Class Limited* has released its annual SMSF benchmark report revealing a treasure trove of data from the 2021 financial year, and analysis of how the SMSF sector performed in response to COVID-19. Class Ltd CEO, Andrew Russell, said it is interesting to see how resilient the sector has been during COVID-19, from avoiding early release mechanisms to making more contributions to capture the significant upside following market falls.
Key findings from the report include:
- SMSFs rebounded from average net assets of $1.36m in March 2020 to $1.55m by December 2020;
- SMSFs accounted for only 1% of COVID-19 early releases despite representing 26% of super assets;
- FY2020 showed the greatest change in when contributions were made;
- ETFs continue to grow in popularity, particularly with under-25’s;
- the gender gap continues to close, albeit at a slow rate.
The report also includes insights from leading SMSF professionals on how SMSF members are taking advantage of the changes to the contribution work tests and limits, catch-up concessional contributions, downsizer contributions and the extension of the age limits for the non-concessional bring forward rules.
[*self-described as ‘Australia’s pioneer in cloud-based wealth accounting technology’] [LTN 169, 2/9/21] [Interesting – both the SMSF’s performance, and who’s reporting it.]
[Tax Month – September 2021] 3.10.21