Hi
I am the trustee of my SMSF.
I have just realised that one of my pensions has a Term Deposit in it ONLY. ie no liquid cash. i need to pay the minimum pension (2%) by the end of June.
I have Pension #2 with heaps of cash in it.
3 options???
Option 1:- I thought Id just transfer some cash into Pension 1 from the acculumation account, then pay the pension
-The ATO says "NO" I cant add to pension
Option 2:- Then I thought I might pay Pension 1 payment out of pension 2?
but the ATO says "NO" -I must pay the pension from its own account.
Then I thought I'd roll back pension1 to accumulation phase
then add some cash from the accumulation account and restart pension 1.
The ATO says "NO" because I must pay the minimum pension payment BEFORE I roll it back.
Mmmmm Catch 22 everywhere.
- question
How do I pay the minmum pension payment?
What happens in practise if I cant?
(Non complience - hefty fine???)
Oh what a pickel!
- Forums
- General
- paying pension dilema
paying pension dilema
-
- There are more pages in this discussion • 9 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)