SMSFs show increasing liking for equities
The latest data from the Australian Taxation Office (ATO) appears to have confirmed that self-managed superannuation funds (SMSFs) remain the fastest-growing segment of the superannuation sector.
The ATO's SMSF Quarterly Statistical Report for December 2012 showed there were 909,188 SMSF members as at June 2012 and that the number of funds had increased by 37,174 to 478,579, or nearly 3100 a month.
The report revealed that total assets held in SMSFs as at the end of December last year was $474,414 million.
Interestingly, the ATO data appeared to suggest that SMSF trustees were looking to find some growth in the resurgence of the local stock market, with listed share exposure increasing from 29 per cent to 31.6 per cent over the year.
By comparison, it showed that allocations to Australian non-residential property dropped marginally from 12 per cent to 11.4 per cent of total assets, while Australian residential property also decreased marginally from 3.7 per cent to 3.5 per cent.
According to the data, the average member account size was $506,499.
AUTHOR
Staff Writer
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
