WRONG,
Max number in SMSF is 4.
The SMSF cap of $1.6 million was back in July 2017. If you cap was below $1.6 million at the time, any profits or dividends since are not included. So somebody who had less than$1.6 million on 1st July 2017 was not included in the cap, if profits of say $5 million were made since that time they are still untaxed and full franking credits are refunded. I speak from experience.
The SMSF member cannot introduce fresh capital into the fund if their balance is above $1.6 million, but any capital gains or dividends going forward are not taxed above that limit.
You need to learn how to play the game.
Iron ore price, page-35178
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