I am over 65, retired, and my SMSF has moved from accumulation phase to distribution phase. This has all been attended to by a SMSF accountant.
Doing my ATO Tax return today - Q. is do I need to show the drawdown amounts on the Tax Return and if so where do they go? I know they are not classed as taxable income but do they need to be shown somewhere?
Also, the SMSF is shared with my wife. Do the drawdowns come out equally, proportionately, or can we decide? Maybe it does not even matter - at least as far as the ATO TAx returns go. Read about it but still not clear.
Thanks guys.
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I am over 65, retired, and my SMSF has moved from accumulation...
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