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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.

 


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