Increase in the number of SMSF members
On 1 July 2021, the maximum number of allowable members within an SMSF increased from four people to six people.
SMSFs are often used by families to jointly manage their superannuation savings and investment strategies, so this increase provides greater flexibility and choice between generations.
Whilst consolidating family members into one fund may reduce fees, it complicates the investment strategy and approach to risk, particularly where there is significant difference in member age and years to, or in retirement.
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