SMSF membership limit increase Bill passed, awaits assent

The Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 awaits Royal Assent after being passed on 17 June 2021 by both Houses without amendment. The Bill will commence from 1 July 2021, provided that it receives Royal Assent by 30 June 2021.

The Bill increases from 4 to 6 the maximum number of allowable members in new and existing SMSFs and small APRA funds. For an SMSF with 3-6 directors or trustees, the Bill also amends s 35B of the SIS Act to require the accounts and statements of the SMSF to be signed by “at least half of” the directors or individual trustees to also satisfy the trustee limit in the State legislation. An SMSF with 1-2 directors or individual trustees must have its accounts and statements signed by all of the directors or trustees.