SMSF’s Still On The Rise
SMSF’s Still On The Rise
The June 2015 quarterly Self-managed Super Fund (SMSF) statistical report from the ATO highlights the continuing progression of self-managed super funds (SMSFs). 1.05 million Australians are now members of an SMSF. Further 556,998 SMSFs are collectively holding assets of $590 billion.
The ATO indicated that is an estimate of 6% rise in both the number of funds and total assets held over the previous 12-month period. Estimates around Limited Recourse Borrowing Arrangements (LRBAs) within SMSFs for the June2014 were reviewed as part of the report and rose from A$9.3 billion to A$15.1 billion in loans. Although this increase may be in part attributable to increased use of LBRA arrangements, or may also be due to improved data collection, with the new LRBA asset label as part of the SMSF annual return. The ATO’s current estimate for assets held under LBRAs as at June 2015 is $A15.6 billion.
This data indicates that people are increasingly becoming involved with SMSF sector to control their superannuation. They do this for a number of reasons.
- Total personal control over all their assets
- Consultation over the asset selection of the fund
- Ability to borrow within the fund and therefore obtain leverage
- Ability to buy property within the fund
- Control of costs as they are able to effectively budget super expenses
If you are considering setting you your own SMSF, we can assist you with this. We have access to Class software (the market leader) for all our funds. This software allows the fund to have up to date financial statements and market value updates at any time.
Please call us at the office on 02 9954 3843 to discuss further.
‘SMSFs still on the rise’. Acuity 2.10 (2015): 64-65. Print.