SMSF assets climb to $648bn for March quarter
Total SMSF assets continued to grow during the 12 months to the end of March 2017, rising by around 13 per cent up to $648 billion, according to the latest ATO statistics.
The ATO SMSF Statistical Report for March 2017 indicated that total net Australian and overseas SMSF assets increased by around 74 billion in the 12 months to the end of March 2017.
The statistics also showed that the total number of members rose from 1,077,462 in March last year, up to 1,120,117 in March this year.
The number of total SMSFs also increased, rising from 568,506 SMSFs in March last year, up to 590,742 for this year.
Most SMSF establishments during the March quarter came from the younger age ranges, with members below the age of 50 accounting for the majority of SMSF setups.
The ATO statistics indicated that 30.5 per cent of SMSF establishments were set up by the individuals aged 35 to 44, while 11.5 per cent were set up by those aged 25 to 34, and 17.8 were set up by those aged between 45 and 49.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.