Now that March has passed us by without the 6 member SMSF rule having being passed the earliest it can come into force is 1 July. This is because, even if this measure is passed before the end of this financial year, it cannot become law until the first quarter after receiving Royal Assent. That makes 1 July 2021 the earliest possible start date.
Holding Super Life Cover External to the SMSF
Sometimes members have superannuation life cover in more than one fund. Typically, they have an SMSF for their...