Div293 Paid from SMSF before reference # given by ATO

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Bruce4Tax · Answer

found the Div293 letter and paid it from the SMSF that day. We then submitted the permission to pay from SMSF form. So you have drawn money from your SMSF before you had the authority to do so. If your SMSF has enough unpreserved balance to cover the payment, easiest fix is to treat as a benefit payment and forget about the release. If your SMSF does not have enough unpreserved balance to cover the payment, then you have a potential breach. Your SMSF account should discuss with ATO early intervention for best way to deal with this. https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/caps-limits-and-tax-on-super-contributions/division-293-tax-on-concessional-contributions-by-high-income-earners?=redirected_division293#ato-ReleasingmoneyfromsuperforaDivision293taxliability

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