Five- and six-member self-managed super funds (SMSFs) have only been possible for a few years and the take-up is still relatively low, but clear investment trends are emerging in funds that have embraced the change.
Although the Australian Taxation Office (ATO) reports that just a small percentage of SMSF members have decided to extend their membership, or start funds with larger member numbers, it can be incredibly useful to those members who decide to use it.
Good to know: From 1 July 2021, the limit on members in SMSFs and small APRA funds was increased from four to six, following the safe passage of the Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020.
Who is using it?
The ATO reported that just 0.1% of the 585,696 SMSFs in financial year 2021–22 had five members with less than 0.1% having six members.
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