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On 28 July 2010, the ATO released for public comment by 7 August 2010 draft Self Managed Superannuation Funds Determination SMSFD 2010/D1 entitled "Self Managed Superannuation Funds: for the purposes of the Superannuation Industry (Supervision) Regulations 1994, can a benefit payable with a cheque or promissory note be 'cashed' at the time the cheque or note is issued?"

The answer given is Yes, provided that:

  • the money is payable immediately;
  • the trustee takes all reasonable steps to ensure that the money is paid promptly;
  • the money is paid; and
  • the requirements of the Superannuation Industry (Supervision) Regulations 1994 (SISR)1 are otherwise satisfied.


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