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?
A: I am going to answer the question, but I’m going to also cover a few other issues which came through in other people’s questions. I’ll wrap them up in my response to this questions here.
Few issues that we need to look at. Number one, are you allowed to actually access your super? Number two, what are the rules around how you can access those benefits? Then to get to your point, what are the reporting requirements that may exist for your fund?
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