SMSF establishments see steady increase
The latest round of ATO quarterly SMSF statistics reveal the total number of SMSFs increased 5 per cent in the 12 months to 30 June, following a boost in net establishments.
The SMSF June 2016 quarterly statistical report revealed there was an approximate increase of 30,000 SMSFs to the total numbers of SMSFs, or a rise of 5.5 per cent.
Wind-ups were considerably lower compared with the previous year, with just 1,416 SMSFs being wound up over the 12 months to 30 June, compared with 11,136 wound up in the previous year.
The ATO noted that quarterly establishments and wind-ups can be understated because of the time lag between the event and the notification received by the fund.
The total net Australian and overseas assets across all SMSFs now represents $599.07 billion, according to the data.
The report also revealed that the total number of SMSF members now stands at 1,087,841, while the total number of SMSFs is 577,236.