The SMSF Quarterly Statistical Report for the March 2023 quarter has been published by the Australian Taxation Office (ATO).
Key Takeaways
The March 2023 statistics have been comprised in a dense and comprehensive report which explores all areas of the SMSF industry and its growth. Here are some of the key takeaways we found interesting:
The report found that SMSFs continue to be an integral and significant part of the superannuation system, with the total number of SMSFs now exceeding 606,000 funds, made up of more than 1.13million members, an all time high.
The report also found that:
- Out of the new funds established in the March 2023 quarter, 33.8% of new members were aged 35-44,
- 55% of new members in the March 2023 quarter were male and 45% were female, and
- In 25-44 year olds, there were more females than males who established an SMSF in the March 2023 quarter (this suggests the gender gap in SMSFs membership will continue to shrink over time).
Although the report demonstrates that the number of SMSFs continue to grow steadily, the net increase of approximately 5,500 SMSFs in the March 2023 quarter is lower than what was initially projected.
It is possible that this is somewhat attributable to the uncertainty in the sector following the Government’s announcement of the proposed $3m concessions cap on high balance super.
We explored these proposed changes and what they may mean for you over on BIS Cosgrove. You can read the full article here: Proposed Changes to Cap Tax Concessions on High Balance Super
For more information or for a full breakdown of the ATO’s SMSF Quarterly Statistics for March 2023, you can access the full report here.
To know more about Self Managed Super, get in touch with one of our expert SMSF Specialist Advisors.
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