In the 2018 Federal Budget the Government proposed increasing the limit on the maximum allowable number of members in an SMSF (and a Small Apra Fund or SAF) from four to six members. This change is proposed to take effect from 1 July 2019. Currently the maximum allowable number of members is four with the clear majority of SMSFs having either one or two members only.
2018 Budget
Life insurance estate-planning trap with proposal to transfer small accounts
The Government’s Budget proposal to strengthen the ATO-led consolidation regime by requiring the transfer of all inactive superannuation accounts where the balances are below $6,000 to the ATO.
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