In the event that a fund member suffers from a serious disability, and accessing accumulated superannuation benefits early is being considered, there are a number of factors that members, trustees, and their advisers should keep front of mind.
This edition of Technically Speaking, written by the Association’s Technical Manager, Fabian Bussoletti, covers:
- The legislative requirements contained in the SIS Act and SIS Regulations;
- Any conditions or additional requirements specified under the terms of the SMSF trust deed;
- The taxation of disability superannuation benefits under the ITAA 1997; and
- The Centrelink implications of doing so.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association