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SMSF contributions triple
Self-managed superannuation fund (SMSF) contribution levels increased 181 per cent in the December quarter, according to SuperConcepts.
SuperConcept's latest survey found the levels almost tripled from $3,040 in the September quarter to $8,550 in the December quarter following the Government's confirmation that the proposed super changes would come into effect on 1 July 2017.
SuperConcepts executive manager for technical and strategic solutions, Phil La Greca, said: "The current non-concessional amounts apply for the remainder of this financial year and investors are taking advantage of the limited time available to them".
The survey also found that cash levels were also up in Q4 from 18.1 per cent in the September quarter to 18.4 per cent in the December quarter.
La Greca said this increased cash level was likely related to the higher contribution levels being received.
Exchange-traded fund (ETF) investing continued to grow in the quarter as ETFs represented four per cent of all assets and were mostly used in the international equity sector.
The overall allocation to property loans increased to 81 per cent in the quarter, up from 75 per cent.
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