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New SMSF members are getting younger

SMSF for young business peopleAccording to the ATO website, as at 30 June 2015, the average and median age of members of newly-established funds over the past five years declined from approximately 54 years to 49 years. In other words, the idea of a SMSF is becoming more popular than ever before with people in their 30s and 40s.

The ATO report Self-Managed Superannuation Funds – A Statistical Overview 2013-14 (version 16 December 2015, “Member Demographics”) explains simply that of all SMSFs established in 2014, 71% of the new SMSF members were under 55 years old, compared to 65% of members of SMSFs established in 2013 and just 51% of members of SMSFs established in 2010.

SMSF for young self-employedThe overall number of SMSFs continues to grow. Between the years ended 30 June 2011 and 30 June 2015, the number of SMSFs grew from 440,000 to 557,000, representing a growth of 27%. According to the ATO, this growth figure “reflects community confidence in the SMSF sector over the five-year period”.

Is it ever too early to start a SMSF?

In principle at least, it is never too late nor too early to establish a SMSF. Certainly, the figures now available from the ATO show that an increasing number of people in the prime of their working lives are making the choice to switch to a SMSF.

SMSF for younger workers

Tech-savvy become more proactive

The professional services of The SMSF Accountant are specially designed to support those who are reasonably tech-savvy to become more proactive in their retirement investment strategy and future planning, with an online portal for instant access to their SMSF account details, current asset positions, and much more.

Efficient use of technology helps The SMSF Accountant to deliver the highest standards of professional service most cost-effectively. We offer fixed-fee SMSF set-up and flexible packages for SMSF administration.

Whatever your age when you decide to establish a SMSF, you will want to make sure your SMSF is compliant right from the start, and costs are kept down over the years to help maximise your eventual net benefit.

To find out more about the SMSF concept and what’s involved in SMSF set-up and administration, contact The SMSF Accountant for prompt, personal attention.

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Diana Morris founded The SMSF Accountant in 2010. Diana is a member of the Institute of Chartered Accountants, holds a current public practice certificate, and is a registered tax agent. Diana has completed a Bachelor of Commerce degree and a Graduate Diploma of Chartered Accounting.