- Advocacy
SMSF Association Submission
The SMSF Association welcomes the opportunity to make a submission to the Senate Standing Committee on Economics inquiry on the Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020.
We believe increasing the maximum number of members from four to six in an SMSF will provide additional flexibility and choice in the superannuation system.
Increasing the maximum number of SMSF members will allow families with five and six members the option to establish an SMSF together or allow the remaining members of a family to join an SMSF, which currently is an unavailable to larger families who are required to have separate superannuation funds.
At a high level, the option to include more members can be beneficial to:
- Lower superannuation fees
- Pool balances to invest in a greater choice of assets
- Increased engagement in superannuation
- Improve estate administration and exit plans