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Jean Rey

Nov 16, 2023

Benefits Paid

in SMSF Technical Forum

Hi SMSFAAA team,

One member (accumulation phase) paid his own tax debt from the SMSF and the payment was recorded as Benefits Paid/Transfer Out.

Considering that the member had satisfied a condition of release, would you mention anything in the Management Letter (or Audit Report)?

Thank you in advance.

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Nov 20, 2023

Hi Jean

My view is as they have met a condition of release you can accept the payment as a benefit payment.

From a management letter viewpoint you could recommend that benefit payments preferably be paid direct to the member rther than directly to another entity.

Thanks

The Auditors Institute