SMSF contributions double in second quarter
The average inflows into self-managed super funds (SMSFs) almost doubled in the second quarter, but total contributions were still down 22 per cent on the 2008-9 financial year according to a Multiport survey of 1,200 SMSFs worth a total of $1.1 billion.
The average SMSF inflow in the three months to June 30 was $14,700, up from $7,500 in the March quarter, which was not surprising as members looked to maximise caps before the end of the financial year, according to Multiport.
Funds held relatively stable allocations despite the poor market performance, with allocations to Australian equities slipping from 42.6 per cent to 40 per cent over the six months to June 30, while fixed interest and property allocations increased slightly.
The relatively small decrease, despite the market losing 11 per cent during the second quarter, indicated that some of the contributions were being invested back into equities, Multiport said.
Multiport said that even though recent market volatility had affected where SMSF trustees were deciding to invest, the average SMSF was still cashed up and looking for opportunities.
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