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6-member SMSFs to reduce compliance costs, says IGTO
Increasing the number of members in an SMSF to six may help simplify tax administration and reduce costs for both the ATO and SMSF members, says the Inspector-General of Taxation and Taxation Ombudsman.
In a submission to the Senate Economics Legislation Committee’s (Committee) inquiry into the Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) noted that the bill will allow an an increase in the maximum allowable membership of SMSFs, which may improve tax simplification and reduce costs for the ATO and taxpayers alike.
Read more at SMSF Adviser.
