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taxAdviceNeeded(I'm new)I'm new
9 Sept 2024

The Trustee of a family member's SMSF claims that a 'Term Allocated Pension' (TAP) was established prior to Sept 2007, on behalf of that family member.

What should the family member ask for to verify the existence of such an arrangement, and the ongoing restrictions surrounding it, as they relate to her?

Note that there does not appear to be a managed TAP fund, such as IOOF or CareSuper, associated with the SMSF. There are only shares and cash, which the Trustee trades and manages at their discretion.

Thankyou in advance.

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312 views
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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
10 Sept 2024

What should the family member ask for to verify the existence of such an arrangement, and the ongoing restrictions surrounding it, as they relate to her?


  1. Original pension start documents
  2. Statement of advice from financial planner, if applicable.


Note that there does not appear to be a managed TAP fund, such as IOOF or CareSuper, associated with the SMSF.


If so, that would mean that the TAP was outside the SMSF.


If TAP exists, then it was documented by SMSF trustees.



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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
10 Sept 2024

What should the family member ask for to verify the existence of such an arrangement, and the ongoing restrictions surrounding it, as they relate to her?


  1. Original pension start documents
  2. Statement of advice from financial planner, if applicable.


Note that there does not appear to be a managed TAP fund, such as IOOF or CareSuper, associated with the SMSF.


If so, that would mean that the TAP was outside the SMSF.


If TAP exists, then it was documented by SMSF trustees.



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How do I check for the existence of a Term Allocated Pension? | ATO Community