ATO reveals dip in number of new SMSFsBY JAMES FERNYHOUGH | TUESDAY, 28 MAY 2013 12:45PMThe growth of self-managed superannuation funds (SMSF) slowed significantly in the first quarter of 2013, according to figures released by the Australian Tax Office (ATO). |
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Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
A tip in relation to the ATO statistics - you should pretty much ignore the initial numbers. An SMSF Trustee has 60 days to lodge the election form with the ATO so there is always a lag. For example the SMSF establishments for the Dec2012 quarter were initially reported as 7,014 this has been upgraded to 9,748 funds in the latest report. Similarly SMSF establishments for Mar 2012 were reported as 7,152 funds and this is now stated as 9,863 funds.
Long term statistics are a better guide. Fund establishments for the last 4 calendar years are now reported as -
2009 - 30,307
2010 - 31,703
2011 - 36,359
2012 - 42,687
So are the numbers declining?