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ATO points to SMSF growth
The Australian Taxation Office (ATO) has pointed to the continuing growth in the Self-Managed Superannuation Fund (SMSF) sector as part of a year in review bulletin.
The bulleting revealed that in 2014 the number of SMSF members exceeded one million for the first time and that, in September, there were 1,023,964 members and 539,375 registered SMSFs accounting for assets of $559 billion.
It said the number of SMSFs had grown by 30 per cent since 2010 — averaging nearly 27,000 newly established funds a year.
"SMSFs directly invest 78 per cent of their assets. They mainly invest in cash and term deposits and Australian listed shares," the bulletin said.
"SMSFs are an increasingly important part of the Australian superannuation industry — 99 per cent of all Australian super funds are SMSFs and 30 per cent of the $1.9 trillion of total superannuation industry assets are in SMSFs."
"SMSFs are increasingly appealing to younger people. For the first time in 2013, the median age of members in newly established funds was under 50 years of age — with 36 per cent of members younger than 45 years old."
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