Q&A: What is required when making lump sum withdrawals from an SMSF in pension mode?
Q: Can you explain the conditions or requirements pertaining to lump sum withdrawals from a self-managed super fund in pension mode?
Articles by Garth McNally
Q&A: Is TBAR reporting required for lump sum payments?
Q: I’m 67 years of age, and I’ve kept my SMSF in accumulation phase so far. There is only about $200,000 in my SMSF. I’d like to take a $7,000 lump sum out of my SMSF if possible. If I do this, will I need to provide a TBAR or some other kind of report to the ATO?
Q&A: I’ve used the bring-forward rule, so when can I make more non-concessional contributions?
Q: I have maxed out my non-concessional contributions ($330,000) in July 2023. When is the earliest I can make new non-concessional contributions?
Q&A: Is there a cap on total super balance when you have started a pension?
Q: Is there a cap on the total balance (accumulation and income funds combined) one can have in super once one has set up an income stream pension? What is the rule for a 67-year-old?
Q&A: Do I have to start a pension when I retire?
Q: I have just retired at the age of 60, mainly to access my Super returns tax free. Do I also have to start a pension, or can I delay that a few years, so I don’t have to start withdrawing the minimum 4% annually?
Q&A: How will the new $3m super threshold tax impact retirement planning?
A: There are lots of similar questions on this topic. First of all, I believe that SMSF liquidity and SMSF diversification will become even more important.
Q&A: What is asset segregation in pension phase?
Q: I would love to understand a little more about segregating assets on reaching pension phase. i.e. how it works in practice and reasons when such a strategy might be appropriate?
Contribution cap increases: Issues to consider
With contribution caps set to increase on 1 July, people need to weigh up their options before making additional super contributions before and/or after June 30.
Q&A: Can I combine multiple pension accounts?
Q: I know that you can easily combine multiple super funds that are in accumulation mode, but can you do it for accounts that are in pension mode?
Webinar:Â Strategies to split or share your super balance with your spouse
This webinar shows how you can move part of your superannuation balance to your spouses account and effectively maintain equal member super balances.
Q&A: What can we do with excess funds if we need less than the minimum pension amount?
Q: I am about to transfer all our accumulation funds into income funds for retirement income as we are now retiring. Our combined minimum drawdown at 4% will be more than what our living expenses will be, so I am exploring options to put the left over dollars.
SMSFs: Investing in related trusts and companies
Using your SMSF to invest in a related trust or company can be a sound financial move, but strict rules apply so read on before you act.
Can you rollover an SMSF pension to another fund?
For various reasons, SMSF members may want to roll an existing pension into a new super fund, but the process is not as simple as it could be.
Q&A: Timing for commencing a pension and minimum pension requirements
Q: My wife and I wish to start a pension in our SMSF soon. Do we have to wait until July 2024 or can we start one now? How do we tell the minimum? Is it still based on our 30 June 2023 balance?
Does my SMSF need to register for GST?
Most SMSFs don’t need to worry about GST, but it’s important to understand the rules in case your fund does need to register.
Webinar:Â SuperGuide members Q&A: March 2024
In this webinar super expert Garth McNally will answer recent questions from SuperGuide members.
Q&A: How do we structure our SMSF to collect rent as a pension if my wife is under preservation age?
How can we structure/split our fund between pension and accumulation phase so I can draw rent as pension for me?
In-specie transfers out of an SMSF
There are many reasons you may want to transfer an asset out of your super fund into your own name, but there are processes you need to follow.
