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ARTICLE · 17 NOVEMBER 2020

Six member self-managed superannuation funds – are they really a good idea?

Cooper Grace Ward
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Pros and cons of six member SMSFs.

AustraliaFinance and Banking
Scott Hay-Bartlem
Scott Hay-Bartlem
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The government has reintroduced its Bill to increase the maximum number of people who can be in a self managed superannuation fund from four up to six. Many are excited about this concept, but is it really a good idea?

While there are clearly advantages to six member SMSFs, there are also downsides. Before diving into multi-member SMSFs (particularly with as many as six members), there are a number of things to consider and advice for advisers to give to members before joining.

Without this, members may find themselves trapped in an SMSF and potentially suffering loss, and could look to recover from advisers who have recommended adding more members to an SMSF.

Disadvantages to six member SMSFs

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Cooper Grace Ward is a leading Australian law firm based in Brisbane.

This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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