Insurance policies in SMSFs plummet in FY16/17
The latest SMSF statistics from the ATO indicate a decline in the amount allocated to insurance policies within SMSFs, with the total amount falling by $32 million in the past financial year.
The amount allocated by SMSFs to insurance policies fell 23 per cent from $139 million at June 2016 down to $107 million at June this year.
The previous financial year also saw a decline with the allocation to insurance policies by SMSFs falling by $17 million from $156 million at June 2015 to $139 million at June 2015.
Total net Australian and overseas assets in SMSFs climbed from $610 billion in June last year, up to $669.7 billion at June this year.
The total number of SMSFs jumped from 568,315 in June last year to 596,516 in June this year, while the total number of members rose from 1,070,796 last year up to 1,124,453 in June this year.
Managed investments saw a slight jump from June last year, increasing 17.8 per cent from $32 billion up to $37.7 billion.
Allocations to overseas investments also increased, with overseas shares rising from $3.86 billion to $4.37 billion in June this year and overseas managed investments increased from $694 million to $797 million.
Overseas residential real property increased from $230 million in June last year up to $260 million in June this year.
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.