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SMSFs continue to grow
Simon Curtain
Partner/Private Client Adviser
7 Mar 2017
The Australian Prudential Regulation Authority (APRA) recently updated its Annual Superannuation Bulletin. The bulletin revealed that the total level of superannuation assets in Australia was around $2.1 trillion at 30 June 2016.
Of this, Self Managed Super Funds (SMSF’s) make up the largest share with around $622 billion invested.
Super fund distribution in Australia:
|
Fund Type |
Assets ($bn) |
Percentage |
|
SMSF |
$622 |
29% |
|
Retail Funds |
$541 |
25% |
|
Public Sector |
$530 |
24% |
|
Industry Funds |
$437 |
20% |
|
Corporate |
$52 |
2% |
|
|
$2,182 |
|
For original data please refer to APRA link here
We are not surprised to see self managed super funds representing the largest share of the pie. SMSFs are an ideal structure for wealth accumulation leading up and throughout retirement as they provide an increased level of control and flexibility over your financial future.
Unlike other superannuation funds, the members of a SMSF are also the Trustee’s of the fund. This means you have full control over where and how your superannuation assets are invested as well as the flexibility to alter the mix of assets as your circumstances change.
With such a large share of the pie it is no wonder the ATO has flagged self managed super fund compliance as a major issue going forward. While SMSFs offer many advantages, care must be taken to ensure they are run in accordance with government legislation as the penalties for non-compliance can be quite severe.
Hewison Private Wealth are self managed super fund specialists. If you or someone you know may be interested in finding out more about SMSFs please contact a Hewison Private Wealth Adviser on 03 8548 4800 or email [email protected] or visit www.hewison.com.au
Please note:
1. Simon Curtain makes reference to the APRA Annual Superannuation Bulletin
2. The information provided above is general information only and individuals should seek specialised advice from a qualified financial adviser. Please contact Hewison Private Wealth for more information.
Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email [email protected] or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.