“If you’re running separate segregated investment portfolios for six people in a fund, then that can become administratively quite cumbersome to manage, and so the cost of running that versus having two separate funds is six of one and half a dozen of the other,” said Ms Sanderson.

Ms Sanderson also stressed that the trustee structure of the fund is critical when looking at the number of members in a SMSF, with the administration of the fund much simpler with a corporate trustee structure.

“Having six individual trustees is a nightmare. Super funds shouldn’t have individual trustees in my view. They need to have a corporate trustee and that just makes things so much easier from an ongoing administration perspective,” Ms Sanderson said.

“If you had six individual trustees in there, which I hope no one would recommend, one of them passes away or someone wants to leave the fund, you’0ve got to update all the asset registrations.”