The 2018 Federal Budget announced in May that the maximum number of members an SMSF can have is likely to increase from four to six people. The legislation is yet to pass through the Parliament.
A membership increase may offer benefits. For some, it could mean greater flexibility, particularly for small businesses with multiple owners, who wish to pool their super into one fund. Also, it could benefit families wanting to ensure an intergenerational transfer of assets, especially business property.