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  • SMSF and small APRA fund membership increase

    On 2 September 2020, Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020External Link was introduced to parliament. This law will increase the maximum number of members that self-managed superannuation funds (SMSF) and small Australian Prudential Regulation Authority (APRA) funds can have from four to six.

    It is proposed that the law will take effect from the first day of the quarter after it receives royal assent. These funds may then be able to have a maximum of six members.

    Some state and territory laws restrict the number of trustees a trust can have to less than six. As a super fund is a type of trust, if you are considering individual trustees for your SMSF, you will need to check your state or territory law. Alternatively, appointing a corporate trustee will avoid this issue.

    If the law passes before the required system changes are ready, an interim process will be available for SMSFs wanting to increase their members. We will let you know what the process will be before the start date of the law.

    We will update this page and other web content when the law receives royal assent.

      Last modified: 17 Sep 2020QC 63699