6 Member SMSFs

6 Member SMSFs

The possibility of 6 member SMSFs is back on the table. The necessary Bill was tabled in the Senate on September 2nd and is being considered by a committee due to report back on November 4th. If it passes both the Senate and House of Representatives, it should receive Royal Assent before the end of March. This would make it effective from April 1st – a date that will give some wags cause to chuckle.

If it does become law the effect of additional members on control and investments will need to be carefully considered.

Also, due to the Trustee Acts in most States – NSW, QLD, VIC, WA and ACT – a corporate trustee will be required.

Let’s see what the committee has to say!