to the occurrence of the aforementioned deadline for tax free treatment of SMSF contributions in the middle of 2007. Compared with the 60 year old cohort, the 50 year old SMSF account holders maintain a relatively constant contribution in dollar amount throughout the period of 16

interest from 2004 to 2014. Further, for the APRA account holder group, both the 50 and 60 year age groups had fairly constant contributions in dollar terms across the period from 2004 to 2014. We can also examine contribution behaviour in terms of median contribution rates, as in the two graphs below (the figures are tabulated in Tables 34 to 44 in Appendix B). As can be seen clearly from the two graphs below, the median contribution rate for SMSF members is consistently lower than that for APRA members. Figure 18 Figure 19 Comparison of median contribution rate by year for SMSF and APRA accounts aged 50 and 60 years Further, for both the SMSF and APRA account holder groups there is an obvious overall downward trend in median contribution rate from 2005 to 2013 for the 50 year age group, possibly due to a general trending upward of account balances across this period. However, for the 60 year age group the median contribution rate by SMSF members increases progressively from 4% in 2005 to 10% in 2007 before receding to 3% in 2013, whereas the median contribution rate of 60 year old APRA account holders replicates that of 50 year old APRA members in displaying an overall downward trend across the period. SMSF withdrawal rate distribution Due to a paucity of data, it is not possible to undertake any direct APRA account withdrawal activity analysis utilising the ATO dataset provided. However, for SMSF accounts, the dataset allows the calculation of annual withdrawal rates as outlined in the ATO dataset and Analysis Process section above; the withdraw proportion is calculated as: Withdrawal Proportion = (lump sum + income stream payment) / starting account balance The graph below plots the 25% quantile, 50% quantile (median) and 75% quantile values for the withdrawal rate distribution of SMSF accounts at each year of age. In the graph, it can be observed that from the age of 65 to 68 the median withdrawal rate increases from about 4.5% to 5.5% and stays quite flat at 5.5% within the age range of 68 and 75. From the age of 75 upwards, the withdrawal rate increases progressively to 6% at the age of 80 before increasing substantially to 7% at the age of 83. 17

Figure 20 Quartiles of SMSF median withdrawal rate by age A histogram of SMSF withdrawal rates for each member is provided for four distinct age groups (60 to 64, 65 to 69, 70 to 74 and above 75 below. Small frequencies above 30% (0.30) have been excluded as reflecting account closure rather than income drawdown. In the dataset, there are a number of 100% figures corresponding to withdrawals of the entire remaining account. The withdrawal frequency distribution indicates the number of account holders withdrawing income at a particular rate. Government regulated minimum withdrawal rates are not plotted because the age grouping is across the 10 years period (2004 2014) when the minimum withdrawal rates were changed three times. 18

Figure 21 Histograms of SMSF Only withdrawal rate distributions, split by age group We can further split the withdrawal proportions by year for different age brackets to get a more accurate view of whether the withdrawal proportion (rate) in the ATO dataset closely follows the minimum legislated withdrawal rates as detailed here: Table 3 Legislated minimum superannuation account withdrawal rates Age Percentage of account balance 2007 08 2008 09 2009 10 2010 11 2011 12 2012 13 Under 65 4% 2% 3% 4% 65 74 5% 2.5% 3.75% 5% 75 79 6% 3% 4.5% 6% 80 84 7% 3.5% 5.25% 7% 85 89 9% 4.5% 6.75% 9% 90 94 11% 5.5% 8.25% 11% 2013 14 onwards 95 or more 14% 7% 10.5% 14% 19

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Figure 22 Histograms of SMSF Only withdrawal rate distributions in selected years, split by age group (legislated minimum withdrawal rate for age group in relevant year in blue) 21

SMSF median withdrawal rate by age and by account balance To gain further understanding of the withdrawal behaviour of SMSF account holders, we can plot the median withdrawal rate by age and by level of account balance within the ten year period of 2004 2014. Below are three graphs of the median withdrawal rate (proportion) by age for all SMSF account holders for the years 2008, 2011 and 2014 (the dataset does not allow withdrawal rates to be calculated before 2008). In the three graphs, the government regulated minimum withdrawal rates for various ages are plotted in blue coloured lines. It can be observed that from the age of 66, the withdrawal rate is generally flat at around 5%, and steadily increases towards higher ages, except for in 2011 when the withdrawal rate actually decreases slightly from the age of 72, which can be attributed to the regulation for lower minimum withdrawal during the financial crisis. Comparing the withdrawal patterns in 2011 and 2014, we can see the median withdrawal rates in 2014 are almost identical to the regulated minimum withdrawal rates, whereas in 2011, the median withdrawal rates are much higher than the regulated minimum withdrawal rates when these minimum rates were halved during the GFC for year 2011, which indicates that SMSF account holders do not change their withdrawal behaviour even when the regulated minimum withdrawal rates are lowered. The figures for the below plots are available in Tables 45 to 51 of Appendix B. Figure 23 Median SMSF withdrawal rate by age for selected years 22

Of more interest is the same withdrawal rate as plotted by age, but grouped by account balance size (based on the maximum balance of each member within the 10 year time period). Below are plotted median SMSF withdrawal rates by age, but now split into five 20% balance quantiles (Very High, High, Medium, Low and Very Low) based on the maximum balance of each individual. Very high is above $1,111,000 (80 th percentile), high is in the interval [$555,000, $1,111,000) (80 th to 60 th percentile), medium is in the interval [$266,000, $555,000) (60 th to 40 th percentile), low is in the interval [$84,000, $266,000) (40 th to 20 th percentile), and very low is below $84,000 (20 th percentile and below). The figures for the below plots can be found in Tables 52 to 56 of Appendix B. 23

Figure 24 Median SMSF withdrawal rate by age for each quantile of account balance The plot for very low account balances (less than $84k) is very irregular, and probably reflects the small number of sample data in this category for SMSF. From the low balance quantile of $84K 266K to the very high balance quantile of more than $1.1M, the plots demonstrate that median withdrawal rate generally increases with age independently of account balance size, but that the withdrawal rate at each age trend downwards with increases in account balance size. This may be attributable to the logic that each retiree is primarily obliged to spend a certain minimum income in dollar terms to support themselves in retirement independently of their account balance size. It would also be explainable that rates increase with age, one reason being due to government regulation on minimum withdrawal rates for different age categories (which rise with age), and a second reason being that the same minimum withdrawal dollar amount represents a larger proportion of account balance as the account balance decreases with age. Interestingly, the rate of withdrawal increases substantially from the age of 85, except for the Medium Balance size of $266K to $555K. Because data for over the age of 85 years becomes sparse, and therefore not reliable, we can only note that from the age of 85, the median withdrawal rate does increase substantially, but still below the 9% minimum withdrawal rate. Summary This report is the output from the study beginning in October 2013 when ATO and CSIRO set up specifications for the required dataset until the final version of this report is completed in May 2016. The objective of this study is to analyse the SMSF and APRA data supplied by the ATO to gain some insight into the behaviour of individuals with SMSF and APRA superannuation accounts. Switching behaviour between SMSF and APRA accountholders is a major issue for analysis. The other interesting topic for this study is to compare the general performance of SMSF accounts with those of APRA regulated super funds. At different stages of retirement, the behaviour for withdrawing money from SMSF accounts is an important topic of this study. In this paper, we have presented some analysis of the ATO data on SMSF and APRA account balances. The analysis exclusively presents median values for a sample of 150,000 members with APRA and SMSF accounts in 2004, and their subsequent changes from 2004 to 2014. The interesting findings of this analysis are: The median account balance in an SMSF ($420,000) is substantially higher than the account balance in an APRA regulated fund ($33,000). The median account balance in retirement generally falls with age for both SMSF and APRA accounts. For SMSF only accounts, the median values of the SMSF balances start to fall around the age of 75, whereas the APRA only account balances start to fall from the age of 65. For accounts with medium and higher balances, there are far more account holders switching from APRA to SMSF accounts than from SMSF to APRA accounts. For accounts with high and very high balances, the rate for switching from APRA to SMSF accounts is three to four times of the rate for switching from SMSF to APRA accounts. The age cohort of 45 to 65 are most likely to switch. The shape and spread of the age distributions for people switching are very similar for switches from APRA to SMSF and from SMSF to APRA. On investment performances of the SMSF and APRA accounts, the median returns of APRA accounts have a higher volatility as compared with SMSF accounts. Both SMSF and APRA accounts experienced large negative returns between 2007 and 2009. The contribution rate as a percentage of the account balance for SMSF members is consistently lower than for APRA members. This is attributable to the smaller balances of APRA accounts leading to a higher contribution rate for APRA accounts for the same contribution amount. SMSF account holders contribute a significantly larger annual amount in dollar terms to their accounts than APRA account holders during the important ages of 50 to 65 years. 24

For SMSF account holders, their annual contribution amount is doubled from the age of 50 to the age of 62, whereas the annual contribution to APRA accounts stays the same from the age of 50 to 62. From the age of 62 to 65, both SMSF and APRA account holders progressively make less annual contribution in dollar terms before the retirement age of 65. At 70 and 71 years old respectively, APRA and SMSF account holders cease their contribution. The ATO dataset shows that the majority of the SMSF members withdraw at or near the minimum withdrawal rates as regulated by the government for APRA and SMSF account holders. In 2011, when the regulated minimum withdrawal rates were lowered, SMSF account holders did not reduce their withdrawal rates accordingly, which can be interpreted as SMSF account holders preferring to maintain a certain standard of living even when it is possible to withdraw less. The withdrawal pattern supports the finding that the majority of SMSF account holders maintain their SMSF as a pension account but withdraw at or more than the regulated minimum rates there is no evidence to suggest SMSF account holders withdrawing lump sums, and thus depleting their SMSF balances early in retirement. For this paper, the median values are used mainly to generate the analysis results, for the given dataset it is also possible to use distributions of the proxy returns and/or contributions and/or withdrawals to obtain further insights. Analysis data generated in the report is tabulated and provided in the appendix of this report. Acknowledgement We wish to thank Dr Matt Power of the Australian Taxation Office (ATO) for his efforts and help in scoping the data requirement and identifying potential issues in analysing the dataset throughout this study by the CSIRO Monash Superannuation Research Cluster. Without his involvement, this research would have been not possible. Additionally, we would like to thank the ATO for agreeing to provide the required data to the CSIRO Monash Superannuation Research Cluster. Reference Reserve Bank of Australia: Financial Stability Review, http://www.rba.gov.au/publications/fsr/, March 2015. 25

