• 197 Online
  • 23473 Members
  • 27726 Posts

ATO Community

Re: Group Certificates

Ask a question

I'm new

Views 75

Replies 2

Hi there.

 

I was just wondering if we need group certificates from our SMSF for tax purposes.  We are both over 60.

 

Regards

Bundy

1 ACCEPTED SOLUTION

Accepted Solutions

Best answer

Devotee Registered Tax Practitioner

Replies 0

Payment summaries are not required for benefit payments to SMSF members over age 60  -  unless the member is receiving a defined benefit pension.

2 REPLIES 2

Best answer

Devotee Registered Tax Practitioner

Replies 0

Payment summaries are not required for benefit payments to SMSF members over age 60  -  unless the member is receiving a defined benefit pension.

Highlighted

Devotee

Replies 0

Hi @Bundy42 

 

Further to the response from @Bruce4Tax, the ATO website has information about the withholding obligations your SMSF may have if it's paying a capped defined benefit income stream (including life expectancy and market linked pensions that commenced before 1 July 2017) to a member who is 60 or older.

 

www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Lump-sum-and-income-stream-(pension)/P...

 

JF

 

This is my personal view; I’m an ATO employee who chooses to help out here in my own time.

 

Top Solution Authors