ATO SMSF Statistics: The Surest Proof of SMSF Reliability
As soon as we begin to understand the meaning of life to a certain degree, we begin to worry about the future, particularly so when we start making our own money. Though we weren’t all created equal, we don’t all get equal income and we don’t always think of saving for rainy days, it’s important to give it some thought since we can’t exactly rely on pension now that retirement age is constantly on the change. As Michael Caine, an English actor and author, once said, “Save your money. You’re going to need twice as much money in your old age as you think.”, we should really consider what we can do to best secure our future.
Lucky for us, there’s always the option of fund investment to count on, and we Aussies are especially lucky because of the SMSF. Though it might seem confusing at first, because of the thought of ATO (Australian Taxation Office) regulations, taxes and breachings one has to take care of, still the very detailed ATO SMSF statistics show constant interest and growth of the number of people who manage their own income and secure their future with this superannuation retirement option. The reliability of the statistics stems from the ATOs regular quarterly updates, data collection and publishes, reflecting the changes in the number of SMSFs established, wound up, as well as the estimates of the amounts of assets held by SMSFs for specific asset types, their allocations and ranges, including the member demographics and membership sizes.
Since the industry is ever growing, undergoing certain alterations, it’s advisable for trustees and trustees-to-be to keep up the step with the published ATO SMSF statistics and always be well informed on everything that’s going on in the world of the self-managed super. It’s surprising how fast the SMSF has turned into a trend, with more than 1 million SMSF members already, and just the same amount of average assets per SMSF, with the average members’ age dropping to under 50 which means the interest among younger generations is constantly on the rise as well. People have been bitten by the saving bug and that’s something that makes the future seem more promising than ever with plenty of happy retired people.
To be on the safe side, when you do decide to set up your own SMSF, make sure you consider the help of professionals, even though there’s the option of managing the fund on your own. That’s the best way you can ensure you’re going to abide by the rules and save and invest money for your retirement days. Ask for professional help and follow up with the ATO statistics, your future self will thank you for it.