Regulatory Roundup – March 2013

SMSF Statistical Report

Statistical report: ‘Self-managed super fund statistical report – December 2012′

On 5 February 2013, the Tax Office published the latest statistical reports for the SMSF market.  The document provides other statistics in relation to demographics, asset allocation and total assets in SMSFs covering:

• population of SMSFs and members
• asset allocation (break-up of assets into various classes)
• asset allocation by asset value of the fund
• membership sizes (SMSFs with 1, 2, 3 or 4 members)
• demographics (state break-up of SMSFs, members and assets)
• member demographics (age and income of members)
• total asset ranges (distribution of the size of SMSFs)
• average assets (per member and per SMSF)
• flow of funds (contributions, transfers, benefits and expenses), and
• SMSF quarterly establishment tables by:
  • demographics (state break up of SMSFs)
  • member demographics (age of new members), and
  • member demographics (income range of new members).

Tax and Super Education in School Cuuriculum

Information sheet: ‘Tax and super education in the national school curriculum’

Published on 30 January 2013, this information sheet advises that the Tax Office is working with the Australian Securities & Investments Commission (ASIC) to progress the inclusion of financial literacy, tax and super education in the national high school curriculum being developed by the Australian Curriculum, Assessment and Reporting Authority.

SMSF Asset Ownership

Information sheet: ‘Ownership of assets by self-managed superannuation funds’

Published on 30 January 2013, this information sheet provides SMSF trustees with information about appropriate documentation to confirm the fund’s ownership of assets.  This protects the fund’s assets and ensures compliance with the super laws.

Lost Superannuation Accounts

Information sheet: ‘SuperSeeker’

Updated on 29 January 2013, this information sheet outlines SuperSeeker which is a free online search tool that shows individuals details of any of their super accounts that have received contributions in the past two financial years, any lost super reported to the Tax Office and any super money that the Tax Office holds on their behalf.  Individuals can also use SuperSeeker to transfer their super online.

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