SMSFs and small APRA funds can have up to 6 members from 1 July 2021 following legislative amendments. The ATO has advised that the Australian Business Register (ABR) has been updated to enable SMSFs to add a fifth or sixth member instead of using the interim process.
Before an SMSF can be created, or additional members added, the ATO said it is important to note that some State and Territory laws restrict the number of trustees a trust can have to less than 6. In such cases, an SMSF with 5-6 members may need to consider using a corporate trustee in order to satisfy the trustee limit in State or Territory legislation. The ATO also recommends seeking professional advice.