Latest Financial Planning News
ATO zeroes in on SMSF lifestyle assets
SMSF scams are on the rise: Here’s how to fight back
Four steps to plan for a better retirement
‘Mammoth consequences’: ATO’s NALI ruling draws ire from professionals
Videos and other resources for our clients
SMSF members highly satisfied with funds
6-member SMSF registration availability to begin mid-August
SMSFs go for growth
Tax time: calculating investment income and deductions
ATO extends Division 7A relief
Drawdown relief for all pensions
Tax Time Checklists - Super Funds; Individuals; and Company, Trust, Partnership
What's your risk profile?
Downsizer and bring forward combination creates new opportunities for super strategy
Trust deed must include certain items
Five investing tips for beginners
End of year financial strategies
Budget 2021: Retirement Outcomes
Videos to help understand financial planning topics.
SMSFs still on top for member satisfaction
Understanding home downsizing and super contributions
ATO issues final warnings on outstanding SARs
New SMSF quarterly statistics highlight continued post-COVID recovery
Budget measures designed to give retirees control in increasingly ‘opaque’ super environment
Federal Budget 2021 - Overview
Building a more secure and resilient Australia
Federal Budget 2021 - Health
Asset allocations still hold the key
Why Australian households are getting richer
Dealing with compliance complexities impacting overseas SMSF property
SMSFs flagged on Div 7A relief implications from ATO’s updated guidance
SMSF Association clarifies NALI issues around pension phase assets
New SMSF quarterly statistics highlight continued post-COVID recovery

 

The ATO’s newly released March 2021 quarterly statistical report has revealed the total number of SMSFs will soon hit 600,000, with consistent growth seen across establishments and assets as the industry heads into a post-COVID economic recovery.

 



       


The ATO has released the March 2021 self-managed superannuation fund (SMSF) quarterly statistical report revealing the latest statistics on the SMSF sector.


The report shows that there are now approximately 597,396 SMSFs and an estimated 1,120,936 members. These figures point to overall growth in total fund numbers, which have increased on average by around 2 per cent each year over the last five years. 


The March 2021 quarter saw more than 6,000 new SMSF establishments showing continued growth compared with previous quarters, while wind-ups have also hit record lows with around 240 recorded. Fifty-three per cent of SMSF members are male and 47 per cent are female, while 86 per cent of all SMSF members are 45 years or older.


Total estimated SMSF assets increased by 3 per cent over the quarter, from $763 billion in the December 2020 quarter to $787 billion in the March 2021 quarter. 


The top asset types held by SMSFs (by value) continue to be listed shares (26 per cent of total estimated SMSF assets) and cash and term deposits (19 per cent). 


Asset allocations in LRBAs saw its biggest continued increase of around 7 per cent ever since its numbers stagnated during the December 2019 to September 2020 period.


Non-residential and residential property also saw higher growth in asset allocations compared with December 2020 numbers.


Overseas assets have also seen an increase across the spectrum of shares, property and managed investments. Meanwhile, cryptocurrency assets continued to see a decline compared with the December 2020 quarter and haven’t seen an increase ever since June 2019. 


In the new establishments recorded in the quarter, around 56 per cent of new SMSF members are male and around 44 per cent are female. Individuals aged 35 to 44 make up the majority of most of the establishments, accounting for both male and female. 


Meanwhile, taxable income ranges of the members of SMSFs which were established during the March 2021 quarter show incomes around $100,000 to $150,000 to be the most common for members, accounting around 18.5 per cent.


NSW, Victoria and Queensland continue to remain the top three areas for new funds established. 


This comes as new data was also released by the Australian Prudential Regulation Authority showing total superannuation assets increased by 3.1 per cent for the quarter and 13.9 per cent over the 12 months to March 2021 to hit a record high of $3.1 trillion.


Total contributions into the system remained broadly steady at $121.2 billion for the 12 months to March 2021, increasing by 0.8 of a percentage point compared with the previous year.


Total benefit payments were $18.3 billion for the March 2021 quarter following the conclusion of the government’s temporary COVID‑19 early release of superannuation measure.


A more detailed overview of the ATO statistical report can be found here.


 


 


Tony Zhang
25 May 2021
smsfadviser.com


 




7th-June-2021