One of superannuation’s great misconceptions is that benefits once somebody reaches age 60 can be taken tax-free. Well, it is correct (from a tax perspective), but what many people tend to forget (or not understand) is that a member must also satisfy the superannuation law requirements to access these benefits. This is known as meeting … Continue reading »
Tag Archives: cashing condition
Dealing with unpresented cheques and 30 June pension payments
The ATO has recently issued draft SMSF determination, SMSFD2010/D1, which considers whether a benefit payable with a cheque or promissory note can be ‘cashed’ for the purposes of superannuation law at the time the cheque or note is issued. This issue tends to appear year after year when completing a SMSF’s compliance obligations, particularly where … Continue reading »