Q: Myself and my husband both 72 have an SMSF. We both have 3 individual pension accounts in our fund. I have paid out the required minimum amounts for this year as per our accountants' instructions. I’ve taken a lump sum of $110,000 out for each of us to make a non-concessional contribution before 30th June. So, our accountant will be commencing an accumulation account for both of us for that deposit. Question is - can I instruct my accountant which pension to take the $110,000 out of? I want them to take it out of the pension with the 90% taxable amount. If the answer is no that must mean the ATO regard every pension account as one fund (can’t find any reference to this on ATO site) also if people have multiple industry funds does this apply to them as well.
