An ATO statistical report for the September quarter has shown SMSF establishments strengthened after a lacklustre June quarter, with the largest proportion of new funds continuing to be set up by a younger cohort of trustees.
Data in the ATO’s “Self-managed super fund quarterly statistical report – September 2018” revealed that in the September quarter, 5580 SMSFs were set up, with only 148 funds wound up, resulting in a net establishment figure of 5432.
This represents a stronger growth rate than was witnessed in the June quarter, when 5902 SMSFs were established and 4425 were wound up, leaving a net establishment of 1477.
The figures for the most recent quarter resembled more closely the three months to March 2018, when 5921 new SMSFs were registered and 1201 closed down, resulting in the net establishment of 4720 funds.
With regard to demographics, 32.4 per cent of the 5580 SMSFs set up in the September quarter were completed by individuals aged 35 to 44.
The next highest contributors to the number of new SMSFs in the most recent quarter were from people aged between 45 and 49, representing 18.3 per cent of establishments.
Demographic groups that have traditionally dominated SMSF set-ups in the past, namely pre-retirees and retirees, were less significant in their contribution to the result.
To this end, people aged 50 to 59 represented 25.6 per cent of establishments, while those aged 60 to 69 accounted for 8.4 per cent of establishments.
