The addition of two extra members to self-managed super funds (SMSFs) has been utilised by just a few funds, according to data from the Australian Taxation Office (ATO).
The number of members who could be in an SMSF was increased from four to six last June as part of the Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020.
However, data from ATO to Super Review found less than 500 SMSFs had opted to make use of this increase in this members.
At the end of December 2021, there were 601,906 SMSFs and a total of 1,129,321 members, according to ATO data. However, as of June 2021, just 3.9% of SMSFs had four members in them.
The volume of funds which had moved to six members represented around 0.08% of all total SMSFs.