The number of SMSFs has continued to increase steadily while APRA-regulated funds have experienced a drop, according to figures released yesterday.
Total SMSF assets stood at $506 billion at the end of the 2013 financial year, according to the latest Annual Superannuation Bulletin released by APRA yesterday.
The number of SMSFs rose 7.1 per cent to 509,362 funds during the 2013 financial year while APRA-regulated entities with more than four members fell 8.4 per cent.
During the 12-month period, total superannuation assets increased by $219.8 billion or 15.7 per cent to $1.62 trillion, according to APRA.
Small fund assets including SMSFs, single-member approved deposit funds and small APRA fund assets, increased 15.4 per cent while industry fund assets increased 21.5 per cent and retail funds grew 13.9 per cent.
APRA-regulated superannuation entities held $970.1 billion in assets at the end of June, public sector schemes held $97.5 billion and the balance of life office statutory funds held $45.4 billion.
The industry-wide rate of return for all superannuation funds with four or more members was 13.7 per cent for the financial year while the average rate of return in the 10 years to June 2013 was six per cent per annum.
Public sector fund accounts fell 1.2 per cent, retail fund accounts decreased 6.1 per cent, industry funds declined 1.2 per cent and corporate fund accounts fell 6.9 per cent, APRA stated.
In addition, superannuation contributions for the 12 months totalled $115.3 billion, with employers contributing $77.5 billion and members contributing $36.5 billion.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all