Should adult children be members of your SMSF?

There is enthusiasm within the current Government to increase the number of members within an SMSF from four (4) to six (6).  Whilst the current limit remains at 4, some trustees may be asking themselves if it would be beneficial to add their adult children as members of their SMSF or if this is a strategy to avoid.  Under the SMSF governing rules, with the exception of single member funds, all members must be either individual trustees or directors of the corporate trustee of their SMSFs and vice-versa.  Hence, in terms of being members of SMSFs and running SMSFs, the same rules and responsibilities apply to children and parents alike.

To read this fact sheet in its entirety download the PDF version here.

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