#9896
Awan Hammad
Participant

    Hi Roslyn

    Can you please explain what has happened. If an employer (or employers) has contributed more than the concessional contribution limit for the year the member has to wait for an excess concessional contribution to be received from the ATO.

    Once received they have to follow what the ATO has advised.

    If a client has taken money out of a SMSF without meeting a condition of release they would be in breach of SIS regulation 5.08 that requires:

    “Member minimum benefits must be maintained in the fund until transferred, rolled over, allotted (to the member’s spouse) or cashed out in a permitted fashion.”

    SIS regulations 6.17 also requires that:

    “Payments of member benefits must be made in accordance with Part 6 or Part 7A of the regulations and be permitted by the trust deed”.

     

    Thanks

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