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Phuong Hoang Thi Ngo

Mar 17, 2023

Forgot withdraw pension

in SMSF Technical Forum

Please help me your ideas

a member forgot withdraw minimum amounts for ABP in 2022 FY

so they do not get ECPI for prepare FR 2022 FY

1/ Is member balance still in Pension account as at 30/06/2022 ?

2/ Whether they need prepare pension docs for start again 01/07/2022 or not ?

Many thanks

2 comments

Comments (2)

THE AUDITORS INSTITUTE

Mar 21, 2023

Hi Phuong

If a member fails to meet the minimum pension in the 2021/22 year then as per the ATO:

"the super income stream will be taken to have ceased at the start of that income year for income tax purposes".

As a result the member will not get ECPI for the 2021/22 year.

In relation to your questions:

1) The member balance is no longer in a pension account at 30/6/2022.

2) Yes, they would need to prepare new pension documents if they want to be in pension mode from 1/ 7/2022.

I do note that the ATO does allow the member to have ECPI (& for the pension to continue) if minimum pension not met but meets the 1/12th rule. The trustees can also apply to the ATO if they do not meet the 1/12th rule re the underpaid pension and request that they be allowed to claim ECPI.

Thanks

SMSF AAA

Phuong Hoang Thi Ngo

Mar 21, 2023

Replying to

Thanks a lot