SMSF numbers rising, not surging
The number of self-managed superannuation funds (SMSFs) in Australia is continuing to grow, but the global financial crisis and plummeting super balances did not give rise to a surge in SMSF start ups.
The latest Australian Taxation Office (ATO) statistical report on SMSFs reveals that at the end of June this year, Australia had 410,318 SMSFs boasting a total of 772,318 members.
Importantly, however, the ATO data revealed that there had been greater growth in the establishment of SMSFs between 2006 and 2007 than was the case over the 12 months to June this year.
The data showed that whereas 44,584 SMSFs were established in the 12 months to June 2007, only 28,995 were established in the 12 months to the end of June this year.
As in previous years, the ATO data pointed to SMSFs being most heavily invested in cash and term deposits or listed shares.
AUTHOR
Mike Taylor
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
