Exodus to self-managed super takes a breather
The number of self-managed superannuation funds will exceed 300,000 by the end of the March and the Australian Taxation Office believes the arrival of Super Choice in mid 2005 will ramp up the rate of growth yet again. The ATO said that growth in SMSF start-ups had slowed from 3,000 a month last year to 2,000 a month this year. SMSFs are the fastest growing part of the superannuation sector and a prime focus of ATO audit activity. Industry surveys have continually highlighted the likelihood that many wealthy individuals will move high-account balances into SMSFs, once Super Choice starts on July 1.