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
HiI am the trustee of my SMSF.I have just realised that one of...
-
- 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)
Featured News
Featured News
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online