In SMSF, it used to have up to 4 members but now it’s gone up to 6 members in the Superfund.
6 people’s balances are better than 1. If you have an average of 100 grand per person and you have 2 people in it, then you’ll have a 200 grand in your fund. And since you got 6, then that would be 600 grand in total. So it’s a lot more money to play with so to speak.
You need to be careful of a few things here:
If there are more people, then it equals to more decision-makers or people with their own opinions, and that is another layer of complexity.
You can reduce this risk by a leading member fund and we’ve seen this thing that we can set up called a ‘Leading member fund’ where there is an overall decision maker if people can’t agree. It’s kind of a cool thing to lock in if you want to take better control and you’ve got a few more members than just yourself, and your spouse. And you can convert an existing SMSF to a leading member fund as well so if you’ve already got one, we can change that and set that up to a leading member.
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