Just like other superannuation funds, when you have an SMSF, members can’t access their retirement benefits until they satisfy a condition of release.

Before you release any funds, it is your responsibility as trustee, to ensure the member is entitled to access their super under super laws and the governing rules of your fund allow it.  

If the member has met a condition of release, make sure you keep records and proof that shows they have met all the requirements. Your auditor will need to make sure you haven't illegally released any benefits.

It's possible that a benefit may be payable under the super laws, but not under the rules of your SMSF, set out in your trust deed.

Some conditions of release restrict the:

• form of the benefit – for example, lump sum or pension, or
• amount of benefit that can be paid.

These are known as 'cashing restrictions'.