If you are one of those individuals who aim for hands-on control of their retirement savings, then you’ve probably been thinking about establishing a self-managed super fund (SMSF). Establishing a super fund you can manage yourself is attractive and brings a lot of advantages, but it also comes with few pitfalls if you do not posses the right skills in financial and legal terms.
In order to avoid those pitfalls, setting up an SMSF is strictly regulated under the rules of the Australian Taxation Office (ATO). Before starting the setting up process, you need to make a good research and familiarize yourself with the main rules of setting up and managing an SMFS.
ATO SMSF strict rules are not our matter of concern today. This article is here to provide you the statistic reports published by the ATO, from which you can learn more about the general facts about this growing trend. In fact, the ATO SMSF statistics provide a clear picture about the dynamic development of the self-managed super fund industry.
Ten years ago, majority of people who have established a self-managed super fund, were over 45 years old. But it seems like this is not the case these days. According to the ATO SMSF report for 2014, an increased number of younger trustees have decided to set up an SMSF. Namely, the ATO has noted a significant growth of entrants aged 35 and over in the SMSF sector. This indicates that the SMSF is becoming more attractive among the younger generations with growing pace.
Another change in this sector ATO SMSF report highlights, is the percentage of the trustees by gender. For the past few years, the elderly male population was leading in the setting up and managing of self-managed super funds. The things have changed as the Australian Taxation Office has noted a gender shift. The percentage of women who have established an SMSF for retirement savings in the last year has increased. Namely, women account for 47% of all SMSF members.
According to the ATO SMSF, in 2014, the number of individual trustees has increased for over 90%. But it was also noted that the number of corporate trustees has declined for about 2% in the past year. This is a proof that growing number of Australians are realizing the benefits of having a full control over the assets they invest in.