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ARTICLE · 18 MAY 2018

Six-member SMSFs: Is it that straightforward?

Cooper Grace Ward
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Although the Budget did announce an increase in the maximum number of SMSF members, there are other issues to consider.

AustraliaFinance and Banking
Clinton Jackson
Clinton Jackson
Scott Hay-Bartlem
Scott Hay-Bartlem
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Although the 2018/19 Federal Budget was relatively uneventful compared to previous years, the Government did announce that the maximum number of members allowable in self-managed superannuation funds (SMSFs) will be increased to six (up from four) from 1 July 2019.

However, in most cases it will not be as simple as just adding additional members to your SMSF. If you are considering adding extra members, you should consider the following:

Check your trust deed

First, check that your SMSF trust deed allows for more than four members.

Although it is not necessary to have in the trust deed, a number of popular SMSF trust deeds currently restrict the maximum number of members to four or provide for certain rules to apply only if 'the SMSF has four or fewer members'.

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