It has now become legally possible in Australia to set up a SMSF with a maximum of 6 members, as opposed to the previous limit of 4.

The most obvious set of people to take advantage of this will be larger families in business together. Some larger families have been keen to set up a joint SMSF only to be confronted with the uncomfortable decision that some family members cannot be included. This reform should solve this problem for many families in this situation.

Let’s talk about super for a minute. No froth and bubble though. We are crunching numbers. At the end of this you ay even understand the Joy of Super yourself.