At a recent presentation by the Assistant Commissioner, Superannuation in Melbourne he made the following comments;
“During the past four years the number of SMSFs has grown rapidly. 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.”
Commenting on this trend, one analyst said, ‘It’s a one-way traffic. Once members start an SMSF, they rarely ever go back’.
While on average SMSF members have tended to be older than members of APRA-regulated funds, there has been a recent trend to members of new SMSFs being younger than the general SMSF member population. In other words, while most members of SMSFs are over 45, there are increasing numbers of new members who are between 25 and 44.
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