“The traditional SMSF structure came out of the late 1980s and early 1990s and usually involved one person or a couple, and in truth that has not changed much in the last three decades,” Mr Shorte said.

“There was a definite Anglo-Celtic bias with a culture of each generation to its own.”

However, with the rise of multicultural Australia, the face of the community has changed, he said.

Although the majority of SMSFs are still just one or two member funds, there has been a steady growth in the sector in generations of migrants who came to Australia in the 1950s, ‘60s and ‘70s.

“We now have third and fourth generation Chinese, Italian and Greek families, second and third generation Vietnamese, Cambodian, Indian, Pakistani and Sri Lankan families and second generation Middle Eastern families,” Mr Shorte said.

“There's a lot more family investing in these cultures and we are seeing a situation now where a mum and dad have built an SMSF and are looking at bringing the children in. One of the things that has prompted this is that many parents over the last few years have been helping their children get into the property market.”

He added that there is also a large number of small business owners now reaching retirement age who often have their business property in an SMSF.

“There are often multi-generations working in the same business and the parents are using SMSF as a retirement planning and succession vehicle,” he said.

“The parents get to keep property in SMSF and lease it to their children, so they have a steady retirement income and the children only have to have the capital to buy the business.”

However, with different generations in the same SMSF, there is the possibility of different expectations when it comes to investing and managing the fund, Mr Shorte warned, so it is important when establishing the SMSF that there is discussion on strategies.

“If you are considering investing collectively with your family in an SMSF, it is important to discuss your goals and expectations with all family members,” Mr Shorte said.

“If there is a dispute or a disagreement among the family, it can be very hard to get somebody out of an SMSF, so you need to plan an exit strategy before you bring your children into your fund.”

There are also different tax implications for those on different levels of personal income, at different ages and at different phases within the system.

He said there needs to be discussion around control and communication within the fund, who will lead decision making, and how voting power will be structured.

“As families integrate more into Australian society the traditional approach to investing as a family in specific assets may be challenged by the younger generation,” he said.

“Families need to be aware of the risks involved in investing and that all members are on board.”

There also needs to be careful planning around the transfer of wealth via super, Mr Shorte said.

“Within an SMSF, you can have all the investments of each account pooled together, or you can have separate investment strategies for different people, but that adds additional costs and complexity to the fund,” he said.