We are about to witness an explosion of retiring Baby Boomers and this is going to happen sometime pretty soon. It is not a smart economic commentary on the times we live in that most of these Baby Boomers are unprepared for their retirement. Men are faring just a little better than women and this can be put down to women’s higher life expectancy in particular.
Author: Alan Preston Archives
SMSF Amasses $557 Billion in Assets
In an article for the Business Day section of the Sydney Morning Herald, Ruth Liew talks about how SMSF has emerged to be the quickest growing sector of the Super market. Even as I write this, SMSF has amassed $557 billion in assets. SMSF contributes a mammoth 99% of the total number of Super funds, with nearly 30% of the cumulative Super assets placed in its kitty.
Australians Trust SMSF More than Super Funds
It may be too early to say that we are done with the conventional Super funds but by the look of it, we are surely getting increasingly enticed by the SMSFs. The industry has well and truly emerged as the fastest growing Superannuation sector. In fact, $557 billion out of the entire $1.9 trillion sounds to be some figure to boot home.
What to Expect about SMSF in 2015
Many regulatory changes are lined up in the SMSF sector for the year 2015. They are many positive developments and potential challenges lying ahead, too. Only recently, the Financial System Inquiry has deemed fit to recommend that the borrowing structure for the limited recourse SMSF loans must be changed.
Developments that Shaped the SMSF Sector in 2014
The SMSF sector witnessed quite a few developments in the year 2014. At the beginning of the year, investors and trustees were apprehensive to say but the least. Rumour mills were working overtime and government’s iron-fisted regulation was being talked about. These, however, remained merely rumours as government decided to play it easy and keep SMSF regulation more of a formal thing. It believed that prudential standards could be a bane for a sector as small and volatile as SMSF.
ASIC Cancels Registration of 440 SMSF Auditors
In an article for the Business Day section of the Sydney Morning Herald, Nassim Khadem and Ruth Liew talk about the cancellation of 440 SMSF auditors’ registration owing to their failure to meet standards of competency.
