Welcome to ESUPERFUND’s March Newsletter.
In this issue, we introduce an update to the ESUPERFUND Client Portal and highlight a case study recently released by the ATO on lump sum withdrawals. Lastly, we remind you of the restrictions on lending to SMSF members.
Client Services Manager
New Feature released in the ESUPERFUND Client Portal
We are excited to announce that the Dashboard page of the ESUPERFUND Client Portal has been recently updated. It provides you with more detailed and up-to-date information about your SMSF, including investment summary, bank and broker details, trustees and members details. You can also update your Fund’s contact details via the Dashboard.
To explore this new feature, login to your Client Portal today. We welcome any feedback you have in relation to the update.
[ATO Case Study] Paying a lump sum benefit
You can access your super by making a lump sum withdrawal anytime from your SMSF once you turn 65 or when you are aged between Preservation Age & 64 and are "Retired". If you take a lump sum before you turn 60, you may have to pay tax on the super payments.
The ATO recently released a case study on how the tax on lump sum benefits is calculated. Read the case study today to learn how it works.
Do You Know?
Restrictions on lending to a Fund member
The sole purpose of your SMSF is to provide super payments for you in your retirement, so there are strict rules about how and when you can access your super.
Trustees of SMSFs cannot lend money or provide direct or indirect financial assistance from the SMSF to a member, or a member’s relative. For example, you cannot use SMSF’s assets to guarantee a personal loan for a member.
For further information, please refer to SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 S65: Lending to members is prohibited.
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