Do you have an SMSF? 

Whether you have a Self Managed Super Fund (SMSF) or you are considering starting one, have a read of these facts.

What is an SMSF? Self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws.

According to the Australian Taxation Office (ATO) records;

  • the Self-Managed Superannuation Fund (SMSF) sector assets grew by $80 Billion in the financial year ending 30 June 2021.
  • total assets in SMSFs amount to $822 Billion as of 30 June 2021.
  • there are 598,000 SMSFs.
  • the average asset balance of an SMSF was approximately $1,350,000.
  • there are 1.114 Million members in SMSFs.
  • the average asset balance per member of an SMSF was approximately $735,000.
  • 1% of SMSFs have a balance of greater than $5 Million.
  • 6% have a balance of greater than $1.6 Million.
  • 43% of SMSFs have a balance between $200,000 and $1,000,000.
  • 33% of SMSFs have a balance of less than $200,000.
  • the SMSF sector continues to grow with the creation of 25,000 new funds and the closing of 15,900 established funds.
  • for the 2019/2020 financial year, that being the middle of the COVID pandemic, 61% of all SMSFs recorded a zero or negative return. Only 16% recorded a return of greater than 5% for the year.

Should you have any questions concerning superannuation, retirement or SMSF, please feel free to contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.

The information in this document does not take into account your objectives, financial situation or needs, and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.