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ATO: SMSF Statistical report findings 2011 FY

2013-01-01

The ATO recently released its statistical report on SMSFs for the 2011 financial year which has highlighted the continued and growing popularity of the SMSF sector.

Since 2008, approximately, 26,000 new SMSFs have been established each year with assets over $440bn in the sector.

Key findings in report included:

  • Contributions to the SMSF sector averaged $26.5bn a year over the four years to 2011, with member contributions exceeding employer contributions approximately two to one.
  • The major asset holdings continue to be in cash and term deposits and Australian listed shares (a total of 60%)
  • Smaller SMSFs continue to favour cash and term deposits
  • The average SMSF member balance is $506,000
  • The estimated operating expense ratio for SMSFs continued to decline in 2010-11 from 0.65% in 2008 to 0.54% in 2011
  • About 64% of SMSFs are solely in the accumulation phase, however there is a clear shift for more recently established SMSFs to commence pension payments sooner.

(Source: Press Release 19 Dec. 2012: Minister for Financial Services & Superannuation. http://mfss.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2012/091.htm&pageID=003&min=brs&Year=&DocType=0)

98% of all SMSF annual returns have been lodged by 12,500 Tax agents and accountants.

Parliament also passed legislation to establish an "SMSF Auditor Registration Regime", which will require all auditors to register with ASIC and meet initial and ongoing requirements relating to their qualifications, competency and independence.

In the financial year ending 30 June 2011, approximately 10% of SMSFs confirmed that their approved auditor had also provided other valuable professional services, such as a tax agent, accountant, administrator or financial adviser. This figure has been a steady decline for the last four years.

Parliament also looked at providing the ATO powers to address any wrongdoing and non-compliance by trustees of SMSFs, and capturing rollovers to SMSFs as a service extension under the AML/CTF Act 2007 to stop super benefits being used for the wrong purposes.

For more information about the report findings go to the ATO website.

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