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John and Sarah are both trustees of their SMSF. Sarah is 40 years old and has just inherited a lot of money. She decides that she no longer needs to work and declares she is officially retired.
Sarah approaches John as she wants to start drawing her super pension from the SMSF.
Has Sarah met the required conditions of release and should the trustees agree to release her super benefits?
- Yes
- No
Would this situation be any different if Sarah was under 65 but had reached her preservation age?
- Yes
- No
John is a trustee of the SMSF. What are his responsibilities when members request access to their super? (Select all that apply)
- Check if a condition of release has been met
- Check that any super paid is allowed under the fund’s trust deed
- Pay the super in accordance with the super laws
Last modified: 26 Nov 2024
Running a self-managed super fund (SMSF)
| Steps | Progress | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
What is an SMSF? |
3 mins | |||||||||||||||||||||||
Your obligations when running an SMSF |
1 mins | |||||||||||||||||||||||
Contributions and rollovers |
1 mins | |||||||||||||||||||||||
Contributions |
6 mins | |||||||||||||||||||||||
Rollovers |
6 mins | |||||||||||||||||||||||
Managing your fund’s investments |
36 mins | |||||||||||||||||||||||
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Paying super benefits |
8 mins | |||||||||||||||||||||||
Types of benefits |
18 mins | |||||||||||||||||||||||
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Reporting and administration |
1 mins | |||||||||||||||||||||||
Understand how your fund is taxed |
5 mins | |||||||||||||||||||||||
Value your fund’s assets and prepare financial statements |
2 mins | |||||||||||||||||||||||
Arrange and receive an SMSF audit |
7 mins | |||||||||||||||||||||||
Lodge your SMSF annual return (SAR) |
4 mins | |||||||||||||||||||||||
PAYG withholding obligations |
4 mins | |||||||||||||||||||||||
Reporting transfer balance cap events |
3 mins | |||||||||||||||||||||||
Record-keeping requirements |
2 mins | |||||||||||||||||||||||
Notify the ATO and ASIC of changes |
2 mins | |||||||||||||||||||||||
Consider professional advice |
2 mins | |||||||||||||||||||||||
Help and more information |
3 mins | |||||||||||||||||||||||
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Related courses |
1 mins | |||||||||||||||||||||||
Course feedback |
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