SMSF Association Media Release
The self managed super fund (SMSF) sector has notched up a significant milestone following the release of the Australian Taxation Office’s (ATO) September 2024 quarter SMSF statistics which show total SMSFs assets have surpassed $1 trillion for the first time.
SMSF Association CEO Peter Burgess hailed the ATO’s quarterly statistics as a landmark achievement for the sector, noting that while the figures are estimates, they underscore the confidence Australians place in SMSFs. As at 30 September 2024, Australians have entrusted approximately $1.02 trillion of their retirement savings to SMSFs – a powerful testament to the value of “choice” and the benefits of SMSFs.
“SMSFs can provide the ultimate level of control and flexibility which in-turn empowers and encourages greater level of engagement”.
“This extra flexibility and control can manifest itself in many ways including investment flexibility, estate planning flexibility and the ability to structure the fund in a way which best suits the needs of fund members.”
“It’s always been the Association’s mantra that SMSFs are not for everyone. But for those individuals who want to take direct control of their retirement savings, whether in the accumulation or decumulation phase of superannuation, they have proved a very effective vehicle.
Burgess said the sector had thrived despite a long-running campaign that asserted SMSFs were costly, complicated, and delivered lower investment returns compared with their APRA-regulated counterparts.
“These were criticisms that the sector – and the Association – took extremely seriously, so it was gratifying when research commissioned by the SMSF Association showed that an SMSF with net assets of $200,000 can be competitive in terms of costs and investment returns compared with APRA funds.”
Burgess said the Association was proud of the sector’s remarkable evolution, noting the concept of small, member-controlled superannuation funds emerged in 1985 under the term ‘excluded funds’ before SMSFs were introduced in 1999 alongside a more comprehensive regulatory framework.
“Over nearly four decades we have seen the emergence of a dedicated cohort of advisers who have played a critical role in guiding SMSF members through their own unique superannuation journey. The fact that every inquiry into superannuation has given our sector a clean bill of health is testimony to the professionalism they bring when advising their clients.”
This significant milestone will be celebrated at the SMSF Association’s 2025 National Conference, being held at the Melbourne Convention and Exhibition Centre from February 19 -21, where the theme, ‘Collaboration: Unleashing Collective Potential,’ will highlight the importance of working together to explore and shape what the future holds for the sector.
To view the program and register for early bird: SMSF Association National Conference 2025