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.

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SMSF Residency

SMSF’s must be ‘complying’ to ensure they attract the tax concessions they are known for. An SMSF’s complying status relies

Downsizer contributions and SMSFs

Housing affordability has long been an issue in Australia. As part of the 2017 Budget, the government introduced a measure

First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSSS) was introduced by the government to deal with housing affordability and to help

Spouse Contribution Tax Offset

Where a taxpayer has a spouse with a low income or who is not working and under 67, they (the

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