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The Australian Taxation Office has released the following information in respect of the self managed superannuation fund market.
Number of SMSF’s
According to the ATO, the number of SMSF’s has grown in the past quarter by 2.68% to 387,936 overall and are the investment vehicle of some 746,318 members. The number of SMSF’s increased by 10,396 between March 2008 and June 2008 and 30,991 between June 2007 and June 2008.
No of SMSF’s
| June 2006 | 316,364 |
| September 2006 Qtr | 323,235 |
| December 2006 Qtr | 329,384 |
| March 2007 Qtr | 338,504 |
| June 2007 Qtr | 356,945 |
| September 2007 Qtr | 365,032 |
| December 2007 Qtr | 370,898 |
| March 2008 Qtr | 377,540 |
| June 2008 Qtr | 387,936 |
SMSF Assets
Total SMSF assets rose 3.04% during the June 2008 quarter, bringing the overall value of SMSF assets to $358bn at 30 June 2008. Assets have grown by $10.6bn between March 2008 and June 2008 and $23.3bn between June 2007 and June 2008.
SMSF Assets
| June 2004 | $132.5bn |
| June 2005 | $167.0bn |
| June 2006 | $212.8bn |
| June 2007 | $334.9bn |
| September 2007 Qtr | $354.7bn |
| December 2007 Qtr | $361.5bn |
| March 2008 Qtr | $347.7bn |
| June 2008 Qtr | $358.2bn |
Average Assets
The average assets held per member for 2006/2007 is $489,247 and the average assets held per SMSF for the same period is $938,315. This is an increase of 40% on the previous financial year.
2003-2004 |
2004-2005 |
2005-2006 |
2006-2007 |
|
Per Member |
$245,610 |
$291,480 |
$349,369 |
$489,247 |
Per Fund |
$474,105 |
$562,297 |
$672,769 |
$938,315 |
Contribution Inflow
During 2006/2007 $58.9bn of member (after tax) contributions were received by SMSF’s. This is an increase of 333% on the previous year. In 2006/2007 11.5bn of employer contributions were received by SMSF’s, an increase of 46.9%.
Member Contributions
| 2003/2004 | $7.4bn |
| 2004/2005 | $8.8bn |
| 2005/2006 | $13.6bn |
| 2006/2007 | $58.9bn |
Employer Contributions
| 2003/2004 | $4.9bn |
| 2004/2005 | $5.1bn |
| 2005/2006 | $7.8bn |
| 2006/2007 | $11.5bn |
Demographics
51% of members of SMSF’s are over 55 years of age. 45 to 54 year olds make up 27.5% of members, with 21.5% of members below age 45.
For further information regarding the figures follow the link:
http://www.ato.gov.au/super/content.asp?doc=/content/00100435.htm