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  • SMSF and small APRA fund membership increase

    On 22 June 2021, Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020External Link received royal assent. This law increases the maximum number of members self-managed superannuation funds (SMSF) and small Australian Prudential Regulation Authority (APRA) funds can have from four to six.

    The law will take effect on 1 July 2021 meaning that funds can have a maximum of six members on or after this date.

    SMSFs can either have individual trustees or a corporate trustee where all members are directors of the corporate trustee. Some State and Territory laws restrict the number of trustees a trust can have to less than six. An SMSF is a type of trust, so it is important that you seek professional advice to help you understand if your SMSF is impacted by these restrictions. To avoid this issue SMSFs can have a corporate trustee and each member is a Director of that corporate trustee (see below).

    Adding more than four members to your SMSF

    While we are updating the ABR to allow you to add more than four members, an interim solution will be available from 1 July 2021 and can be used to add member/s 5 and/or 6 to your fund:

      Last modified: 25 Jun 2021QC 63699