Appendix A: ATO data by age and year Age/Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 17 536 219 56 15 6 4 3 2 1 1 1 18 665 314 163 41 8 2 1 1 1 0 0 19 1203 664 313 163 41 8 2 1 1 1 0 20 1318 1201 662 313 163 41 8 2 1 1 1 21 1364 1310 1199 662 313 163 41 8 2 1 1 22 1432 1358 1307 1199 662 312 163 41 8 2 1 23 1483 1423 1355 1306 1198 661 310 163 41 8 2 24 1585 1466 1417 1353 1305 1195 661 310 163 41 8 25 1641 1569 1455 1416 1353 1303 1194 660 310 163 41 26 1549 1619 1557 1453 1415 1353 1300 1192 659 310 163 27 1567 1532 1608 1552 1452 1413 1349 1297 1192 658 307 28 1672 1556 1520 1605 1552 1448 1410 1347 1294 1188 652 29 1735 1660 1543 1517 1604 1547 1441 1407 1346 1291 1178 30 1856 1722 1651 1541 1517 1599 1532 1438 1406 1343 1275 31 1873 1845 1719 1648 1538 1513 1588 1527 1436 1403 1333 32 2112 1862 1841 1713 1646 1534 1504 1582 1527 1435 1390 33 2306 2103 1855 1835 1713 1643 1521 1499 1580 1523 1412 34 2316 2300 2097 1855 1829 1709 1635 1515 1496 1578 1507 35 2415 2308 2294 2094 1855 1823 1701 1631 1514 1494 1541 36 2423 2413 2307 2292 2093 1850 1818 1693 1628 1510 1458 37 2582 2419 2411 2305 2290 2092 1845 1816 1690 1624 1474 38 2692 2574 2417 2407 2303 2283 2089 1845 1815 1687 1592 39 2951 2688 2571 2416 2404 2300 2276 2080 1841 1809 1646 40 3225 2946 2685 2566 2412 2399 2293 2270 2071 1834 1748 41 3393 3225 2944 2682 2562 2408 2392 2289 2265 2063 1781 42 3673 3389 3218 2940 2674 2556 2403 2391 2283 2248 1991 43 3865 3669 3385 3216 2932 2666 2549 2398 2384 2273 2153 44 4151 3861 3663 3378 3213 2926 2659 2538 2392 2370 2145 45 4141 4147 3857 3656 3371 3209 2917 2653 2535 2370 2271 46 4209 4134 4140 3855 3649 3365 3200 2907 2640 2521 2239 47 4367 4202 4126 4128 3853 3634 3356 3192 2894 2619 2385 48 4477 4358 4196 4117 4121 3838 3625 3347 3183 2877 2475 49 4295 4463 4353 4191 4106 4113 3828 3613 3336 3155 2689 50 4432 4286 4453 4345 4183 4091 4105 3823 3599 3306 2945 51 4632 4419 4276 4443 4334 4167 4078 4093 3806 3564 3058 52 4744 4622 4412 4269 4431 4319 4156 4063 4078 3775 3333 53 4732 4735 4612 4396 4262 4417 4308 4142 4048 4050 3530 54 4786 4718 4723 4599 4384 4249 4407 4299 4122 4011 3798 55 4755 4772 4705 4711 4589 4361 4229 4389 4280 4081 3753 56 4752 4732 4760 4689 4693 4569 4343 4201 4360 4247 3792 57 4880 4725 4701 4741 4667 4657 4536 4315 4172 4307 3885 58 4582 4837 4704 4676 4722 4642 4622 4517 4289 4124 3975 26

59 3865 4551 4813 4675 4652 4678 4621 4601 4499 4247 3806 60 3739 3832 4518 4783 4650 4612 4650 4600 4562 4438 3914 61 3111 3699 3811 4478 4751 4589 4571 4617 4571 4504 4040 62 2660 3073 3658 3773 4436 4699 4545 4521 4572 4503 4099 63 2475 2626 3044 3624 3748 4379 4649 4512 4478 4502 4066 64 2090 2430 2595 3011 3586 3682 4335 4601 4455 4420 4044 65 1799 2051 2399 2566 2968 3512 3628 4270 4530 4385 3971 66 1561 1753 1994 2360 2524 2918 3470 3578 4189 4425 3911 67 1168 1506 1720 1957 2313 2450 2848 3416 3500 4080 3849 68 931 1137 1483 1696 1932 2257 2414 2797 3351 3423 3538 69 759 906 1114 1458 1671 1881 2215 2374 2737 3269 2998 70 620 729 888 1099 1430 1631 1855 2174 2325 2662 2884 71 474 595 709 868 1075 1397 1603 1835 2135 2257 2322 72 374 455 579 693 849 1037 1368 1582 1798 2082 1962 73 251 358 440 567 676 816 1018 1343 1547 1757 1799 74 238 245 345 422 553 652 805 996 1314 1512 1542 75 177 221 234 338 405 530 644 789 973 1281 1308 76 128 167 208 231 326 388 519 630 771 949 1104 77 74 120 153 197 224 305 377 508 612 746 815 78 44 68 117 149 194 209 296 370 486 589 640 79 30 37 63 114 142 182 204 288 352 467 502 80 14 28 36 63 110 127 176 195 280 334 397 81 10 14 25 35 62 98 120 173 183 261 273 82 10 8 13 23 33 54 93 119 165 168 217 83 12 10 5 13 22 31 53 92 114 153 129 84 6 8 9 4 11 19 29 49 86 109 124 85 4 5 6 8 3 8 18 27 46 83 86 86 3 3 5 4 7 3 6 18 24 43 66 87 1 3 3 5 4 6 3 6 15 23 34 88 2 0 2 2 5 4 6 3 6 13 15 89 1 1 0 1 2 5 4 5 3 6 9 90 2 1 1 0 1 1 5 4 4 3 6 91 0 2 1 0 0 1 1 5 4 4 2 92 0 0 2 0 0 0 0 1 4 4 1 93 0 0 0 1 0 0 0 0 0 4 3 94 0 0 0 0 0 0 0 0 0 0 2 27

Appendix B: Selected data tables Table 1: Percentiles of balances distribution Type 25% 50% 75% SMSF 103000 294000 691000 APRA 11000 33000 81000 Table 2: Percentiles of balances distribution (SMSF only) split by age Age 25% 50% 75% 7 1000 1000 1000 8 2000 2000 2000 9 2000 2000 2000 10 2000 2000 2000 11 2000 2000 2000 13 2000 2000 2000 14 2000 2000 2000 15 2000 2000 2000 16 2000 2000 2000 17 1000 1414.21 2000 18 6000 21071.31 74000 19 1000 4000 9000 20 3000 4898.98 11000 21 4000 7000 13490.74 22 6000 8000 15000 23 6000 11000 20000 24 8000 15491.93 23000 25 12000 21000 35000 26 15000 25000 41000 27 20000 30000 54000 28 19000 35000 55000 29 24000 41000 77000 30 23000 44497.19 81498.47 31 25000 48000 82000 32 27000 53000 92994.62 33 27000 51497.57 98000 34 30495.9 56497.79 103000 35 32000 62000 108000 36 36000 67000 124000 37 40000 75000 140000 38 44000 85000 159000 39 49000 96000 181499.3 40 52000 106000 204000 41 55000 115000 229000 28

42 61000 131000 266000 43 65000 139000 277000 44 74000 163000 316000 45 79000 177000 342000 46 86000 194000 378000 47 91000 211000 406000 48 97000 223000 448000 49 104000 236000 473000 50 113000 255000 509000 51 124000 281000 565000 52 133000 307000 612000 53 147000 335000 667499.8 54 156000 364000 730000 55 171000 386000 787499.8 56 181000 422499.7 851000 57 192000 445000 893000 58 203000 461000 935000 59 219000 500499.8 1.00E+06 60 236000 534000 1054000 61 250000 555000 1118000 62 259000 572000 1148000 63 271000 583000 1194000 64 285000 605000 1221000 65 291000 635000 1257000 66 291499.6 647000 1283500 67 287000 650000 1276000 68 294000 651000 1306000 69 292000 642000 1301000 70 294000 648000 1311000 71 297000 648000 1300000 72 290000 632000 1305499 73 287000 633499.8 1292500 74 296000 635000 1291000 75 299000 630499.8 1307000 76 283000 602000 1282000 77 275000 594000 1216000 78 249000 546999.1 1148000 79 240000 556499.8 1168000 80 247499.5 520991.4 1137499 81 217000 481000 1084000 82 220499.4 431000 965987.1 83 219499.4 407000 872467.8 84 210000 395000 861000 85 214941.9 407497.2 842940.7 86 188997.4 391918.4 755486.6 87 171000 331000 649000 88 121000 247578.3 429000 29

89 137000 240624.2 442000 90 125745.8 260653 583585.5 91 208614.5 547000 689436.7 92 147000 623000 625000 93 84000 112249.7 150000 Table 3: Percentiles of balances distribution (APRA only) by age Age 25% 50% 75% 16 1000 1000 1000 17 1000 1000 1000 18 1000 1000 2000 19 1000 1000 2000 20 1000 2000 4000 21 2000 3000 5000 22 2000 5000 7000 23 3000 6000 9000 24 4000 7000 12000 25 5000 9000 15000 26 6000 12000 18000 27 7000 14000 22000 28 8000 17000 27000 29 9000 20000 31000 30 10000 22000 35000 31 11000 24000 39000 32 12000 27000 44000 33 13000 29000 47000 34 14000 31000 52000 35 15000 33000 56000 36 15000 35000 60000 37 16000 37000 64000 38 16000 38000 68000 39 17000 40000 73000 40 17000 40000 77000 41 17000 41000 80000 42 17000 42000 85000 43 17000 43000 88000 44 18000 44000 90000 45 18000 44000 92000 46 18000 45000 96000 47 19000 46000 1.00E+05 48 20000 47000 101000 49 21000 49000 105000 50 22000 51000 109000 51 23000 53000 115000 52 24000 55000 121000 53 25000 57000 128000 30

54 26000 59000 133000 55 27000 62000 140000 56 27000 63000 144000 57 27000 64000 146000 58 27000 65000 159000 59 26000 65000 162000 60 28000 70000 168000 61 26000 70000 167000 62 25000 69000 169000 63 24000 66000 168000 64 23000 68000 174000 65 21000 67000 184000 66 16000 64000 178499.3 67 13000 59000 178000 68 12000 54000 166000 69 12000 54000 166000 70 12000 56000 168499.3 71 12000 63000 189000 72 14000 79000 198000 73 22000 86000 204961 74 22000 82000 189000 75 22000 94000 178000 76 24000 83000 155000 77 38987.18 91000 163499.2 78 38000 88464.68 197000 79 40496.91 107981.5 174768.4 80 18330.3 55000 119995.8 81 21633.31 53376.02 212809.8 82 2000 33882.15 333000 83 13000 52000 147000 84 19000 45033.32 101000 85 5099.02 26000 36055.51 86 5196.15 27000 42532.34 87 1000 8185.35 67000 88 1000 9486.83 90000 89 1000 10583.01 112000 90 1000 11313.71 128000 Table 4: Percentiles of balances distribution (SMSF as part of having both accounts) by age Age 25% 50% 75% 11 110000 110000 110000 12 1000 11045.36 122000 13 8000 31368.77 123000 14 3000 20346.99 138000 15 1414.21 8944.27 35693.14 16 1000 4472.14 21354.16 31

17 2000 6000 23000 18 1000 3000 13000 19 1000 4000 13000 20 2000 7000 16000 21 2000 5000 16000 22 3000 7000 18000 23 3000 10000 22000 24 4000 11000 26000 25 6000 13000 31000 26 6000 16000 32000 27 7000 17000 38000 28 9000 20000 42000 29 10000 23000 46497.31 30 11000 25000 49000 31 12000 27000 55497.75 32 14000 30000 59000 33 14000 34000 65000 34 16000 37000 73000 35 19000 43000 86000 36 22000 48000 99000 37 24000 54000 109000 38 26000 60000 119000 39 29000 66000 133000 40 33000 75000 150000 41 35000 80000 166000 42 39000 90000 187000 43 42000 99000 206000 44 46000 110000 226000 45 51497.57 123000 251000 46 57000 136000 278000 47 62000 148000 303000 48 67000 160000 328000 49 71000 173000 352000 50 77000 189000 384000 51 83000 204000 419000 52 90000 219000 458000 53 97000 237000 492000 54 104000 257000 539000 55 113000 278000 593000 56 123000 301000 642000 57 131000 321499.6 680000 58 141000 349000 732000 59 153000 377000 772000 60 168000 402499.7 817000 61 177000 425000 856000 62 191000 445000 880000 63 201000 462000 912000 32

