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SMSF update – member declaration required by 30 June 2017

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The ATO has released guidance for SMSF members and trustees effected by the 1.6 million balance cap with a member declaration required by 30 June. The member declaration is to give permission to the trustees to commute any balances over $1.6 million into accumulation account. A pension computation request form and trustee minute is required. The ATO release is below for information.

http://law.ato.gov.au/atolaw/view.htm?docid=%22COG%2FPCG20175%2FNAT%2FATO%2F00001%22

 

To make it valid;

  • Must be completed before July 1, 2017;
  • Must be in writing;
  • Must be accepted and acknowledged by the Trustees of the Super Fund before July 1 this year;
  • Does not have to stipulate the amount of the withdrawal;
  • It must stipulate the Methodology – order for the Trustees the balance to be reduced, especially where the client has more than one pension in the SMSF; and
  • Must stipulate the order which the pensions are to be reduced.

 

This is general advice only and if you should wish to discuss further, please contact the office.

 

 

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