Multi-member SMSFs: The good, the bad and the ugly

National Conference 2021

With the increase to the maximum number of members in SMSFs seemingly on its way, a spotlight has been cast on the opportunities associated with adding more members in SMSFs.

But disputes amongst SMSF members are on the rise, so as well as the advantages, what are the downsides of more SMSF members, how can disaffected members exit SMSFs and what should advisers do where they come across or are suggesting multi-member SMSFs?

At the end of the session, you will be able to:

  • Understand the risks of multi-member SMSFs;
  • Consider the options for exiting members from multi-member SMSFs, and;
  • Be aware of the advice that should be given to people when they become members of multi-member SMSFs.

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association