64 210000 478000 946000 65 217000 501000 977000 66 229000 515000 1018000 67 228000 515000 1036000 68 236000 526499.8 1063000 69 241000 544000 1102500 70 244000 551000 1109000 71 254000 568000 1133500 72 268000 581000 1176500 73 268499.5 586000 1213000 74 271000 604999.2 1205000 75 282499.6 620000 1280499 76 288998.3 629499.8 1267499 77 281000 6.00E+05 1227000 78 256998.1 570494.5 1155499 79 246495.4 516000 1134499 80 254992.2 556494.4 1177487 81 233000 485000 1093000 82 192000 478468.4 1071000 83 214000 480468.5 940000 84 209513.7 452267.6 960925.1 85 163000 541763.8 897000 86 298000 368000 835000 87 354843.6 1053931 2631539 88 713000 1888121 5.00E+06 33

1 Table 5: percentiles of balances distribution (APRA as part of having both accounts) by age Age 25% 50% 75% 17 1000 1000 1000 18 1000 2000 3000 19 1000 1000 2000 20 1000 2000 3000 21 1000 2000 4000 22 1000 3000 5000 23 2000 4000 7000 24 3000 6000 11000 25 4000 8000 13000 26 5000 10000 18000 27 5000 12000 21000 28 7000 15000 26000 29 8000 18000 30000 30 8000 20000 35000 31 9000 22000 39000 32 10000 24000 43000 33 10000 26000 49000 34 10000 28000 53000 35 10000 27000 54000 36 10000 29000 56000 37 9000 29000 57000 38 8000 27000 60000 39 9000 27000 61000 40 8000 27000 63000 41 8000 26000 63000 42 8000 27000 65000 43 8000 27000 67000 44 9000 28000 70000 45 8000 28000 70000 46 8000 28000 72000 47 9000 27000 73000 48 10000 29000 75000 49 10000 30000 77000 50 11000 32000 81000 51 11000 33000 86000 52 12000 36000 94000 53 12000 37000 97000 54 12000 38000 1.00E+05 55 13000 40000 107000 34

56 13000 41000 114000 57 13000 42000 117000 58 14000 44000 121000 59 13000 44000 125000 60 13000 45000 131000 61 13000 44000 132000 62 12000 45000 137499.1 63 11000 45000 137000 64 11000 46000 141000 65 11000 44000 150000 66 10000 42000 152000 67 10000 42000 158000 68 9000 43000 166000 69 10000 47000 167000 70 10000 48000 174000 71 9000 48000 178000 72 11000 54000 190997.4 73 12000 64000 218000 74 16000 71000 211000 75 20000 91000 234000 76 22000 98000 310000 77 25000 112982.3 336000 78 16000 109000 282000 79 22000 86498.55 269000 80 37000 88000 228945.4 81 51000 94276.19 235000 82 48476.8 173002.9 387317.7 83 58000 95000 365877 84 42402.83 94392.8 188308.3 85 35777.09 62000 212471.2 86 53000 105000 680000 87 133000 175379.6 876000 88 88260.98 119373.4 242177.6 89 381000 381000 381000 91 826000 826000 826000 Table 6: Percentiles of balances distribution (SMSF only) split by age in income year 2005 Age range 25% 50% 75% (15 18] 6000 6000 6000 (18 21] 3000 5000 10000 (21 24] 5477.23 9000 17888.54 (24 27] 14000 20000 29000 (27 30] 14000 28000 54000 (30 33] 24000 40496.91 78000 (33 36] 25000 48000 75000 (36 39] 39000 74000 138491.9 35

(39 42] 43000 87000 181000 (42 45] 55497.75 125000 254982.4 (45 48] 66498.12 151000 313499.6 (48 51] 75000 166000 325000 (51 54] 102000 217000 402000 (54 57] 108498.9 253000 5.00E+05 (57 60] 138000 302000 591000 (60 63] 155499.2 359000 680499.8 (63 66] 167997 350998.6 692499.8 (66 69] 160000 371000 767000 (69 72] 178493.7 412000 760495.9 (72 75] 183902.2 394484.5 727883.9 (75 78] 156000 352858.3 626000 (78 81] 124964 186000 366376.9 (81 84] 37000 78000 335000 (84 87] 1000 10198.04 104000 Table 7: Percentiles of balances distribution (SMSF only) split by age in income year 2006 Age range 25% 50% 75% (18 21] 5000 9000 11000 (21 24] 6000 11000 17000 (24 27] 15000 21494.19 37000 (27 30] 24000 39000 65000 (30 33] 26000 43000 64000 (33 36] 30000 57497.83 96498.7 (36 39] 42000 75000 141000 (39 42] 54000 116000 216000 (42 45] 68498.18 141499.1 264000 (45 48] 73000 169000 348499.6 (48 51] 97498.72 222499.4 412499.7 (51 54] 129499 265000 518000 (54 57] 147000 325000 637499.8 (57 60] 166499.3 365000 726000 (60 63] 193000 427000 826000 (63 66] 230000 470998.9 857999.4 (66 69] 214000 472497.6 867000 (69 72] 213494.7 474995.8 858997.7 (72 75] 209000 455269.2 948000 (75 78] 182000 390497.1 639000 (78 81] 132000 386000 610000 (81 84] 247479.3 297000 444072.1 (84 87] 3162.28 64265.08 467415.2 Table 8: Percentiles of balances distribution (SMSF only) split by age in income year 2007 Age range 25% 50% 75% 36

(18 21] 17000 38013.16 85000 (21 24] 6000 11489.13 18000 (24 27] 19000 30983.87 51000 (27 30] 30000 43000 90000 (30 33] 32984.85 59000 96953.6 (33 36] 37000 72000 126000 (36 39] 50000 94000 177000 (39 42] 69000 141499.1 262000 (42 45] 80000 178000 336000 (45 48] 104000 229997.8 450000 (48 51] 127000 283000 566499.8 (51 54] 157000 362499.7 735000 (54 57] 196000 438000 915000 (57 60] 220997.7 531499.8 1055000 (60 63] 273000 603000 1196000 (63 66] 294000 680000 1305000 (66 69] 309499.6 647499.8 1307000 (69 72] 281000 643000 1253000 (72 75] 306000 639000 1289000 (75 78] 261000 452000 962000 (78 81] 183902.2 458000 763871.7 (81 84] 213297.9 362998.6 602873.1 (84 87] 177000 380473.4 767000 (87 90] 1000 10392.3 108000 Table 9: Percentiles of balances distribution (SMSF only) split by age in income year 2008 Age range 25% 50% 75% (18 21] 11000 15905.97 23000 (21 24] 8000 17972.2 32496.15 (24 27] 16000 25000 57131.43 (27 30] 30000 47000 96000 (30 33] 25495.1 51000 105995.3 (33 36] 41000 71000 124000 (36 39] 47000 94000 174000 (39 42] 65000 141000 265992.5 (42 45] 77498.39 172000 331499.6 (45 48] 98498.73 229000 435492.8 (48 51] 123000 279000 587499.8 (51 54] 162000 368000 705000 (54 57] 206000 466000 895000 (57 60] 242000 529000 1030500 (60 63] 280000 596000 1191998 (63 66] 304499.6 648000 1257998 (66 69] 303000 626499.8 1224000 (69 72] 292000 604000 1214500 (72 75] 271499.5 590482.9 1187000 37

(75 78] 225997.8 453998.9 997992 (78 81] 218997.7 449497.5 778365 (81 84] 146969.4 250000 418798.3 (84 87] 119000 166000 207000 (87 90] 345108.7 397000 474864.2 Table 10: Percentiles of balances distribution (SMSF only) split by age in income year 2009 Age range 25% 50% 75% (21 24] 15000 22000 37000 (24 27] 19000 29000 70000 (27 30] 24000 43988.63 93000 (30 33] 33496.27 64498.06 134491.6 (33 36] 40496.91 68000 119499 (36 39] 45000 89000 175000 (39 42] 60497.93 133000 250000 (42 45] 81000 172997.1 340000 (45 48] 107995.4 233000 434998.9 (48 51] 122499 279000 542000 (51 54] 165000 375000 720000 (54 57] 202000 454000 887000 (57 60] 243000 527000 1030500 (60 63] 264000 580000 1128000 (63 66] 289000 628000 1242000 (66 69] 272000 613499.8 1234500 (69 72] 288000 623000 1250000 (72 75] 258000 585000 1177000 (75 78] 228000 498487.7 1131489 (78 81] 187499.3 397499.7 711407.1 (81 84] 133356.7 295235.5 501493.8 (84 87] 166000 171481.8 197000 (87 90] 215000 360360.9 604000 Table 11: Percentiles of balances distribution (SMSF only) split by age in income year 2010 Age range 25% 50% 75% (21 24] 25099.8 35000 66932.8 (24 27] 18000 30000 42000 (27 30] 25000 50000 88000 (30 33] 33496.27 65000 142492.1 (33 36] 43000 77000 144000 (36 39] 45000 92000 176997.2 (39 42] 61000 126000 243000 (42 45] 82000 182000 345000 (45 48] 1.00E+05 222000 442000 (48 51] 123499 281000 543499.8 (51 54] 163000 379000 748000 38

(54 57] 207000 468000 927000 (57 60] 253499.5 547000 1080500 (60 63] 276000 610000 1209000 (63 66] 297499.6 668000 1320000 (66 69] 291000 665000 1305000 (69 72] 310998.4 650000 1354987 (72 75] 291998.3 682999.3 1328499 (75 78] 237000 564499.8 1200000 (78 81] 184000 399000 957404.8 (81 84] 168893.5 342000 653495.2 (84 87] 204000 403000 720000 (87 90] 100796.8 180000 439699.9 (90 93] 49000 49000 49000 Table 12: Percentiles of balances distribution (SMSF only) split by age in income year 2011 Age range 25% 50% 75% (21 24] 22000 28913.66 38000 (24 27] 21354.16 34000 55964.27 (27 30] 26000 44899.89 90000 (30 33] 38000 68000 162000 (33 36] 36000 75498.34 140427.9 (36 39] 52497.62 98000 186499.3 (39 42] 62000 123499 245499.5 (42 45] 82000 192000 353000 (45 48] 104498.8 228499.5 457000 (48 51] 134000 307000 591000 (51 54] 165000 392000 790498.6 (54 57] 213000 493000 961000 (57 60] 271000 583000 1129000 (60 63] 3.00E+05 624000 1235000 (63 66] 317000 683499.8 1357000 (66 69] 294000 672000 1342000 (69 72] 303000 646999.2 1300000 (72 75] 302998.4 641498.3 1304000 (75 78] 259000 6.00E+05 1276000 (78 81] 236499.5 481000 1071494 (81 84] 239499.5 444000 859496.4 (84 87] 101000 301000 427000 (87 90] 137996.4 145354.7 577778.5 (90 93] 320000 434142.8 589000 Table 13: Percentiles of balances distribution (SMSF only) split by age in income year 2012 Age range 25% 50% 75% (24 27] 27000 38000 54497.71 (27 30] 33496.27 52478.57 84852.81 39

