SMSF assets grow past $1 trillion

The value of Self-managed Superannuation Fund (SMSF) assets has surpassed $1 trillion for the first time, according to the SMSF Association.

The association has pointed to the latest Australian Taxation Office (ATO) September quarter SMSF statistics as proof of the milestone being reached, prompting the organisation’s chief executive, Peter Burgess, to state that they underscore confidence in the sector.

“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,” Burgess said.

“SMSFs can provide the ultimate level of control and flexibility which in-turn empowers and encourages greater level of engagement.”

Burgess said the sector had thrived despite a long-running campaign that asserted that SMSFs are costly, complicated, and deliver lower investment returns compared to their APRA-regulated counterparties.

“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,” he said.

“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,” Burgess said.

“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.”