In this guide
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.
This potential increase in members presents new opportunities and considerations for those thinking about setting up or expanding an SMSF.
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 extremely 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.
This change provides families and business partners with more flexibility to pool their superannuation resources, manage investments collectively, and potentially reduce costs through economies of scale.
Learn more about APRA small funds.
Who’s using them?
The most recently released ATO statistics on SMSF membership numbers are based on the 2024 financial year and include membership numbers on 30 June 2024.
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