More than one million Australians are now members of a self-managed superannuation fund (SMSF), with the average fund holding in excess of $1 million, the Australian Taxation Office (ATO) reveals.
The ATO reported that SMSFs accounted for 29 per cent ($590 billion) of the $2 trillion total superannuation assets as at 30 June 2015.
SMSFs with two members continue to be the dominant structure of the sector, representing 70 per cent of funds, at 30 June 2014, with single member funds accounting for 23 per cent.
The report found that 40 per cent of SMSF members were fully or partially in the pension phase, in June 2014, up from 32 per cent in 2010, with five per cent of those receiving pension payments from their SMSF reporting that they were also receiving the Age Pension.
The ATO found at 30 June 2015, 78 per cent of all SMSFs had individual trustees, rather than a corporate trustee, marking a four per cent decline in the proportion of SMSFs using a corporate trustee over the last three years, while 95 per cent of new SMSFs at individual trustees at 30 June 2014.
The report said auditor contravention reports were made in relation to two per cent of SMSFs, at 30 June 2015, with the most commonly reported contraventions relating to loans or financial assistance to members (22 per cent), while in-house assets and separation of assets constituted 19 per cent and 13 per cent respectively.
