“The wealth of Australia’s prime self-managed tremendous funds (SMSFs) continues to develop. There have been 32 funds value greater than $100 million in 2020, up from 27 in 2019, new paperwork reveal. Details about the highest 100 largest SMSFs within the 2019-20 monetary years has been launched by the Australian Taxation Workplace (ATO) in response to a Crikey freedom of data request. The info reveals how Australia’s richest individuals are profiting from the beneficial superannuation tax concessions.

“Australia’s largest SMSF had $401 million within the 2020 monetary yr in contrast with $544 million the yr earlier than — every fund is recognized solely by its place within the prime 100, which means that the highest fund might not be the identical one because the yr earlier than. The following two largest had $371 million and $273 million in 2020, respectively. The smallest had $53 million, up from $52 million the yr earlier than.”