Know the Rules for Accessing Your Superannuation?

The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits for its members.

This means SMSF trustees can’t use funds from their SMSF to pay for personal or business expenses. This is known as ‘illegal early access’ of superannuation, and severe penalties apply.

The ATO also reminds SMSF trustees that there are rules regarding what they can invest in when dealing with a related party.

The ATO has recently released a factsheet to help SMSF trustees understand the rules on accessing their superannuation, and make sure they (and their business, if any) comply with the rules surrounding SMSFs.

If you want more information that is personal to your circumstances, please contact our office on 55612643 to arrange a chat with our financial planner.

Have a great day!

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

Uncategorized
4 Min Read

How To Succeed in Lead Funnel Management!

Hello Chasers, Ever feel like your sales process is a chaotic cauldron, bubbling with potential customers but lacking any real control? We’re here to unveil the magic formula for transforming that bubbling mess into a smooth,…
Read Full Article
Featured
4 Min Read

The Cash Flow Rollercoaster is BROKEN! Here’s How to Get Off!

Hello Chasers, Hey there, remember last Wednesday’s epic blog post about consistent cash flow?  Buckle up, because this quarter’s theme is ALL about making your bank account do the wave, not the wobble. We’re kicking things…
Read Full Article