Raising the member limit for SMSFs will introduce more flexibility into the current system without posing additional administrative risks for funds, the SMSF Association has said.

The move to six member SMSFs would lead to a welcome reduction in the total number of SMSFs, lowering costs for the ATO and for the taxpayer, an independent statutory agency says.

Problems with SMSF structures and membership will be heightened by the increase from four to six member funds, CPA Australia has claimed.