(30 33] 33406.59 64000 144499.1 (33 36] 44000 83994.05 180000 (36 39] 47000 84000 158480.3 (39 42] 60000 120000 233495.2 (42 45] 78000 172000 316000 (45 48] 97000 225499.5 464000 (48 51] 138000 292000 569000 (51 54] 156000 375499.7 737000 (54 57] 214000 497497.7 968000 (57 60] 265000 577499.8 1111000 (60 63] 293000 615000 1237000 (63 66] 310000 674000 1316500 (66 69] 304000 680000 1350000 (69 72] 287000 641000 1329000 (72 75] 298000 631000 1288000 (75 78] 277499.6 590499.8 1186993 (78 81] 229495.1 520000 1177497 (81 84] 202977.8 374497 810492.4 (84 87] 184000 371000 805000 (87 90] 105000 212414.7 429000 (90 93] 147000 547000 623000 Table 14: Percentiles of balances distribution (SMSF only) split by age in income year 2013 Age range 25% 50% 75% (24 27] 37523.33 44000 82849.26 (27 30] 37000 52478.57 72972.6 (30 33] 32000 73000 132815.7 (33 36] 48000 98000 221000 (36 39] 58000 110000 206000 (39 42] 59497.9 123000 244495.4 (42 45] 79000 168000 336000 (45 48] 109498.9 244000 462000 (48 51] 134996.3 297998.3 591000 (51 54] 168000 390000 752999.3 (54 57] 230499.5 511999 1039000 (57 60] 276499.6 610000 1227000 (60 63] 319000 683000 1348000 (63 66] 332499.6 720000 1420500 (66 69] 331000 752000 1509000 (69 72] 325499.6 727000 1440500 (72 75] 317000 671000 1402000 (75 78] 316000 677499.8 1350493 (78 81] 273000 616000 1336499 (81 84] 245458.8 431000 1019998 (84 87] 211000 463478.2 834000 (87 90] 191494.1 379000 551189.6 40

(90 93] 24494.9 306186.2 726722.1 Table 15: Percentiles of balances distribution (SMSF only) split by age in income year 2014 Age range 25% 50% 75% (24 27] 39000 39000 39000 (27 30] 36000 68000 113000 (30 33] 50990.2 70000 113000 (33 36] 52990.57 114000 243948.8 (36 39] 56000 103000 180000 (39 42] 68992.75 135499.1 272983.5 (42 45] 74000 172499.3 330000 (45 48] 126000 270499.5 509000 (48 51] 151000 327000 623000 (51 54] 189000 419000 785000 (54 57] 237499.5 523000 1115000 (57 60] 281000 655000 1286000 (60 63] 356000 753000 1459000 (63 66] 359499.7 758499.8 1534000 (66 69] 372000 788000 1569000 (69 72] 336499.6 784000 1590999 (72 75] 338000 722000 1462000 (75 78] 328499.6 697499.8 1450496 (78 81] 269000 676499.8 1450000 (81 84] 282496 545996.3 1247910 (84 87] 266488.3 451000 906476.7 (87 90] 156492.8 247578.3 382115.2 (90 93] 84000 261488.1 814000 Table 16: Percentiles of balances distribution (APRA only) split by age in income year 2005 Age range 25% 50% 75% (15 18] 1000 1000 2000 (18 21] 1000 2000 4000 (21 24] 3000 5000 8000 (24 27] 4000 8000 15000 (27 30] 6000 13000 22000 (30 33] 7000 18000 30000 (33 36] 8000 21000 37000 (36 39] 8000 22000 44000 (39 42] 9000 23000 47000 (42 45] 9000 24000 53000 (45 48] 11000 26000 58000 (48 51] 12000 30000 67000 (51 54] 14000 33000 79000 (54 57] 16000 38000 96000 (57 60] 15000 36000 94000 41

(60 63] 14000 36496.58 104498.8 (63 66] 12000 39000 117490.4 (66 69] 5000 21000 87000 (69 72] 3000 14000 48000 (72 75] 5291.5 28460.5 67660.92 (75 78] 1000 7483.31 56000 (78 81] 28000 28000 28000 (81 84] 1000 3605.55 13000 Table 17: Percentiles of balances distribution (APRA only) split by age in income year 2006 Age range 25% 50% 75% (15 18] 1000 1000 2000 (18 21] 2000 3000 5000 (21 24] 3000 6000 10000 (24 27] 5000 11000 17000 (27 30] 7000 16000 27000 (30 33] 10000 22000 37000 (33 36] 11000 26000 46000 (36 39] 11000 28000 52497.62 (39 42] 12000 28000 58000 (42 45] 13000 31000 66000 (45 48] 14000 35000 75000 (48 51] 16000 37000 80000 (51 54] 17000 41000 96498.7 (54 57] 21000 48000 116000 (57 60] 21000 50000 122499 (60 63] 19000 48497.42 128000 (63 66] 13490.74 46000 127000 (66 69] 8000 32000 117498.9 (69 72] 5000 18439.09 67000 (72 75] 8000 33000 51000 (75 78] 56000 236879.7 1002000 (78 81] (81 84] 19000 27910.57 41000 (84 87] 1000 1000 1000 Table 18: Percentiles of balances distribution (APRA only) split by age in income year 2007 Age range 25% 50% 75% (15 18] 1000 1000 3000 (18 21] 2000 4000 6000 (21 24] 3000 7000 11000 (24 27] 6000 12000 20000 (27 30] 9000 18000 30000 (30 33] 12000 27000 43000 (33 36] 13000 32000 55000 42

(36 39] 14000 35000 62000 (39 42] 14000 35000 71000 (42 45] 16000 37000 78000 (45 48] 18000 43000 89000 (48 51] 21000 47000 1.00E+05 (51 54] 22000 51000 116000 (54 57] 26000 59000 136000 (57 60] 27000 63000 158000 (60 63] 24494.9 62000 156000 (63 66] 18000 50497.52 142499.1 (66 69] 11000 45497.25 140000 (69 72] 8485.28 43954.52 133499.1 (72 75] 8124.04 43428.1 164106.7 (75 78] 2000 8944.27 40000 (78 81] (81 84] 52000 52000 52000 (84 87] 1000 5099.02 26000 Table 19: Percentiles of balances distribution (APRA only) split by age in income year 2008 Age range 25% 50% 75% (15 18] 5000 5000 5000 (18 21] 2000 3000 6000 (21 24] 3000 7000 11000 (24 27] 7000 12000 19000 (27 30] 9000 18000 29000 (30 33] 12000 26000 42000 (33 36] 14000 33000 53000 (36 39] 16000 37000 63000 (39 42] 16000 38000 73000 (42 45] 17000 39000 79000 (45 48] 18493.24 42000 90000 (48 51] 21000 46000 1.00E+05 (51 54] 25000 53000 113000 (54 57] 25000 56000 135000 (57 60] 26000 62000 158000 (60 63] 24000 59000 134499.1 (63 66] 20000 50000 137499.1 (66 69] 8000 36000 125996 (69 72] 8000 23494.68 85000 (72 75] 7000 23000 68000 (75 78] 7416.2 40000 42000 (78 81] (81 84] 52000 52000 52000 (84 87] 27000 27000 27000 (87 90] 1000 1000 1000 43

Table 20: Percentiles of balances distribution (APRA only) split by age in income year 2009 Age range 25% 50% 75% (18 21] 2000 4000 6000 (21 24] 3000 6000 10000 (24 27] 6000 11000 17000 (27 30] 9000 17000 26000 (30 33] 11000 23000 36000 (33 36] 14000 29000 48000 (36 39] 15491.93 35000 58000 (39 42] 15000 37000 67000 (42 45] 15000 36000 73498.3 (45 48] 18000 39000 83000 (48 51] 19000 45000 91498.63 (51 54] 23000 47000 102000 (54 57] 23000 50000 117000 (57 60] 25000 57000 140000 (60 63] 21000 54000 124000 (63 66] 16000 45000 122000 (66 69] 7000 32000 96000 (69 72] 6000 21000 75000 (72 75] 3000 12000 46000 (75 78] 7000 32863.35 116000 (78 81] (81 84] (84 87] 50000 50000 50000 (87 90] 1000 1000 1000 Table 21: Percentiles of balances distribution (APRA only) split by age in income year 2010 Age range 25% 50% 75% (18 21] 2000 4000 7000 (21 24] 4000 8000 12000 (24 27] 7000 12000 19000 (27 30] 11000 20000 30000 (30 33] 13000 26000 40000 (33 36] 16000 34000 53000 (36 39] 18000 39000 66000 (39 42] 18000 42000 74000 (42 45] 20000 44000 84000 (45 48] 21000 44000 88000 (48 51] 23000 50000 103000 (51 54] 28000 55000 115000 (54 57] 27000 59000 135000 (57 60] 28000 62000 147499.2 (60 63] 22000 59497.9 140000 (63 66] 15000 51000 123499 (66 69] 9000 34000 99000 44

(69 72] 7000 31496.03 89000 (72 75] 10000 22000 87000 (75 78] 4000 23000 52000 (78 81] 1000 1000 1000 (81 84] (84 87] 67000 67000 67000 (87 90] 1000 1000 1000 Table 22: Percentiles of balances distribution (APRA only) split by age in income year 2011 Age group 25% 50% 75% (18 21] 3000 4582.58 7000 (21 24] 5000 9000 14000 (24 27] 8000 14000 22000 (27 30] 12000 22000 33000 (30 33] 15000 29000 45000 (33 36] 19000 38000 59000 (36 39] 22000 45000 71000 (39 42] 22000 49000 83000 (42 45] 24000 52497.62 97000 (45 48] 25000 52000 99000 (48 51] 26000 55000 111000 (51 54] 31000 62000 129000 (54 57] 32000 66000 140000 (57 60] 31000 69000 159000 (60 63] 26000 66000 158000 (63 66] 16000 55497.75 135000 (66 69] 12000 37496.67 97000 (69 72] 6000 33000 1.00E+05 (72 75] 4000 18000 76993.51 (75 78] 10816.65 58000 93338.1 (78 81] (81 84] 1000 1000 1000 (84 87] 67000 67000 67000 Table 23: Percentiles of balances distribution (APRA only) split by age in income year 2012 Age group 25% 50% 75% (21 24] 5000 9000 15000 (24 27] 8000 15000 23000 (27 30] 11489.13 22000 33000 (30 33] 17000 31000 46000 (33 36] 19000 39000 60000 (36 39] 23000 47000 73000 (39 42] 25000 52000 86000 (42 45] 25000 55000 99000 (45 48] 26000 57000 105000 45

(48 51] 30000 59000 116000 (51 54] 31000 67000 133000 (54 57] 34000 68000 144000 (57 60] 31000 70498.23 163000 (60 63] 29000 66000 150499.2 (63 66] 19000 60000 146499.2 (66 69] 10000 40000 104000 (69 72] 9000 32000 91498.63 (72 75] 5000 34942.81 92000 (75 78] 6000 30983.87 83000 (78 81] 470000 470000 470000 (81 84] (84 87] (87 90] 90000 90000 90000 Table 24: Percentiles of balances distribution (APRA only) split by age in income year 2013 Age group 25% 50% 75% (21 24] 9000 14000 20000 (24 27] 12000 20000 29000 (27 30] 17000 28000 40000 (30 33] 23000 39000 56497.79 (33 36] 26000 47000 70000 (36 39] 33000 58000 89000 (39 42] 37000 66000 108000 (42 45] 39496.84 72000 123000 (45 48] 40000 78000 141000 (48 51] 41000 79000 149000 (51 54] 45000 88000 174000 (54 57] 47000 91000 186000 (57 60] 46000 98000 219000 (60 63] 45000 102000 253499.5 (63 66] 37000 115000 265000 (66 69] 24000 98000 223000 (69 72] 40000 113000 235000 (72 75] 39000 107498.8 226000 (75 78] 51000 107000 163000 (78 81] 17000 56000 126000 (81 84] 3464.1 40693.98 211452.1 (84 87] (87 90] 112000 112000 112000 Table 25: Percentiles of balances distribution (APRA only) split by age in income year 2014 Age group 25% 50% 75% (21 24] 10000 13784.05 19000 (24 27] 12000 23000 34000 46

