#EveryoneNeedsaPlan to Add up to 6 Members to Their SMSF

Self Managed Super Fund (SMSF) laws have recently been amended to increase the maximum number of members in the fund.

A SMSF can now have up to 6 members.  Previously, the laws only allowed a SMSF to have up to 4 members, which was sometimes limiting for larger families that had more than 2 children.  The laws do not restrict members of a SMSF to immediate family, which may be convenient for persons wanting to pool their assets for retirement and have a higher level of control over their investments.

However be aware the SMSF strategy is comparatively expensive to establish and maintain, the compliance requirements are extensive, and the laws controlling SMSF and Superannuation change regularly.  Therefore it is recommended to seek advice from a suitably qualified adviser before considering establishing an SMSF.

GDM is a Master Financial Planner with 30 years experience in all things financial, including accreditation as an SMSF adviser, so do not hesitate to contact us and arrange your free initial appointment to discuss your financial requirements in detail.