The member’s ability to receive a benefit normally depends on: the type of benefit the member has accumulated in the SMSF; the member’s age and whether any preservation restrictions apply to the benefit; and whether the rules of the SMSF permit the …

For pension payments, the auditor ensures that any payments meet the minimum and maximum, [199] if required, payment conditions as stipulated in the SISA and SISR and an appropriate condition of release has been met. In particular, funds paying account …

Where pension payments are less than the required minimum, the pension is taken to have ceased at the beginning of that year [202] and the income from assets that support the pension will not be tax exempt for the year. [203] The ATO guidelines for SMSFs …

In the year of death, reversionary pensions continue to be paid based on the minimum pension factor of the primary beneficiary. Thereafter, the pension factor that applies to the age of the beneficiary applies. If the minimum pension is not paid in the …

For lump sum payments, the auditor ensures that the fund’s governing rules permit such payments and that an appropriate condition of release has been …

In relation to testing the compliance of both lump sum or pension-type benefits, the auditor considers whether: the circumstances of the individual in triggering the payment of the benefit are consistent with a condition of release; the member has …

Ordinarily, the auditor tests the validity of the payment by checking to source documents that the benefit payment is bona fide, such as sighting a signed letter to the trustees requesting the benefit be paid and that retirement is evidenced by a member …

Total and permanent disability generally requires at least two appropriately qualified medical practitioners to certify that the individual is unlikely to work in paid employment or meets such similar definition as may be contained in the governing rules …

With respect to death benefits, the auditor checks the trust deed obligations, and whether a binding death benefit nomination form has been completed by the deceased and that it complies with the requirements in the fund’s trust deed. The auditor …

A binding death benefit nomination for a SMSF must be made in accordance with the provisions of the trust deed for it to bind the trustee in the making of the death benefit payment decision. In circumstances where a SMSF has paid a death benefit during …