The level of newly-established self-managed superannuation funds (SMSF) grew significantly in the year ending June 2011, the latest SMSF sector statistics released by the Australian Taxation Office show.
Over the 12-month term, 33,106 SMSFs were set up, compared to 29,609 in the previous year.
In addition, SMSF wind-ups fell away for the same period, with the sector experiencing only 487 fund closures in the year to June 2011. In contrast, 5796 SMSFs were wound up in the 12 months ending June 2010.
There are now 456,472 SMSFs in Australia servicing 867,863 members.
The highest level of growth over the year came in the December 2010 quarter, with net establishments coming in at 9857.
In the most recent June 2011 quarter, there were 7466 establishments and 64 wind-ups, with people between the ages of 45 and 54 contributing to 29.9 per cent of the new funds.
Income levels among members do not appear to be a detriment to them wanting an SMSF, with individuals with an assessable income between $20,000 and $40,000 making up 19 per cent of new fund members and people with an assessable income of $20,000 or below representing 18 per cent of the establishments.
The figures also reflect a potential shift back towards safety and certainty by trustees, with funds allocated to listed shares dropping from $143 billion to $139 billion and allocation to cash and term deposits rising from $111 billion to $114 billion.
