There are 944 people with account balances in Australian Prudential Regulation Authority (APRA)-regulated funds with more than $10 million in their account balances.
The Commissioner for Taxation, Chris Jordan revealed this figure during the SMSF Association annual conference in Adelaide while seeking to put into context the number of self-managed superannuation funds (SMSFs) carrying high account balances.
In doing so, Jordan made clear that each of the funds with high account balances had been closely scrutinised by the Australian Taxation Office (ATO) and that it followed that nothing had been detected that would warrant further ATO attention.
Later, under questioning from SMSF Association chief executive, Andrea Slattery, Jordan revealed that SMSFs were not the sole repositories of high account balances, with 944 APRA fund members holding account balances of more than $10 million.
He said that, in similar terms to the high account balance SMSFs, those in the APRA-regulated funds had occurred over a long period and had been consistent with the contribution rules that existed at the time.
