Total SMSF members approaches one million mark

Latest figures from the Australian Taxation Office (ATO) indicate the total number of SMSF members is now 963,852.

This represents an increase of over 64,000 since June 2012 and 10,039 since the last quarter, according to the ATO’s Self-Managed Super Fund Statistics Report for June 2013.

The total number of fund establishments has continued its steady decrease, standing at 6,031 in the June quarter compared with 11,648 at the same time last year.

However, these figures may be updated and increased in the next quarter. Aaron Dunn, managing director of the SMSF Academy, previously told SMSF Adviser’s sister publication Investor Daily there is a 60-day timeframe within which a new SMSF will become regulated by the ATO.

As a result, figures are often updated significantly following initial publication. For example, the number of establishments for the March 2013 quarter was originally cited at 5,840; however, it has since been updated to 8,398.

In addition, the total number of wind-ups has significantly decreased since this time last year, now at 398 from 4,480, according to the data.

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