(27 30] 19000 32000 46000 (30 33] 25000 43000 62000 (33 36] 30000 53000 80000 (36 39] 34496.38 65000 99000 (39 42] 43000 76000 119000 (42 45] 44000 82000 136000 (45 48] 47000 92000 162000 (48 51] 48000 92498.65 170000 (51 54] 50000 99498.74 194000 (54 57] 54000 104000 207499.4 (57 60] 53000 111000 242499.5 (60 63] 51000 119000 283499.6 (63 66] 50000 129499 302000 (66 69] 34000 127996.1 263000 (69 72] 39000 120000 260000 (72 75] 53497.66 123499 256476.1 (75 78] 46000 106995.3 197000 (78 81] 37000 107981.5 166000 (81 84] 39000 147000 333000 (84 87] 1000 1000 1000 (87 90] 128000 128000 128000 47

Table 26: Percentiles of Log Return Distribution for SMSF and APRA by age: All SMSF All APRA Age 25% 50% 75% 25% 50% 75% 50 0.7194 9.2774 20.6186 5.8824 18.5841 32.0000 51 1.2195 9.9174 21.6173 5.2632 18.1818 31.2500 52 1.2615 9.8592 21.4286 5.7692 17.9104 30.7692 53 1.4085 9.7561 20.8118 5.0000 17.7553 30.2034 54 1.4545 9.5652 20.9091 5.2771 17.5439 29.4118 55 1.2581 9.6122 21.0526 4.7619 17.3116 30.0000 56 0.0000 8.9423 20.5824 2.4142 16.6667 29.4118 57 0.0000 8.6207 20.0000 1.8605 16.4629 28.5714 58 0.0000 8.4178 19.6347 2.3256 16.0714 29.0323 59 0.0000 8.2012 19.5039 1.6564 15.7895 29.7504 60 0.0977 7.9220 19.2982 0.0000 15.3846 29.6914 61 3.0966 6.3341 17.9108 0.0000 14.4928 28.7943 62 3.6789 5.8824 17.1040 0.0000 14.2857 28.5714 63 3.8861 5.6474 16.6284 0.0000 14.2857 28.9474 64 4.0000 5.1618 15.4604 0.0000 14.0351 30.4348 65 4.9270 4.7016 15.6073 0.0000 12.3526 28.0000 66 6.9751 3.1859 12.9032 5.2460 10.2564 27.3259 67 6.7227 2.7290 11.7195 1.9108 10.7914 27.7778 68 6.6041 2.6005 11.3197 0.0000 11.4094 28.9606 69 6.2331 2.9851 11.6942 0.0000 10.3416 29.3848 70 6.3492 2.9101 11.3800 1.1477 9.6774 26.9315 71 6.4556 2.2642 10.5544 6.1581 7.3427 21.7960 72 5.5574 2.5991 10.7208 0.0000 7.6768 25.0000 73 6.6309 2.2742 10.3010 0.0000 7.4650 21.8750 74 5.5944 2.2727 10.2564 0.9615 6.6298 20.0000 75 5.5522 2.1509 9.8927 6.4575 5.7143 16.6667 76 5.9829 1.0417 8.0229 2.0963 4.1241 12.6485 77 6.9790 0.4505 7.6712 1.1559 3.8358 10.8499 78 6.1768 0.1876 6.7731 3.2489 3.6145 8.7903 79 8.0287 0.0000 6.1033 2.5751 2.9412 10.0000 80 7.5187 0.0000 6.6783 4.6133 3.2685 12.0518 81 6.3385 0.0000 6.6812 48

82 8.4507 0.3077 7.6389 83 9.8611 1.0949 5.9447 84 8.2109 0.0270 6.9968 85 6.7872 0.0000 6.8482 Table 27: Percentiles of Return Rate % Distribution for SMSF and APRA by age All SMSF All APRA Age 25% 50% 75% 25% 50% 75% 50 4.87 2.35 9.83 8.7 4.7 12.5 51 5.1 2.44 9.75 9.09 4.55 12.12 52 4.64 2.6 10.01 8.47 4.65 12.12 53 4.29 2.76 10.11 8.16 4.59 12.05 54 4.01 2.9 10.23 8.11 4.96 12 55 4.6 2.86 10.34 8 4.76 12.09 56 6.01 2.31 9.8 10 3.85 12.07 57 5.85 2.24 9.43 10.65 3.31 11.68 58 5.79 2.26 9.36 10 3.37 11.7 59 5.98 2.23 9.21 11.11 2.94 11.43 60 6.92 1.9 9.14 11.55 2.56 11.28 61 10.39 0.23 7.76 14.29 1.53 11.11 62 11.3 0 7.29 14.29 0 10.85 63 10.69 0 7.13 13.85 0.78 10.89 64 10.76 0 6.71 13.48 0.87 10.61 65 12.53 0.76 6.25 22.63 0 10 66 13.52 0.85 6.1 33.33 0 9.68 67 12.15 0.55 6.12 26.47 0 9.52 68 11.91 0.65 6.01 24.22 0 9.52 69 11.5 0.46 6.52 20.77 0 9.58 70 11.48 0.4 6.19 21.32 0 9.8 71 10.92 0.4 6.02 33.33 0 9.07 72 9.82 0.23 6.3 15.38 0 9.68 73 10.21 0.16 6.45 7.52 1.58 9.41 74 9.3 0.04 6.37 12 0 8.82 75 8.94 0 6.46 15.59 1.23 9.09 76 7.16 0.3 6.89 8.78 1.87 9.02 77 7.02 0.42 7.57 2.34 2.63 8.43 78 6.23 0.12 6.73 4.32 1.74 6.51 79 8.07 0 5.95 5.52 2.14 9.35 80 7.54 0 6.54 4.61 2.17 10.68 81 6.41 0 6.49 82 8.47 0.31 7.36 83 9.86 1.12 5.91 84 8.21 0.09 7 85 6.79 0 6.68 49

Table 28: Percentiles of Return Rate % for 50 54 year olds (SMSF and APRA) by income year All SMSF All APRA Year 25% 50% 75% 25% 50% 75% 2005 4.17 4.76 15.44 0 8.03 12.5 2006 0.74 6.47 16.67 0 10.09 14.81 2007 0 10.46 22.35 0 11.76 16.67 2008 16.28 5.59 2.39 17.7 9.44 3.45 2009 16.12 6.67 0.98 24.49 15.79 10.29 2010 0 4.58 9.7 0 5.45 9.01 2011 0.29 4.38 8.44 0 5 8.2 2012 6.82 1.06 2.68 6.74 1.67 0 2013 0.67 6.65 15.2 9.71 15.38 31.24 Table 29: Percentiles of Return Rate % for 50 54 year olds (SMSF only and APRA only) by income year SMSF only APRA only Year 25% 50% 75% 25% 50% 75% 2005 3.83 5.19 15.56 0 9.28 13.06 2006 0 6.83 16.91 3.33 11.11 15.32 2007 0.8 10.68 22.84 4.89 12.5 16.67 2008 15.45 5.51 2.35 14.29 8.33 2.32 2009 15.38 6.22 1.47 21.05 14.93 9.63 2010 0.43 4.59 9.72 0 6.1 9.09 2011 0.87 4.35 8 0 5.77 8.47 2012 6.45 0.91 2.82 5.13 1.32 0.91 2013 0.84 6.16 14.47 11.83 16.16 45.16 Table 30: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.01 0.05 0.12 0.06 0.11 0.23 51 0.01 0.05 0.12 0.05 0.11 0.22 52 0.01 0.05 0.12 0.05 0.11 0.22 53 0.01 0.04 0.12 0.05 0.1 0.21 54 0.01 0.04 0.12 0.05 0.1 0.21 55 0.01 0.04 0.11 0.05 0.1 0.21 56 0.01 0.04 0.12 0.05 0.1 0.22 57 0.01 0.04 0.11 0.04 0.1 0.22 58 0.01 0.04 0.11 0.04 0.09 0.22 59 0 0.04 0.11 0.04 0.09 0.24 60 0 0.04 0.11 0.04 0.09 0.23 61 0 0.04 0.12 0.03 0.09 0.25 62 0 0.04 0.12 0.03 0.09 0.25 63 0 0.04 0.11 0.03 0.09 0.27 64 0 0.03 0.11 0.02 0.09 0.26 65 0 0.03 0.12 0.02 0.09 0.27 50

66 0 0.02 0.1 0 0.08 0.28 67 0 0.01 0.08 0 0.07 0.29 68 0 0.01 0.07 0 0.07 0.28 69 0 0 0.07 0 0.06 0.27 70 0 0 0.07 0 0.05 0.25 71 0 0 0.06 0 0.02 0.2 72 0 0 0.05 0 0 0.17 73 0 0 0.04 0 0 0.12 74 0 0 0.04 0 0 0.09 75 0 0 0.04 0 0 0.08 76 0 0 0 0 0 0.01 Table 31: Percentiles of Contribution Dollar Amount Distribution (SMSF and APRA) by age SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 1000 7000 25000 2000 4000 7000 51 1000 8000 31000 2000 4000 8000 52 1000 8000 35000 2000 4000 8000 53 1000 8000 38000 2000 4000 8000 54 1000 9000 40000 2000 4000 8000 55 1000 10000 45000 2000 4000 8000 56 1000 10000 48000 2000 4000 9000 57 1000 11000 50000 1000 4000 9000 58 1000 11000 50000 1000 4000 9000 59 1000 12000 50000 1000 4000 9000 60 1000 13000 50000 1000 4000 9000 61 1000 15000 54000 1000 4000 9000 62 0 15000 57000 1000 4000 9000 63 0 14000 56000 1000 3000 9000 64 0 13000 56000 1000 3000 9000 65 0 13000 66000 0 3000 9000 66 0 5000 50000 0 2000 7000 67 0 2000 49000 0 2000 7000 68 0 2000 50000 0 2000 6000 69 0 1000 50000 0 1000 6000 70 0 0 50000 0 1000 5000 71 0 0 40000 0 0 4000 72 0 0 36000 0 0 3000 73 0 0 31000 0 0 2000 51

74 0 0 28000 0 0 2000 75 0 0 25000 0 0 1000 76 0 0 0 0 0 0 77 0 0 0 0 0 0 78 0 0 0 0 0 0 79 0 0 0 0 0 0 80 0 0 0 0 0 0 81 0 0 0 82 0 0 0 83 0 0 0 84 0 0 0 85 0 0 0 Table 32: Percentiles of Contribution Dollar Amount Distribution (SMSF and APRA) for 50 year olds by income year Year SMSF APRA 25% 50% 75% 25% 50% 75% 2005 0 5000 22000 2000 3000 7000 2006 1000 7000 35000 2000 3000 7000 2007 2000 10000 43000 2000 4000 7000 2008 1000 9000 46000 2000 4000 7000 2009 3000 10000 48000 2000 4000 8000 2010 1000 7000 25000 2000 4000 8000 2011 0 6000 25000 2000 5000 9000 2012 0 6000 25000 2000 5000 9000 2013 0 7000 24000 0 3000 7000 Table 33: Percentiles of Contribution Dollar Amount Distribution (SMSF and APRA) for 60 year olds by income year Year SMSF APRA 25% 50% 75% 25% 50% 75% 2005 0 5000 28000 2000 3000 8000 2006 1000 10000 62000 2000 4000 7000 2007 2000 32000 138000 2000 4000 11000 2008 1000 20000 99000 2000 4000 10000 2009 4000 30000 100000 2000 4000 10000 2010 2000 16000 50000 2000 4000 10000 52

