The peak body for SMSFs has welcomed the latest Australian Tax Office statistics which show SMSF assets have grown at twice the rate of total super industry assets in the past five years to June 30 2010.

According to the "Self Managed Super Funds: a Statistical Overview" report, the overall growth in Self-Managed Super Fund (SMSF) is down to a rise in the number of new SMFS, an increase in contributions, net rollovers into SMSFs, as well as from investment earnings.

"SMSF members are the most engaged in the superannuation industry, with a keen interest in ensuring their funds operate and perform well and this is borne out by their high level of voluntary super contributions, their funds' superior investment performance and their willingness to seek advice from professionals," said Andrea Slattery, chief executive, Self-Managed Super Fund Professionals' Association of Australia (SPAA).

"The report also reflects strong confidence in the SMSF sector, which has been aided by the robustness and flexibility of SMSF sector regulation, the policy feedback and input of organisations like SPAA, together with the high professional standards of SMSF advisors, including SPAA accredited SMSF Specialist Advisors and Auditors.

According to the Australian Tax Office (ATO) the SMSF sector remains the largest sector of Australia's super industry, with 99% of the number of funds and over 30% of the $1.23 trillion total super assets.

It also points to a growing trend in recent years for members of new SMSFs to be younger than the total SMSF member population.

However overall SMSF members tended to be older and have higher average balances and higher average taxable incomes than regular super fund members.

"The many benefits of SMSFs, including control and flexibility, will increasingly appeal to younger, highly educated professionals who are already confident about seeking service providers and skilled advisors," said Slattery.

The ATO estimated that the return on assets for the SMSF sector revealed negative returns for 2007-8 and 2008-9 in line with the total super industry, but with smaller negative returns in the SMSF sector.

"Going forward, in order to maintain the healthy SMSF sector growth and member confidence reflected in this ATO report, SPAA calls on the Government to restore the annual concessional superannuation caps to their pre 2009 Federal Budget levels when fiscal conditions make this possible," said Slattery.