ATO open for SMSF member increases
The Australian Taxation Office (ATO) has confirmed trustees of self-managed superannuation funds (SMSFs) will now be able to add a fifth and sixth members, after administrative delays.
The changes came into place on 1 July, 2021, but the Australian Business Register (ABR) suffered delays in allowing trustees to make this change and recommended trustees held off from adding new members.
Trustees were advised to check if their state or territory restricted the number of trustees and if the addition would affect any other regulatory requirements.
The ATO said: “The increase in the maximum number of members in a SMSF also has flow on effects for other requirements, such as signing financial statements. The accounts and statements (an operating statement and a statement of financial position) of an SMSF must be signed by the required number of trustees or directors of the corporate trustee.
“This number will depend on the number of trustees or directors of the corporate trustee that your SMSF has. For the 2021/22 and later financial years, if there are:
- One or two directors or individual trustees, then all of them must sign the documents; and
- Three or more directors or individual trustees, then at least half of them must sign the documents.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The super fund’s CEO has confirmed he will finish his role in 2026.
New data shows millions of Australians have little idea how their super funds have performed over the past year.
Small-business advocates have warned the government’s Payday Super timeline risks chaos without more time, cost support, and fair penalties.
Insignia Financial’s Master Trust portfolio has expanded despite net outflows, as positive markets and new product initiatives drive growth.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
