In an online update, the ATO stated that any funds that have increased the number of members in their SMSF or small APRA fund (SAF) would be able to report up to six members in their 2021-22 and later SMSF annual returns (SAR).

However, reporting additional members in your SAR will not update the fund’s trustee/membership details on the Australian Business Register, the ATO said.

“If you have not already notified us of any additional members that have been added to your SMSF you will need to do this,” it said.

The ATO also reminded SMSF trustees that they must notify the ATO within 28 days if there are any changes to trustees, directors of the corporate trustee, members, contact details, their address and fund status.

“While you can also update your SMSF’s address details by lodging a SMSF annual return you will not be able to update any of the other details listed above via the SAR,” the ATO noted.

When a new member or trustee is added to the fund, the ATO stated that it may initiate a review.

“We aim to complete these reviews within 56 days. This is one of the many steps we are taking to safeguard the retirement savings of Australians,” it said.