The number of self-managed superannuation funds (SMSFs) in Australia is continuing to grow, but the global financial crisis and plummeting super balances did not give rise to a surge in SMSF start ups.
The latest Australian Taxation Office (ATO) statistical report on SMSFs reveals that at the end of June this year, Australia had 410,318 SMSFs boasting a total of 772,318 members.
Importantly, however, the ATO data revealed that there had been greater growth in the establishment of SMSFs between 2006 and 2007 than was the case over the 12 months to June this year.
The data showed that whereas 44,584 SMSFs were established in the 12 months to June 2007, only 28,995 were established in the 12 months to the end of June this year.
As in previous years, the ATO data pointed to SMSFs being most heavily invested in cash and term deposits or listed shares.
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.