The addition of two extra members to self-managed super funds (SMSFs) has been utilised by just a few funds, according to data from the Australian Taxation Office (ATO).
The number of members who could be in an SMSF was increased from four to six last June as part of the Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020.
However, data from ATO to Super Review found less than 500 SMSFs had opted to make use of this increase in this members.
At the end of December 2021, there were 601,906 SMSFs and a total of 1,129,321 members, according to ATO data. However, as of June 2021, just 3.9% of SMSFs had four members in them.
The volume of funds which had moved to six members represented around 0.08% of all total SMSFs.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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