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

Newbie

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Replies 3

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 What amount/s can be withdrawn?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

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Most helpful response

Devotee Registered Tax Practitioner

Replies 2

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 What amount/s can be withdrawn?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 REPLIES 3

Most helpful response

Devotee Registered Tax Practitioner

Replies 2

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 What amount/s can be withdrawn?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.

 

 

Newbie

Replies 1

Thanks Bruce.

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

 

 

 

 

Devotee Registered Tax Practitioner

Replies 0

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.