2011 0 11000 50000 2000 5000 10000 2012 0 14000 50000 2000 5000 12000 2013 0 13000 25000 0 2000 7000 Table 34: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2004 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.01 0.07 0.21 0.09 0.17 0.38 51 0.01 0.07 0.21 0.09 0.17 0.34 52 0.01 0.06 0.19 0.09 0.17 0.34 53 0.01 0.06 0.19 0.09 0.16 0.35 54 0.01 0.06 0.2 0.09 0.15 0.33 55 0.01 0.06 0.19 0.08 0.16 0.38 56 0 0.06 0.2 0.07 0.15 0.33 57 0 0.05 0.19 0.08 0.15 0.37 58 0 0.05 0.18 0.07 0.14 0.4 59 0 0.05 0.18 0.07 0.14 0.38 60 0 0.04 0.17 0.06 0.14 0.31 61 0 0.05 0.19 0.07 0.14 0.36 62 0 0.03 0.18 0.06 0.14 0.36 63 0 0.04 0.18 0.06 0.14 0.33 64 0 0.02 0.15 0.06 0.14 0.33 65 0 0.04 0.16 0.06 0.14 0.33 66 0 0.03 0.18 0.06 0.16 0.45 67 0 0.02 0.11 0.07 0.17 0.46 68 0 0.02 0.11 0.07 0.17 0.5 69 0 0.01 0.13 0.06 0.16 0.51 70 0 0 0.12 0.05 0.15 0.33 71 0 0 0.05 0.07 0.22 0.5 72 0 0 0.11 0.09 0.19 0.29 73 0 0 0 0.07 0.17 0.25 74 0 0 0 0.11 0.33 0.67 75 0 0 0 0 0.09 0.09 76 0 0 0 0 0 0 77 0 0 0 0.08 0.08 0.08 78 0 0 0 0.08 0.16 0.46 79 0 0 0 80 0 0 0 0.33 0.33 0.33 Table 35: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2005 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.01 0.06 0.15 0.09 0.15 0.33 51 0.01 0.06 0.16 0.08 0.15 0.3 52 0.01 0.05 0.16 0.08 0.15 0.33 53 0.01 0.04 0.14 0.08 0.15 0.31 53

54 0.01 0.05 0.15 0.08 0.14 0.31 55 0 0.05 0.14 0.07 0.14 0.29 56 0 0.05 0.15 0.07 0.14 0.33 57 0 0.04 0.14 0.07 0.13 0.3 58 0 0.04 0.13 0.07 0.14 0.33 59 0 0.04 0.13 0.06 0.13 0.33 60 0 0.04 0.12 0.06 0.13 0.31 61 0 0.03 0.12 0.06 0.12 0.31 62 0 0.03 0.12 0.06 0.13 0.33 63 0 0.03 0.15 0.05 0.12 0.33 64 0 0.03 0.13 0.04 0.12 0.3 65 0 0.02 0.12 0.06 0.13 0.33 66 0 0.03 0.11 0.06 0.13 0.32 67 0 0.01 0.11 0.07 0.18 0.5 68 0 0.01 0.07 0.06 0.18 0.5 69 0 0.01 0.09 0.06 0.18 0.5 70 0 0.01 0.1 0.06 0.15 0.37 71 0 0 0.04 0.01 0.12 0.3 72 0 0 0.01 0.04 0.15 0.45 73 0 0 0 0.07 0.1 0.33 74 0 0 0 0 0.04 0.14 75 0 0 0 0.25 0.25 0.33 76 0 0 0 0.05 0.08 0.09 77 0 0 0 78 0 0 0 79 0 0 0 0.05 0.09 0.14 80 0 0 0 Table 36: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2006 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.01 0.06 0.15 0.07 0.13 0.25 51 0.01 0.06 0.17 0.07 0.13 0.27 52 0.01 0.07 0.18 0.07 0.12 0.25 53 0.01 0.06 0.16 0.06 0.13 0.27 54 0.01 0.06 0.17 0.07 0.12 0.26 55 0.01 0.06 0.17 0.06 0.12 0.25 56 0.01 0.06 0.17 0.06 0.12 0.25 57 0.01 0.05 0.16 0.06 0.12 0.27 58 0.01 0.05 0.16 0.06 0.12 0.26 59 0.01 0.05 0.16 0.06 0.12 0.31 60 0 0.05 0.15 0.06 0.12 0.3 61 0 0.05 0.16 0.05 0.12 0.29 62 0 0.04 0.15 0.05 0.12 0.29 63 0 0.04 0.14 0.06 0.12 0.32 64 0 0.05 0.17 0.05 0.13 0.31 54

65 0 0.05 0.17 0.04 0.12 0.3 66 0 0.02 0.14 0.05 0.13 0.4 67 0 0.02 0.13 0.04 0.12 0.31 68 0 0.01 0.11 0.05 0.16 0.4 69 0 0.02 0.13 0.05 0.16 0.4 70 0 0.01 0.1 0.06 0.16 0.54 71 0 0 0.09 0.02 0.11 0.4 72 0 0 0.03 0.06 0.17 0.32 73 0 0 0.01 0.05 0.13 0.68 74 0 0 0 0.05 0.08 0.2 75 0 0 0 0.11 0.11 0.4 76 0 0 0 0.23 0.39 0.4 77 0 0 0 0.02 0.02 0.05 78 0 0 0 79 0 0 0 80 0 0 0 0.07 0.07 0.07 Table 37: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2007 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.02 0.07 0.19 0.07 0.12 0.25 51 0.01 0.07 0.21 0.06 0.12 0.23 52 0.01 0.07 0.2 0.06 0.12 0.25 53 0.01 0.08 0.22 0.06 0.12 0.25 54 0.01 0.08 0.22 0.06 0.12 0.25 55 0.01 0.07 0.22 0.06 0.11 0.25 56 0.02 0.08 0.25 0.05 0.11 0.24 57 0.01 0.08 0.23 0.06 0.11 0.27 58 0.01 0.09 0.26 0.05 0.11 0.27 59 0.01 0.09 0.27 0.05 0.11 0.27 60 0.01 0.1 0.28 0.05 0.12 0.3 61 0.01 0.09 0.27 0.05 0.12 0.3 62 0.01 0.09 0.3 0.05 0.11 0.29 63 0.01 0.09 0.27 0.04 0.12 0.31 64 0.01 0.09 0.29 0.05 0.13 0.36 65 0.01 0.1 0.34 0.05 0.12 0.38 66 0 0.08 0.27 0.03 0.12 0.43 67 0 0.06 0.25 0.05 0.14 0.45 68 0 0.06 0.27 0.04 0.14 0.4 69 0 0.04 0.25 0.06 0.19 0.62 70 0 0.06 0.25 0.08 0.23 0.5 71 0 0.01 0.2 0.03 0.14 0.51 72 0 0 0.2 0.07 0.13 0.41 73 0 0 0.14 0 0.1 0.36 74 0 0 0.16 0.02 0.13 0.47 75 0 0 0.15 0.01 0.08 0.1 55

76 0 0 0 0.08 0.45 0.85 77 0 0 0 0.06 0.29 0.5 78 0 0 0 0.03 0.04 0.06 79 0 0 0 0 0 0 80 0 0 0 Table 38: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2008 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.01 0.06 0.14 0.06 0.12 0.25 51 0.01 0.06 0.16 0.06 0.12 0.25 52 0.01 0.06 0.15 0.06 0.11 0.23 53 0.01 0.05 0.14 0.06 0.11 0.23 54 0.01 0.06 0.14 0.06 0.11 0.22 55 0.01 0.06 0.14 0.05 0.11 0.23 56 0.01 0.06 0.14 0.05 0.11 0.25 57 0.01 0.06 0.14 0.06 0.11 0.25 58 0.01 0.05 0.14 0.05 0.1 0.25 59 0.01 0.05 0.14 0.05 0.11 0.27 60 0 0.06 0.15 0.05 0.11 0.28 61 0 0.06 0.16 0.05 0.12 0.33 62 0 0.05 0.15 0.05 0.12 0.34 63 0 0.05 0.15 0.05 0.12 0.38 64 0 0.04 0.14 0.04 0.12 0.4 65 0 0.05 0.16 0.05 0.13 0.4 66 0 0.03 0.13 0.05 0.16 0.5 67 0 0.02 0.11 0.05 0.17 0.5 68 0 0.01 0.11 0.04 0.14 0.5 69 0 0.01 0.09 0.04 0.14 0.5 70 0 0 0.09 0.03 0.16 0.52 71 0 0 0.09 0.05 0.17 0.5 72 0 0 0.07 0.03 0.21 0.65 73 0 0 0.08 0 0.09 0.46 74 0 0 0.08 0 0.14 0.33 75 0 0 0.06 0 0.1 0.4 76 0 0 0 0 0.04 0.22 77 0 0 0 0.02 0.05 0.25 78 0 0 0 0 0.04 0.52 79 0 0 0 80 0 0 0 Table 39: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2009 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.02 0.06 0.14 0.07 0.13 0.27 56

51 0.02 0.07 0.16 0.07 0.13 0.27 52 0.02 0.07 0.15 0.07 0.13 0.27 53 0.02 0.07 0.15 0.07 0.12 0.25 54 0.02 0.06 0.14 0.07 0.12 0.25 55 0.02 0.07 0.15 0.06 0.12 0.25 56 0.02 0.06 0.15 0.06 0.12 0.27 57 0.02 0.07 0.14 0.06 0.12 0.26 58 0.02 0.07 0.14 0.06 0.12 0.27 59 0.01 0.06 0.14 0.05 0.11 0.27 60 0.02 0.07 0.15 0.05 0.12 0.29 61 0.02 0.07 0.17 0.06 0.13 0.33 62 0.02 0.08 0.17 0.06 0.14 0.4 63 0.02 0.07 0.15 0.05 0.14 0.4 64 0.01 0.07 0.17 0.05 0.13 0.36 65 0.01 0.07 0.18 0.05 0.14 0.45 66 0 0.06 0.17 0.05 0.15 0.47 67 0 0.05 0.14 0.04 0.15 0.5 68 0 0.05 0.15 0.05 0.19 0.6 69 0 0.05 0.14 0.04 0.14 0.5 70 0 0.05 0.14 0.05 0.14 0.57 71 0 0.03 0.12 0.04 0.16 0.49 72 0 0.05 0.14 0.07 0.13 0.33 73 0 0.02 0.11 0.04 0.21 0.82 74 0 0.02 0.11 0.04 0.12 0.39 75 0 0.03 0.15 0 0.08 0.52 76 0 0 0.03 0 0.13 0.48 77 0 0 0 0 0.01 0.05 78 0 0 0 0.01 0.03 0.04 79 0 0 0 0.88 1.02 1.15 80 0 0 0 Table 40: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2010 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0.01 0.04 0.09 0.07 0.12 0.25 51 0.01 0.05 0.11 0.06 0.12 0.22 52 0.01 0.04 0.1 0.06 0.11 0.22 53 0.01 0.04 0.09 0.07 0.12 0.22 54 0.01 0.04 0.09 0.06 0.11 0.21 55 0.01 0.04 0.09 0.06 0.11 0.21 56 0.01 0.04 0.09 0.05 0.1 0.22 57 0.01 0.04 0.09 0.06 0.11 0.24 58 0.01 0.04 0.09 0.06 0.11 0.25 59 0.01 0.03 0.09 0.05 0.1 0.23 60 0.01 0.04 0.09 0.05 0.1 0.23 61 0.01 0.04 0.1 0.05 0.11 0.27 57

