ATO reminds 6-member SMSFs to update details
SMSFs that have added additional members to their fund following the increased member limit will need to notify the ATO of the changes.
From 1 July 2021, the maximum number of members for SMSFs and small Australian Prudential Regulation Authority funds increased from four to six.
In an online update, the ATO stated that any funds that have increased the number of members in their SMSF or small APRA fund (SAF) would be able to report up to six members in their 2021-22 and later SMSF annual returns (SAR).
However, reporting additional members in your SAR will not update the fund’s trustee/membership details on the Australian Business Register, the ATO said.
“If you have not already notified us of any additional members that have been added to your SMSF you will need to do this,” it said.
The ATO also reminded SMSF trustees that they must notify the ATO within 28 days if there are any changes to trustees, directors of the corporate trustee, members, contact details, their address and fund status.
“While you can also update your SMSF’s address details by lodging a SMSF annual return you will not be able to update any of the other details listed above via the SAR,” the ATO noted.
When a new member or trustee is added to the fund, the ATO stated that it may initiate a review.
“We aim to complete these reviews within 56 days. This is one of the many steps we are taking to safeguard the retirement savings of Australians,” it said.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
