SMSF average balance hits $1 million

SMSF average balance hits $1 million
SMSF average balance hits $1 million

The average balance of self-managed super funds has topped $1 million for the first time, the latest tax office statistics show. It was at around $800,000 four years ago.

SMSFs returned 9.8 percent on assets in fiscal 2014, the fifth consecutive year of positive returns.

"For the first time the average assets of SMSFs grew to over $1 million in 2014, a growth of 23 percent over five years," ATO assistant commissioner Kasey Macfarlane said.

"Likewise, average assets per member increased to $564,000, the highest over the period," Fairfax Media reported.

The data shows there are one million members of DIY super funds which combined are worth $590 billion in assets.

The average assets per small fund are $1,066,080 and median assets $602,629.

Nearly 31percent of SMSFs now have assets of $1 million or over, including 10.8 percent with assets between $2 million to $5 million; 2.1percent in the $5 million to $10 million range and 0.5percent with a balance over $10 million.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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