62 0 0.04 0.1 0.06 0.12 0.33 63 0 0.04 0.1 0.05 0.11 0.33 64 0 0.03 0.09 0.05 0.12 0.37 65 0 0.04 0.11 0.05 0.12 0.33 66 0 0.02 0.09 0.06 0.15 0.43 67 0 0.02 0.08 0.04 0.12 0.38 68 0 0.02 0.08 0.05 0.16 0.46 69 0 0.02 0.08 0.04 0.17 0.44 70 0 0.02 0.08 0.03 0.14 0.46 71 0 0.01 0.07 0.04 0.1 0.33 72 0 0.01 0.07 0.04 0.2 0.5 73 0 0.01 0.08 0.05 0.14 0.43 74 0 0.01 0.05 0.06 0.15 0.51 75 0 0 0.06 0 0.07 0.21 76 0 0 0 0 0 0.02 77 0 0 0 0 0 0.03 78 0 0 0 0 0 0.07 79 0 0 0 80 0 0 0 0.29 0.38 0.47 Table 41: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2011 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0 0.03 0.08 0.06 0.1 0.2 51 0 0.04 0.09 0.06 0.11 0.21 52 0 0.04 0.09 0.06 0.1 0.19 53 0 0.04 0.09 0.05 0.1 0.2 54 0 0.04 0.08 0.06 0.1 0.2 55 0 0.03 0.08 0.05 0.1 0.19 56 0 0.03 0.08 0.05 0.1 0.21 57 0 0.04 0.08 0.05 0.1 0.22 58 0 0.03 0.08 0.05 0.1 0.22 59 0 0.03 0.08 0.05 0.1 0.25 60 0 0.03 0.08 0.05 0.09 0.22 61 0 0.03 0.08 0.04 0.1 0.25 62 0 0.03 0.09 0.05 0.1 0.29 63 0 0.03 0.09 0.05 0.11 0.34 64 0 0.02 0.08 0.05 0.12 0.33 65 0 0.02 0.09 0.04 0.12 0.36 66 0 0.01 0.07 0.04 0.11 0.33 67 0 0 0.06 0.05 0.14 0.36 68 0 0 0.05 0.04 0.13 0.35 69 0 0 0.06 0.05 0.17 0.5 70 0 0 0.05 0.05 0.17 0.42 71 0 0 0.04 0.03 0.12 0.5 72 0 0 0.04 0.02 0.1 0.37 58

73 0 0 0.03 0.01 0.18 0.33 74 0 0 0.04 0.03 0.12 0.33 75 0 0 0.03 0.04 0.13 0.4 76 0 0 0 0.03 0.09 0.32 77 0 0 0 0 0.05 0.5 78 0 0 0 0 0 0.02 79 0 0 0 0.14 0.14 0.14 80 0 0 0 Table 42: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2012 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0 0.03 0.08 0.06 0.1 0.22 51 0 0.04 0.09 0.06 0.1 0.2 52 0 0.04 0.09 0.06 0.1 0.21 53 0 0.04 0.09 0.05 0.1 0.18 54 0 0.04 0.09 0.05 0.1 0.19 55 0 0.04 0.09 0.06 0.1 0.19 56 0 0.04 0.09 0.05 0.1 0.2 57 0 0.03 0.08 0.05 0.1 0.23 58 0 0.04 0.08 0.05 0.1 0.23 59 0 0.03 0.08 0.05 0.1 0.24 60 0 0.03 0.08 0.05 0.1 0.25 61 0 0.03 0.09 0.05 0.1 0.29 62 0 0.03 0.1 0.05 0.1 0.26 63 0 0.03 0.09 0.05 0.12 0.33 64 0 0.03 0.09 0.05 0.12 0.33 65 0 0.03 0.1 0.04 0.12 0.33 66 0 0.01 0.08 0.04 0.11 0.4 67 0 0 0.07 0.04 0.12 0.45 68 0 0 0.06 0.05 0.15 0.4 69 0 0 0.05 0.04 0.12 0.38 70 0 0 0.06 0.04 0.14 0.39 71 0 0 0.04 0.03 0.14 0.33 72 0 0 0.04 0.02 0.1 0.5 73 0 0 0.04 0.02 0.08 0.31 74 0 0 0.03 0.03 0.13 0.33 75 0 0 0.04 0.01 0.08 0.33 76 0 0 0 0 0.05 0.12 77 0 0 0 0.04 0.09 0.17 78 0 0 0 0 0.03 0.26 79 0 0 0 0 0 0 80 0 0 0 0 0 0 Table 43: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2013 59

SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0 0.03 0.07 0.01 0.06 0.1 51 0 0.03 0.07 0.01 0.06 0.11 52 0 0.03 0.06 0.01 0.06 0.1 53 0 0.03 0.06 0 0.05 0.1 54 0 0.03 0.06 0 0.05 0.1 55 0 0.02 0.06 0 0.05 0.1 56 0 0.02 0.06 0 0.05 0.11 57 0 0.02 0.06 0 0.05 0.1 58 0 0.02 0.06 0 0.05 0.1 59 0 0.02 0.06 0 0.05 0.1 60 0 0.02 0.06 0 0.04 0.1 61 0 0.02 0.06 0 0.04 0.1 62 0 0.02 0.07 0 0.04 0.1 63 0 0.02 0.07 0 0.03 0.11 64 0 0.02 0.06 0 0.03 0.11 65 0 0.02 0.08 0 0.02 0.11 66 0 0.01 0.05 0 0.01 0.1 67 0 0 0.04 0 0 0.11 68 0 0 0.04 0 0 0.07 69 0 0 0.04 0 0 0.06 70 0 0 0.03 0 0 0.05 71 0 0 0.03 0 0 0.03 72 0 0 0.03 0 0 0 73 0 0 0.03 0 0 0 74 0 0 0.02 0 0 0 75 0 0 0.01 0 0 0 76 0 0 0 0 0 0 77 0 0 0 0 0 0 78 0 0 0 0 0 0 79 0 0 0 0 0 0 80 0 0 0 0 0 0 Table 44: Percentiles of Contribution Rate Distribution (SMSF and APRA) by age for income year 2014 SMSF APRA Age 25% 50% 75% 25% 50% 75% 50 0 0.03 0.06 0.01 0.05 0.09 51 0 0.03 0.07 0.01 0.05 0.1 52 0 0.03 0.07 0.01 0.05 0.1 53 0 0.03 0.06 0.01 0.05 0.09 54 0 0.02 0.06 0 0.05 0.09 55 0 0.02 0.06 0 0.05 0.1 56 0 0.02 0.06 0 0.05 0.1 57 0 0.02 0.06 0 0.05 0.1 58 0 0.02 0.06 0 0.04 0.09 60

59 0 0.02 0.06 0 0.04 0.1 60 0 0.03 0.07 0 0.04 0.1 61 0 0.03 0.08 0 0.04 0.1 62 0 0.03 0.07 0 0.04 0.1 63 0 0.03 0.08 0 0.03 0.1 64 0 0.02 0.08 0 0.03 0.1 65 0 0.02 0.09 0 0.03 0.11 66 0 0.01 0.06 0 0 0.08 67 0 0 0.05 0 0 0.09 68 0 0 0.04 0 0 0.1 69 0 0 0.04 0 0 0.06 70 0 0 0.04 0 0 0.05 71 0 0 0.03 0 0 0.03 72 0 0 0.03 0 0 0.01 73 0 0 0.02 0 0 0.01 74 0 0 0.02 0 0 0 75 0 0 0.02 0 0 0 76 0 0 0 0 0 0 77 0 0 0 0 0 0 78 0 0 0 0 0 0 79 0 0 0 0 0 0 80 0 0 0 0 0 0 Table 45: Percentiles of SMSF withdrawal rate distribution by age for income year 2008 Age 25% 50% 75% 59 0.0000 0.0000 0.0364 60 0.0000 0.0000 0.0449 61 0.0000 0.0378 0.0875 62 0.0000 0.0419 0.0952 63 0.0000 0.0443 0.0960 64 0.0000 0.0451 0.1008 65 0.0000 0.0473 0.1066 66 0.0044 0.0592 0.1396 67 0.0269 0.0613 0.1380 68 0.0403 0.0641 0.1282 69 0.0439 0.0638 0.1274 70 0.0458 0.0648 0.1213 71 0.0461 0.0670 0.1349 72 0.0446 0.0666 0.1099 73 0.0486 0.0679 0.1332 74 0.0489 0.0681 0.1212 75 0.0432 0.0629 0.1110 76 0.0574 0.0788 0.1379 77 0.0622 0.0799 0.1185 78 0.0616 0.0766 0.1118 79 0.0649 0.0864 0.1273 61

80 0.0657 0.0808 0.1365 81 0.0618 0.0811 0.1301 82 0.0282 0.0981 0.1887 83 0.0428 0.0812 0.1396 84 0.0000 0.0870 0.1130 85 0.3385 0.5570 0.7755 Table 46: Percentiles of SMSF withdrawal rate distribution by age for income year 2009 Age 25% 50% 75% 59 0.0000 0.0000 0.0233 60 0.0000 0.0000 0.0375 61 0.0000 0.0226 0.0842 62 0.0000 0.0384 0.0971 63 0.0000 0.0409 0.0970 64 0.0000 0.0414 0.0972 65 0.0000 0.0434 0.1141 66 0.0170 0.0496 0.1234 67 0.0235 0.0554 0.1305 68 0.0254 0.0583 0.1320 69 0.0259 0.0562 0.1260 70 0.0275 0.0590 0.1307 71 0.0275 0.0585 0.1246 72 0.0261 0.0551 0.1234 73 0.0269 0.0600 0.1162 74 0.0272 0.0572 0.1257 75 0.0297 0.0600 0.1108 76 0.0275 0.0549 0.1073 77 0.0343 0.0484 0.0814 78 0.0346 0.0707 0.1232 79 0.0357 0.0623 0.1024 80 0.0378 0.0654 0.1439 81 0.0423 0.0631 0.0943 82 0.0351 0.0452 0.0964 83 0.0629 0.1064 84 0.0567 0.0777 0.1805 85 0.0355 0.0710 0.1573 Table 47: Percentiles of SMSF withdrawal rate distribution by age for income year 2010 Age 25% 50% 75% 59 0.0000 0.0000 0.0205 60 0.0000 0.0000 0.0322 61 0.0000 0.0186 0.0678 62 0.0000 0.0233 0.0794 63 0.0000 0.0341 0.0854 64 0.0097 0.0367 0.0881 62

65 0.0148 0.0399 0.0932 66 0.0192 0.0448 0.1160 67 0.0219 0.0451 0.1114 68 0.0228 0.0492 0.1150 69 0.0233 0.0526 0.1198 70 0.0240 0.0528 0.1175 71 0.0241 0.0543 0.1163 72 0.0241 0.0536 0.1203 73 0.0239 0.0503 0.1236 74 0.0232 0.0500 0.0990 75 0.0250 0.0529 0.1115 76 0.0297 0.0551 0.1209 77 0.0283 0.0403 0.0909 78 0.0287 0.0494 0.1048 79 0.0297 0.0563 0.1266 80 0.0301 0.0494 0.1004 81 0.0334 0.0520 0.1084 82 0.0354 0.0564 0.1566 83 0.0310 0.0350 0.1140 84 0.0445 0.0707 0.1203 85 0.0373 0.0429 0.0753 Table 48: Percentiles of SMSF withdrawal rate distribution by age for income year 2011 Age 25% 50% 75% 59 0.0000 0.0000 0.0206 60 0.0000 0.0072 0.0355 61 0.0000 0.0205 0.0763 62 0.0000 0.0251 0.0800 63 0.0000 0.0316 0.0864 64 0.0158 0.0391 0.0899 65 0.0180 0.0427 0.0951 66 0.0219 0.0490 0.1104 67 0.0236 0.0494 0.1167 68 0.0237 0.0489 0.1015 69 0.0241 0.0504 0.1152 70 0.0247 0.0529 0.1080 71 0.0245 0.0513 0.1064 72 0.0250 0.0559 0.1111 73 0.0255 0.0537 0.1091 74 0.0246 0.0516 0.1031 75 0.0254 0.0511 0.0953 76 0.0295 0.0534 0.1079 77 0.0297 0.0489 0.0917 78 0.0291 0.0468 0.0945 79 0.0290 0.0508 0.1005 80 0.0294 0.0453 0.1246 63

