ATO statistics show jump with super balances
The ATO’s annual Taxation Statistics report for the 2015/16 financial year indicates that the average superannuation account balance saw a slight increase over a 12-month period.
According to the ATO statistics, the average superannuation account balance rose to 115,945 in the 2015/2016 financial year from 112,738 in the 2014/15 financial year.
The median account balance also increased to $37,473 in the 2015/2016 financial year from $36,820 a year earlier.
The average account balances for individuals earning between $18,201 and $180,000 decreased slightly during the 12 months.
On the other hand, the average account balance increased for those earning less than $18,200 and those earning over $180,000.
Deductions for personal superannuation contributions saw a slight increase with the average amount claimed increasing to $21,764 in 2015/16 from $21,205 in 2014/15.
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.