POWERED BY MOMENTUM MEDIA
ATO open for SMSF member increases
The Australian Taxation Office (ATO) has confirmed trustees of self-managed superannuation funds (SMSFs) will now be able to add a fifth and sixth members, after administrative delays.
The changes came into place on 1 July, 2021, but the Australian Business Register (ABR) suffered delays in allowing trustees to make this change and recommended trustees held off from adding new members.
Trustees were advised to check if their state or territory restricted the number of trustees and if the addition would affect any other regulatory requirements.
The ATO said: “The increase in the maximum number of members in a SMSF also has flow on effects for other requirements, such as signing financial statements. The accounts and statements (an operating statement and a statement of financial position) of an SMSF must be signed by the required number of trustees or directors of the corporate trustee.
“This number will depend on the number of trustees or directors of the corporate trustee that your SMSF has. For the 2021/22 and later financial years, if there are:
- One or two directors or individual trustees, then all of them must sign the documents; and
- Three or more directors or individual trustees, then at least half of them must sign the documents.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
