The Australian Taxation Office has recently issued its first SMSF determination for 2011, SMSFD 2011/1. This determination confirms that a benefit payable by cheque or promissory note is “cashed” at the time it is received by the member or beneficiary. This issue is very common when dealing with drawing minimum pension levels before 30 June … Continue reading »
Tag Archives: promissory note
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 »