The Australian Taxation Office (ATO), have just released their latest quarterly findings on the SMSF space. The SMSF sector continues to grow at an astronomical rate.
- There are now in excess of 1 million SMSF members with more than 534,000 SMSFs in existence, a 6% increase compared to June 2013.
- The number of funds established in the quarter was 7,691, just over 2,500 funds per month.
- Median assets per SMSF are
now $558,870 with median assets per member of $313,000. - SMSF assets amount to $557 billion, a 12.5% increase since June 2013.
Why are people so attracted to having their own SMSF?
- More control over investments
- Greater investment flexibility
- A sense of ownership over the funds
- The ability to pool your resources with other parties, i.e. family or business partner
- The ability to purchase direct property, along with a whole host of other investments
- Maximum flexibility in establishing and managing pensions.
Maddern Accountants specialise in Self Managed Superannuation Funds. If you would like to arrange an obligation-free appointment, please contact us on 03 9999 7200.
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.