SMSF wind-ups hit new low
The number of SMSF wind-ups is the lowest it has been for five years according to the most recent ATO statistics.
The December quarter statistics revealed that only 216 funds were wound up during the three months from September to December 2023, compared to 1182 in the 2022 December quarter.
The numbers support data from the SMSF sector which found that people are continuing in their SMSFs after retirement and the high level of engagement trustees of SMSFs now have with retirement products.
The latest statistics showed there were 6959 new establishments in the December 2023 quarter, one of the highest number of establishments in the past five years.
NSW saw the greatest number of new establishments (36.8 per cent) followed by Victoria and Queensland.
The average assets per member in $780,254 while the average assets per fund are $1,450,642
The most popular assets were listed trusts ($53.1 million), listed shares ($2.6 billion) and cash and term deposits ($1.45 billion) all of which experienced slight growth in the last quarter.
The total assets held by SMSF is more than $8.78 billion.
Women between the ages of 35-44 years established the highest number of new funds in the quarter (36 per cent) with average income of new members between $100,000-$150,000.
