AUSTRALIA - Self managed superannuation funds are the fastest growing section of the Australian superannuation system, making up 99% of all super funds, according to new statistics from the Australian Taxation Office (ATO).
Releasing its superannuation statistics for 2003-04, ATO said some 27,091 new self managed funds were established during the year, bringing the total number to 296,339.
Self managed funds represent 99% of all super funds, however ATO said they represent only 2% of total superannuation member accounts.
In its report, ATO noted that self managed funds manage 22% of the total assets in the Australian superannuation system, or AUS$135bn of a total AUS$625.2bn, ATO noted.
According to the statistics, in June 2004, 90% of employees had some form of superannuation coverage.
Employers contributed some AUS$38bn to member accounts while scheme members contributed AUS$20bn. Funds paid out AUS$29.5bn in benefit payments to members
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