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  • Superannuation funds

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    Fund chapter

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    This chapter provides information on superannuation (super) funds, as reported on their income tax returns. Super funds hold contributions in trust and invest these contributions to provide retirement benefits for their members.

    Broadly, the fund taxpayer population is divided into two categories: non-regulated funds and regulated funds. Only regulated funds (as defined under the Superannuation Industry (Supervision) Act 1993) qualify as complying super funds for tax purposes and receive tax concessions. Regulated funds can be one of six types:

    ATO regulated:

    • self-managed super funds

    Australian Prudential Regulation Authority (APRA) regulated:

    • small APRA funds
    • corporate or employer-sponsored funds
    • industry funds
    • retail funds
    • public sector funds.

    Most funds with fewer than five members are self-managed super funds. Small APRA funds are small funds (with less than five members) regulated by APRA. Corporate, industry, retail and public sector funds are super funds with more than four members, and may be either public offer or non-public offer funds. They are generally established for the benefit of employees of a sponsoring employer. In this chapter they have been aggregated into a category called 'large fund types'.

    For more information about the super system, refer to chapter 15.

    Overview

    For the 2008-09 income year:

    • 360,374 funds lodged returns, a 6.5% increase from 2007-08
    • funds reported total income of $114.9 billion, a 9.9% decrease from 2007-08
    • total fund deductions were $44 billion, a 33.9% increase from 2007-08
    • funds were liable for $5.7 billion in net tax, a 39.5% decrease from 2007-08.
     
      Last modified: 18 Oct 2011QC 23907