Case -Taken Money from your SMSF before retirement

Jul '23 (edited) in DumbTax

I had an enquiry where a potential client has taken money from their SMSF before retirement - they had intended to make a property investment with the SMSF, but ended up purchasing the property in their own name.

I knew the consequences were likely to be quite serious.

But luckily I found from other accountants who have been in similar situations - if you engage early with the ATO - they may just require that you pay the money back with interest, then roll the funds into a non-SMSF (i.e. a retail or industry fund), then agree not to be part of an SMSF again.

Examples:

https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/SMSF-resources/SMSF-case-studies/Early-engagement-and-voluntary-disclosure/

How we help you if you engage early.

https://www.ato.gov.au/Super/Self-managed-super-funds/Administering-and-reporting/How-we-help-and-regulate-SMSFs/SMSF-early-engagement-and-voluntary-disclosure-service/

SMSF support services (for SMSF professionals like us:)

https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/SMSF-resources/SMSF-support-services/

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