SMSF Establishments At Lowest Level In Years In December 2017 Quarter

The establishment of SMSFs is at the lowest it has been since at least 2008.

According to the latest ATO statistics only 5,456 SMSFs were established in the December 2017 quarter – the lowest number of any quarter in years.

Note that the spike is wind-ups in the September quarter is due to action by the ATO, cancelling the ABNs of almost 9,000 SMSFs for which there was no evidence they were operating.

“As a result, there was an upward revision in the number of SMSFs that wound up in the September 2017 quarter. This also led to flow-on revisions of previously reported estimates for the total number of SMSFs and SMSF members for the quarter,” said the ATO. There can also be a lag in establishments or wind-ups being reported to the ATO, and so the data is subject to revisions.

Going back to earlier ATO data, it can be seen that the December 2017 quarter SMSF establishment figures are the lowest since at least 2008:

Though the total number of SMSFs is still growing, be it at a slower rate. Despite the small decline in the total number of SMSF and total number of SMSF members for the September 2017 quarter, due to the action taken by the ATO, at the end of December 2017 quarter there was a record number of SMSFs – 592,658 – and a record number of SMSF members – 1,118,848.

By Luke Smith

Sole Purpose Test

14 May 2018

#ASIC #Advice #FinancialPlanning #specialist #will #enduringpowerofattorney #FederalBudget #smsf #law #estateplanning #Contribution #Retail #Fund #SMSF #Superannuation #Cap #Retiree #EPA #lawyer #Pension

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