Close
Entrusting us with your taxation, business and accounting needs, you will experience highly personalised professional service
Get in touch
- Level 1/486 Heidelberg, VIC 3084
- admin@johnsaccountants.com.au
- 0431 844 600
- Monday to Friday: 9am to 6pm
- admin@johnsaccounting.com.au
- Tel: 0431 844 600
Self-managed super funds (SMSF)
business
SMSF and small APRA fund membership increase
From 1 July 2021, the maximum number of members for self-managed superannuation funds (SMSF) and small Australian Prudential Regulation Authority (APRA) funds increased from four to six.
SMSFs can either have individual trustees or a corporate trustee where all members are directors of the corporate trustee. Some State and Territory laws restrict the number of trustees a trust can have to less than six. An SMSF is a type of trust, so it is important that you seek professional advice to help you understand if your SMSF is impacted by these restrictions. To avoid this issue SMSFs can have a corporate trustee and each member is a Director of that corporate trustee.
Adding more than four members to your SMSF
We recommend you wait until the ABR has been updated before adding a fifth or sixth member. If you are unable to wait until the ABR has been updated, the below interim solution will be available from 1 July 2021 and can be used to add member/s five and/or six to your fund:
- Register your SMSF through the ABR adding members one to four.
- Complete and lodge a paper Change of Details for superannuation entities form (NAT3036)This link will download a file with us to provide the details of members five and six.
- We will then process this into ATO systems and update the ABR once the required system changes have been made, you will not be required to do anything further.
It is important to note that there may be delays to some processes while our interim process is in place.
Credits: Australian Taxation Office
