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Cooper Review Report - Interesting Statistics

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Superman, 24th Dec, 2009.

  1. Superman

    Superman Well-Known Member

    6th Nov, 2007
    Gold Coast, QLD
    A few weeks ago the Cooper Review into the Australian Superannuation System released a very interesting (and easy to read) report of statistics on SMSFs.

    A PDF copy of the report can be downloaded here. I have also attached a copy just in case they move it.

    A lot of the statistics have previously been published and there are not many surprises.

    One thing that did surprise me was that out of the new SMSFs established in the 2009 financial year, only 10% had a corporate trustee (i.e. a Pty Ltd company acting as trustee rather than individuals). Across all SMSFs only 30% had a corporate trustee. I read this as an additional 20% of SMSFs somewhere over their lifetime change to a corporate trustee.

    This surprised me because the initial and ongoing costs of a corporate have been reduced recently (ASIC incorporation fees halved to $400 and only $40 annual ASIC fee).

    I understand new trustees wanting to keep their initial costs down, but considering 72% consult with an accountant before setting a SMSF up, you can infer that accountants are advising their clients to use individual trustees.

    I disagree with this - as from my previous posts you probably already know my opinion on corporate v. individual trustees. I will put my soap box away now!

    Enjoy the report!

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