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  • Membership increase introduced into Parliament

    Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 was introduced to Parliament on 2 September 2020. Once passed, this law will increase the maximum number of members that Self-managed superannuation funds (SMSF) and Small APRA funds (SAF) can have from four to six.

    It is currently proposed that the law will take effect (start) from the first day of the quarter after it receives royal assent. Funds will be able to have a maximum of six members from this date.

    Some State and Territory laws restrict the number of trustees a trust can have to less than six. A super fund is a type of trust, therefore, it is important to check State or Territory law restrictions if you are considering individual trustees for your fund. Alternatively, appointing a Corporate Trustee will avoid this issue.

    If the law passes before the required system changes are implemented, an interim process for SMSFs wanting to have more than four members will be developed and communicated prior to the start date of the law.

    We will issue another article and update our web content when the law receives royal assent.

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      Last modified: 23 Sep 2020QC 63727