Self – Managed Super Funds have increased by 29% in 5 years, making it the most popular and fastest growing super fund, nearly hitting the $560 billion mark.
The Australian Taxation Office showed that SMSF’s account for a staggering 99% of the number of super funds across Australia, accounting for 30% of the $1.9 trillion total superannuation asset in the country.
Contributions for SMSF’s have also increased by 5%, with member contributions exceeding employers by 3 to 1. With the growth in the SMSF sector, the Australian Securities and Investments Commission has called on auditors to adhere to the standards and to prioritize their client’s best interest. SMSF members are also called to be vigilant, as the growing popularity of SMSF’s attract both legitimate and shady business practices.
Read more about this on the Sydney Morning Herald website.
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