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May 12, 2023

Single asset in pension fund

in SMSF Technical Forum

Hi,

I have a client aged 70 and has two funds; SMSF ( pension fund ) and accumulation fund held with an external industry fund.

The SMSF asset comprises an investment property and a cash management account with a small balance.

He is unable to meet the minimum 5% withdrawal amount each year, as the net rental income does not reach that level.

My question is, can he rollover money from the external accumulation fund into the SMSF to meet the 5% withdrawal requirement and if not am i right in saying that his only option is to sell the property?

Thank you.

2 comments

Comments (2)

May 12, 2023

Possibly draw funds as pension then recontribute and do this a few times? Or maybe it can be done once in June. Subject to an ability to contribute.