The Sydney Morning Herald --- Page: 4-5 : 6 December 2006 Original article by Annette Sampson
ABIX Summary
The Australian Taxation Office (ATO) has found that self-managed superannuation funds (SMSFs) have collective assets of nearly $A210 billion. In June 2006 this meant that the average account balance was $A340,000. According to the Self-Managed Super Fund Association of Australia CEO, Andrea Slattery, there are many tax effective implications for SMSFs, such as deferring capital gains tax and intergenerational tax transfers. Research by Investment & Financial Services Association has confirmed that 24 per cent of SMSFs have account balances below $A100,000, but the Australian Securities & Investments Commission (ASIC) considers running costs prohibitive for SMSFs below $A200,000.
