Limit on SMSF members to increase

Monday 30 April 2018

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has announced that the Government intends to increase the maximum number of members permitted in a self managed superannuation fund (SMSF) from four to six.

The Government also intends to extend SuperStream, the electronic data and payment standard for certain superannuation-related transactions, to include rollovers involving SMSFs. SuperStream currently only applies to rollovers between superannuation funds regulated by the Australian Prudential Regulation Authority (APRA) and employer contributions to both APRA funds and SMSFs. This change is expected to apply from late 2019.

Further information

The Hon Kelly O’Dwyer MP, Greater flexibility for self-managed super funds, 27 April 2018

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