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SMSFs exceed 500,000 funds and are on track for $500 billion in assets by 30 June 2013


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21 March 2013: Analysis carried out by Deloitte Actuaries and Consultants reveals that total Self Managed Superannuation Fund (SMSF) assets will exceed $500 billion by the end of this financial year thanks to a strong equity market and a continuing interest in individuals setting up their own self managed superannuation funds.

Russell Mason, Deloitte Superannuation lead partner said: “Despite the restrictions on concessional contributions self managed funds are the superannuation industry’s strongest growing sector.”

Mason said: “There are no signs of this SMSF growth trajectory slowing.” He added that: “Previous Deloitte research has shown that once those with higher superannuation balances approach or reach retirement, the SMSF option becomes more attractive.”

Mason said: “Deloitte estimates that the strong increase in the number of Australians with SMSFs now exceeds 500,000 accounts with almost 950,000 members. Based on current growth patterns we believe membership in this sector is likely to reach one million by the end of the calendar year. ”

Robert Jackson, one of Deloitte’s leading SMSF specialist advisers, explains that the trend is to establish funds in the June quarter.

Jackson said: “Individuals clearly assess their tax position at the end of the financial year and they are definitely motivated to seek tax or financial planning advice to consider more effective savings strategies which more often than not includes maximising their superannuation position.”

Mason noted this strong growth is a continuing challenge for retail and industry funds to retain member numbers.

“We’ve seen a number of industry and retail funds begin to offer direct Australian equity and term deposit options in order to counter the trend to SMSFs. And there are more sophisticated offerings on the way. But it is yet too early to determine the success of these strategies,” Mason said.

NB: See our media releases and research at www.deloitte.com.au

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Last Updated: 

Contacts

Name:
Russell Mason
Company:
Deloitte Australia
Job Title:
Partner, National Leader, Superannuation
Phone:
Tel: +61 2 9322 5347
Email
rmason@deloitte.com.au
Name:
Robert Jackson
Company:
Deloitte Private
Job Title:
Director
Phone:
Tel: +61 3 9671 6830
Email
rojackson@deloitte.com.au
Name:
Louise Denver
Company:
Deloitte
Job Title:
Director, Corporate Affairs & Communications
Phone:
Tel: + 61 2 9322 7615, +61 4 1488 9857
Email
ldenver@deloitte.com.au

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