Please ensure all members understand the following regarding multiple members in an SMSF…
You are allowed up to 4 members in an SMSF.
Each member will receive their own individual statement of holdings at the end of each financial year but you cannot seperate assets within the fund. So for example, you cannot say, “this is my gold and these are your BHP shares”. Each member owns a part of every asset held by the SMSF. The proportion is determined by how much each member has contributed to the fund over time. This proportion is dynamic, meaning that it can change over time. For example, while you might start off with 60% of the fund’s assets if you stop contributing to the fund and your partner keeps contributing, your partner’s proportion will increase and yours will decrease. The actual proportion allocated to each member is calculated by the accountants.
The cost to add an additional member is $440 plus an additional $20 per month to the monthly fee. The $440 is added to your next direct debit and the additional $20 per month is added to your monthly direct debit.
If you have any additional queries regarding adding members to your fund please let us know before applying and we will be happy to assist.
To add a member to your SMSF please complete this form: https://newbrightoncapital.com/add-member