20 Jan 11 When is a benefit payable with a cheque or promissory note "cashed" - SMSFD 2011/1
On 19 January 2011, the ATO issued Self Managed Superannuation Funds Determination SMSFD 2011/1 entitled "Self Managed Superannuation Funds: for the purposes of the Superannuation Industry (Supervision) Regulations 1994, is a benefit payable with a cheque or promissory note 'cashed' at the time the cheque or note is received by the member or beneficiary?"
It was previously released in draft form as SMSFD 2010/D1.
The answer given to the question posed by the Determination is Yes, provided that:
- at that time, money is payable immediately and available for payment;
- 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.