81 0.0327 0.0454 0.0869 82 0.0347 0.0625 0.1070 83 0.0335 0.0435 0.1030 84 0.0341 0.0479 0.1112 85 0.0272 0.0474 0.0917 Table 49: Percentiles of SMSF withdrawal rate distribution by age for income year 2012 Age 25% 50% 75% 59 0.0000 0.0000 0.0305 60 0.0000 0.0147 0.0380 61 0.0000 0.0313 0.0834 62 0.0000 0.0342 0.0853 63 0.0120 0.0365 0.0882 64 0.0226 0.0399 0.0942 65 0.0276 0.0459 0.1014 66 0.0326 0.0533 0.1207 67 0.0369 0.0534 0.1173 68 0.0378 0.0549 0.1232 69 0.0376 0.0554 0.1166 70 0.0382 0.0556 0.1142 71 0.0385 0.0579 0.1080 72 0.0387 0.0583 0.1115 73 0.0386 0.0591 0.1164 74 0.0386 0.0598 0.1078 75 0.0390 0.0573 0.1148 76 0.0444 0.0554 0.0937 77 0.0469 0.0595 0.1149 78 0.0473 0.0582 0.0999 79 0.0465 0.0611 0.0988 80 0.0463 0.0575 0.0990 81 0.0491 0.0612 0.1178 82 0.0560 0.0682 0.1091 83 0.0545 0.0666 0.1144 84 0.0524 0.0562 0.1080 85 0.0538 0.0644 0.1177 Table 50: Percentiles of SMSF withdrawal rate distribution by age for income year 2013 Age 25% 50% 75% 59 0.0000 0.0000 0.0279 60 0.0000 0.0146 0.0336 61 0.0000 0.0289 0.0746 62 0.0046 0.0325 0.0819 63 0.0168 0.0334 0.0833 64 0.0227 0.0374 0.0836 65 0.0252 0.0433 0.1005 64

66 0.0303 0.0485 0.1201 67 0.0341 0.0491 0.1050 68 0.0347 0.0510 0.1075 69 0.0338 0.0508 0.1047 70 0.0348 0.0531 0.1095 71 0.0352 0.0529 0.1144 72 0.0350 0.0531 0.0999 73 0.0352 0.0535 0.1097 74 0.0358 0.0554 0.1056 75 0.0354 0.0538 0.1077 76 0.0388 0.0532 0.1006 77 0.0420 0.0515 0.0859 78 0.0433 0.0542 0.1012 79 0.0432 0.0564 0.1029 80 0.0417 0.0494 0.0923 81 0.0442 0.0549 0.0909 82 0.0474 0.0561 0.0999 83 0.0500 0.0623 0.1201 84 0.0476 0.0620 0.1198 85 0.0491 0.0593 0.1280 Table 51: Percentiles of SMSF withdrawal rate distribution by age for income year 2014 Age 25% 50% 75% 59 0.0000 0.0000 0.0361 60 0.0000 0.0231 0.0400 61 0.0000 0.0369 0.0698 62 0.0219 0.0392 0.0779 63 0.0302 0.0407 0.0830 64 0.0316 0.0419 0.0848 65 0.0340 0.0464 0.0933 66 0.0393 0.0521 0.1061 67 0.0453 0.0523 0.0993 68 0.0457 0.0532 0.0983 69 0.0460 0.0536 0.0995 70 0.0461 0.0541 0.0991 71 0.0462 0.0548 0.1000 72 0.0462 0.0535 0.0980 73 0.0463 0.0551 0.0910 74 0.0464 0.0545 0.0928 75 0.0471 0.0571 0.1059 76 0.0508 0.0594 0.0943 77 0.0556 0.0611 0.0871 78 0.0565 0.0615 0.0821 79 0.0575 0.0638 0.1149 80 0.0564 0.0616 0.1046 81 0.0584 0.0674 0.0857 65

82 0.0641 0.0711 0.0921 83 0.0679 0.0729 0.1493 84 0.0651 0.0731 0.1145 85 0.0651 0.0709 0.1304 Table 52: Percentiles of SMSF withdrawal rate distribution for very low balances (<$220K) by age Age 25% 50% 75% 59 0.0000 0.0000 0.0000 60 0.0000 0.0000 0.0133 61 0.0000 0.0000 0.0762 62 0.0000 0.0000 0.0949 63 0.0000 0.0000 0.0909 64 0.0000 0.0147 0.1202 65 0.0000 0.0249 0.1380 66 0.0000 0.0423 0.2000 67 0.0000 0.0597 0.3022 68 0.0000 0.0652 0.2963 69 0.0000 0.0701 0.2857 70 0.0194 0.0701 0.2000 71 0.0314 0.0698 0.2516 72 0.0272 0.0693 0.1761 73 0.0355 0.0774 0.2219 74 0.0283 0.0683 0.1341 75 0.0264 0.0702 0.1499 76 0.0372 0.0769 0.2316 77 0.0411 0.0754 0.1860 78 0.0455 0.0786 0.1774 79 0.0465 0.0885 0.2295 80 0.0405 0.0873 0.1546 81 0.0446 0.0741 0.1533 82 0.0445 0.0827 0.1802 83 0.0483 0.0739 0.2033 84 0.0430 0.0691 0.3734 85 0.0491 0.0771 3.0020 86 0.0718 0.0968 0.2785 87 0.0717 0.1293 0.4282 88 0.0826 0.0882 0.0949 Table 53: Percentiles of SMSF withdrawal rate distribution for low balances ($220K $481K) by age Age 25% 50% 75% 59 0.0000 0.0000 0.0308 60 0.0000 0.0000 0.0449 61 0.0000 0.0284 0.0905 62 0.0000 0.0354 0.0946 63 0.0000 0.0424 0.1020 66

64 0.0000 0.0476 0.1081 65 0.0171 0.0579 0.1333 66 0.0308 0.0701 0.1814 67 0.0358 0.0682 0.1759 68 0.0373 0.0766 0.1609 69 0.0383 0.0729 0.1837 70 0.0418 0.0734 0.1670 71 0.0438 0.0762 0.1669 72 0.0432 0.0765 0.1493 73 0.0446 0.0718 0.1435 74 0.0423 0.0686 0.1277 75 0.0447 0.0685 0.1174 76 0.0465 0.0682 0.1151 77 0.0473 0.0676 0.1152 78 0.0478 0.0661 0.1109 79 0.0502 0.0755 0.1275 80 0.0470 0.0735 0.1539 81 0.0474 0.0709 0.1253 82 0.0499 0.0725 0.1282 83 0.0537 0.0749 0.1233 84 0.0537 0.0724 0.1133 85 0.0522 0.0684 0.1275 86 0.0423 0.0643 0.0930 87 0.0697 0.0826 0.1452 88 0.0694 0.0774 0.1026 Table 54: Percentiles of SMSF withdrawal rate distribution for medium balances ($481K $851K) by age Age 25% 50% 75% 59 0.0000 0.0000 0.0363 60 0.0000 0.0178 0.0549 61 0.0000 0.0388 0.0905 62 0.0114 0.0462 0.0956 63 0.0161 0.0472 0.0983 64 0.0190 0.0492 0.0989 65 0.0244 0.0535 0.1065 66 0.0349 0.0606 0.1218 67 0.0381 0.0635 0.1257 68 0.0393 0.0635 0.1210 69 0.0390 0.0644 0.1224 70 0.0407 0.0635 0.1187 71 0.0394 0.0638 0.1246 72 0.0388 0.0642 0.1159 73 0.0390 0.0614 0.1026 74 0.0408 0.0625 0.1140 75 0.0404 0.0625 0.1163 76 0.0437 0.0624 0.1008 67

77 0.0454 0.0634 0.0967 78 0.0480 0.0625 0.1026 79 0.0529 0.0664 0.1150 80 0.0469 0.0656 0.1111 81 0.0462 0.0631 0.0984 82 0.0566 0.0734 0.1151 83 0.0478 0.0678 0.1126 84 0.0535 0.0730 0.1167 85 0.0527 0.0710 0.1295 86 0.0599 0.0742 0.0993 87 0.0621 0.0824 0.2261 88 0.0588 0.0675 0.0875 Table 55: Percentiles of SMSF withdrawal rate distribution for high balances ($851K $1585K) by age Age 25% 50% 75% 59 0.0000 0.0000 0.0348 60 0.0000 0.0188 0.0439 61 0.0119 0.0382 0.0850 62 0.0193 0.0432 0.0896 63 0.0211 0.0459 0.0918 64 0.0245 0.0455 0.0903 65 0.0253 0.0464 0.0936 66 0.0319 0.0516 0.0998 67 0.0346 0.0520 0.0965 68 0.0373 0.0539 0.0965 69 0.0368 0.0556 0.0986 70 0.0373 0.0533 0.0939 71 0.0368 0.0538 0.0986 72 0.0367 0.0534 0.0929 73 0.0378 0.0542 0.1001 74 0.0378 0.0526 0.0898 75 0.0393 0.0564 0.0969 76 0.0411 0.0567 0.0914 77 0.0433 0.0564 0.0804 78 0.0448 0.0597 0.0916 79 0.0439 0.0571 0.0916 80 0.0431 0.0581 0.0871 81 0.0421 0.0574 0.0825 82 0.0452 0.0595 0.0758 83 0.0449 0.0610 0.0903 84 0.0488 0.0574 0.0804 85 0.0531 0.0624 0.0812 86 0.0595 0.0831 0.1058 87 0.0655 0.0870 0.0920 88 0.0354 0.0595 0.0783 68

Table 56: Percentiles of SMSF withdrawal rate distribution for very high balances (>$1585K) by age Age 25% 50% 75% 59 0.0000 0.0000 0.0300 60 0.0000 0.0190 0.0390 61 0.0167 0.0344 0.0703 62 0.0190 0.0369 0.0715 63 0.0202 0.0372 0.0720 64 0.0213 0.0373 0.0694 65 0.0236 0.0393 0.0767 66 0.0285 0.0445 0.0778 67 0.0326 0.0470 0.0755 68 0.0333 0.0472 0.0753 69 0.0328 0.0468 0.0731 70 0.0335 0.0475 0.0760 71 0.0335 0.0470 0.0726 72 0.0330 0.0460 0.0733 73 0.0322 0.0453 0.0710 74 0.0336 0.0465 0.0690 75 0.0346 0.0457 0.0700 76 0.0364 0.0497 0.0740 77 0.0402 0.0536 0.0669 78 0.0392 0.0530 0.0675 79 0.0420 0.0533 0.0739 80 0.0443 0.0544 0.0708 81 0.0445 0.0569 0.0737 82 0.0481 0.0635 0.0827 83 0.0476 0.0687 0.1089 84 0.0467 0.0611 0.0783 85 0.0486 0.0634 0.0877 86 0.0580 0.0775 0.3612 87 0.0770 0.0852 5.4048 88 0.0488 0.0488 0.0488 69

IN THIS PAPER, WE HAVE PRESENTED AN ANALYSIS OF THE ATO DATA ON SMSF AND APRA ACCOUNT BALANCES. THE ANALYSIS IS EXCLUSIVELY ON PRESENTING MEDIAN VALUES FOR THE RANDOMLY SAMPLED 150000 MEMBERS WITH APRA AND SMSF ACCOUNTS. THE INTERESTING FINDING OF THE ANALYSIS IS THAT WHEN FOR TOTAL PERFORMANCES ON INVESTMENT RETURNS MINUS WITHDRAWALS, THE MEDIAN RETURNS OF APRA ACCOUNTS HAVE A HIGHER VOLATILITY AS COMPARED WITH SMSF 70