SMSF members to be allowed up to six, helping big families prepare for retirement

Up until now, a self-managed super fund (SMSF) could have up to four members, so a married couple with two kids,  for example, could pool their savings and investments together to prepare for retirement.

Kelly O’Dwyer, Financial Servies Minister, is expected to announce this Friday the limit will be raised to six members, according to The Australian Financial Review.

Most SMSFs have only two members, but for larger families, it was required to have more than one SMSF for five or more people.

This four-member limit raised the expense of setting up and maintaining SMSFs when one fund couldn’t cover the whole family.

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Read More:

http://www.afr.com/personal-finance/superannuation-and-smsfs/smsf-member-limit-to-be-lifted-from-four-to-six-20180426-h0zb71