Australia’s richest self-managed super fund has $401m

Michael Read and Michael Roddan

Aug 30, 2022 – 6.21pm

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Taxpayers are spending $200 million per year on concessions for Australia’s 100 largest self-managed super funds, with new data showing the 32 biggest accounts each have more than $100 million assets, including one mega-SMSF with $401 million.

The release of the figures, published by the Australian Taxation Office on its freedom of information log, follow calls by economists to rein in and simplify Australia’s system of generous superannuation tax concessions which Treasury estimates will cost $93 billion over the next four years.

Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS.

Michael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian.