ATO releases SMSF report
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Rachael Micallef is a journalist with InvestorDaily, a Sterling publication.
The Australian Taxation Office (ATO) has released a new report on self-managed super funds (SMSFs) to support the government's review of the sector.
The ATO's 2010-2011 annual report will help to provide data on the booming SMSF sector as the government looks to restore confidence in the superannuation industry.
"The SMSF sector holds almost $4,400 billion assets yet there is far more data available on [Australian Prudential Regulation Authority]-regulated funds," Minister for Financial Services and Superannuation Bill Shorten said.
The report found that contributions to the SMSF sector averaged an annual $26.5 billion over the four years to 2011, with member contributions exceeding employer contributions by a ratio of two to one.
The major asset holdings for the sector continue to be cash and term deposits, which are particularly favoured by the smaller SMSFs.
The report comes as part of a number of government measures to increase confidence in the superannuation sector.
In November, the Senate passed three pieces of super legislation as part of the government's Super Stream improvements.
These measures included the Superannuation Auditor Registration Imposition Bill 2012, which established an SMSF auditor registration regime, requiring all auditors to register with ASIC and meet ongoing requirements for their qualifications.