The ATO have alerted SMSF trustees that the laws have changed with regard to how many members a SMSF can have.
On the 22nd June 2021, Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 received royal assent, and as such, from 1 July 2021, self manged super funds (SMSFs) as well as small APRA funds will be able to contain up to 6 members (previously it was only 4).
However, they have also pointed out that there are a few things trustees should consider first:
It is recommended that trustees seek professional advice before expanding their fund.
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