The statistical summary into Self Managed Super Funds commissioned by Jeremy Cooper as part of Phase Three of the Super System Review in December 2009 has been widely recognised as one of the most valuable tools and insights into the SMSF sector ever produced. This publication not only showed the industry to be in fairly good shape and robust, but it also dispelled many myths about SMSFs. It became a valuable tool to enable to industry to better understand information about trustees and service providers, much of which now forms part of the Stronger Super reforms, which has focused on increasing competencies for these working within the SMSF industry.
The disappointing thing has been that the statistics within this report were based on the 2008 financial year. We are now two years down the track since this valuable report was prepared and don’t have any statistical information available that compares to what was provided as part of the Super System Review…. well, that is until now.
I was pleased to hear that the ATO will be releasing in the next few weeks an updated version of this SMSF statistical summary which will include 2009 financial year information. A further report will be provided in the first half of next year incorporating 2010 statistical information.
With the Government’s support of the majority of the Stronger Super reforms, the ATO has been charged to improve the collation of information on the SMSF sector. It is expected this report to be released each year will become an important industry document, helping us to better understand the ongoing growth of the sector, key issues, and behaviors of trustees and service providers alike.
The SMSF Working Group established to assist the ATO with the implementation of the Stronger Super reforms will assist the ATO to continuously improve what data is important for the industry. It is not unreasonable to expect changes within the SMSF Annual Return to capture additional information.
I like many people are very much looking forward to its release…
