1 July marked the start date for a raft of new rules around superannuation, including some affecting self-managed super funds (SMSFs).
Most notably, the maximum number of members allowed in an SMSF has been increased from four to six. This change is expected to be useful for a small cohort of SMSF trustees, such as families with more than two adult children or those wishing to include their children’s spouses.
New independence standards for approved SMSF auditors has also been the subject of updated guidance from the ATO. For a summary of other general changes to super rules, please click here.