SMSF in both accummulation and withdrawal phases at the same time...eh?
A SMSF is in the withdrawal phase when one of the members meets the work test and makes a contrution into the fund, opening a smsf account with UBank. This account earns interest, and is taxed on earnings.
The expanation is because that account is classed as an accummulation account and liable for tax.
How can this be so? A fund is either accum. or withdrawal surely. How can it be 2 phase?
smsf in accum and withdrawal at same time
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