Key points

• SMSF voluntary contributions have fallen from $38 billion in 2017 to $15 billion in 2022 – a decline of $23 billion.
• Aussies are transferring more money out of SMSFs, with the value of transfers doubling since 2017.
• Rainmaker Information detail SMSF funds under management have grown 5.8% p.a. since 2017, slower than the remainder of the superannuation sector at 6.6% p.a.

Speaking previously to Savings.com.au, WLTH CEO and Co-Founder Brodie Haupt detailed while a 15% decline in the growth rate of new SMSFs is forecast, WLTH remains confident SMSFs will continue to be a popular option for Australians who want more say over where and how their retirement savings are invested.

“Australians understand the importance of having a retirement fund they can control, especially during turbulent times,” Mr Haupt said.

“On top of this, it [self-managed super] presents a number of attractive tax benefits that help our customers shape their wealth-building journey.”

The news comes as the government announced a doubling of the tax rate to super balances above $3 million, while capital gains tax on unrealised gains has also been floated.

Full Article: Investing.com