SMSF Member Limit Increase Bill Introduced – Don’t hold your breath waiting for Labor to pass it.
The government has now introduced Treasury Laws Amendment (2019 Measures No. 1) Bill 2019 containing the measure to change the SMSF member limit into the House of Representatives. This aims to increase the maximum membership of a SMSF from 4 to 6. Labor are unlikely to support it given the SMSF sector competes with union controlled industry funds sector and adding members is likely to assist SMSFs in avoiding wasting franking credits under Labors proposed changes to dividend imputation.