25 Oct 13 ATO speech: - Issues affecting SMSFs: the ATO perspective
On 17 October 2013, Matthew Bambrick, Assistant Commissioner, Superannuation, gave a speech entitled "Issues affecting SMSFs: the ATO perspective" to the 5th Annual 2013 SISFA SMSF Forum held in Melbourne, Victoria.
Mr Bambrick gave the following statistics:
- As at the end of June 2013, there were just over an estimated 509,000 funds, an increase of about 40,000 funds in one year alone.
- Assets under management have grown to approximately $506 billion, holding steady at about a third of the now around $1.6 trillion in assets held in Australian superannuation.
- The establishment of new funds has far outpaced wind ups. Of SMSFs established in the 10 years to June 2011, 90% are still operating.
- The number of people who are members of SMSFs is approaching one million [963,852], or about 8% of the 11.6 million members of Australian super funds.
- About one million Australians changed super funds last year and 6% of those moved to an SMSF.
For a copy of the speech, go here