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Doramal(Initiate)Initiate
22 Aug 2023

I am aged 65 and on jobseeker, doing voluntary work to receive the fortnightly payments. If I transfer say $10k from my SMSF, put it into my bank and withdraw it a day later to cover a bathroom reno, do I need to report this to Centrelink and what are the implications ? Thank you for your time

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Bruce4Tax(Taxicorn)Taxicorn
22 Aug 2023

You would need to ask Centrelink about that.


There is no issue for SMSF rules - as long as you are permitted to make the contribution.


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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
22 Aug 2023

You would need to ask Centrelink about that.


There is no issue for SMSF rules - as long as you are permitted to make the contribution.


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On jobseeker and withdrawing money from SMSF | ATO Community