The ATO has released the December 2020 Self-Managed Superannuation Fund (SMSF) quarterly statistical report that shows there has been significant growth across the sector, despite the economic impacts and financial uncertainty caused by COVID-19.
The report shows that there are approximately 594,000 SMSFs and an estimated 1.1 million members. These figures point to overall growth in total fund numbers which has increased on average by 2 per cent each year over the last five years.
Total estimated SMSF assets also increased 5.1 per cent over the quarter from $727.1 billion in the September 2020 quarter to $764.2 billon in the December 2020 quarter.
More than 5,000 new SMSFs were established in the December 2020 quarter.
Minister for Superannuation, Financial Services and the Digital Economy, the Hon Jane Hume said, “The quarterly report shows increased consumer engagement and the growing desire for Australians to become ‘masters of their own destiny’ by taking their retirement savings into their own hands.”
“The SMSF sector always plays a significant role in the superannuation landscape, with steady growth trends signalling its increasing prominence. Already, SMSF’s make up 99 per cent of all superannuation funds and hold approximately 26 per cent of all superannuation assets” said Minister Hume.
Further information about the December 2020 Self-Managed Superannuation Fund (SMSF) quarterly statistical report is available at the ATO website.