Try in excess of $40 million!
The ATO recently released a report titled Self-managed superannuation funds – a statistical overview 2009-10 which reveals some very interesting facts and figures with regards to jumbo SMSFs.
Here’s what the report revealed about the country’s largest funds:
- 1.3% of funds (around 6,000 funds) have between $5 million and $10 million in assets
- 0.2% of funds (less than 1,000 funds) have over $10 million in assets
- The average SMSF balance is $870,000
And according to an analysis conducted by Smart Company, there are a handful of funds which have breached the astounding figure of $40 million in total assets!
How does your SMSF balance compare to these figures? Are you above or below the industry average?
The report included some other very interesting information regarding the average returns and running costs for these large SMSFs, which we will be covering on this site shortly.