A question about a condition of release - permanent incapacity - SMSF rules

[#1]

Hi,

I may need to withdraw funds from SMSF for permanent incapacity. How do I do this? What are the requirements? Are there any forms? What amount/s can be withdrawn?

Thanks, m

[#2 · Accepted solution]

I may need to withdraw funds from SMSF for permanent incapacity. How do I do this?

What are the requirements? Are there any forms? What amount/s can be withdrawn?

According to this guide, you will need medical certificates from 2 doctors.

https://www.superguide.com.au/how-super-works/disability

After that, your fund needs to document your condition of release, and change your preservation status to unpreserved.

Then you need to apply to the fund for a pension and/or lump sum benefit.

Your fund accountant can do all this, but you need to get those mecical letters first.

[#3]

Thanks Bruce.

Do you know if you have to withdraw the whole amount? Or can you take say $30 000 at a time?

[#4]

Do you know if you have to withdraw the whole amount? Or can you take say $30 000 at a time?

There can be flexibility  -  The best way to take the money will depend on your needs, your age, and the tax components of your member account.