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SMSFs warned on hasty superannuation withdrawals

SMSFs have been warned against rushed decisions to withdraw super where a reversionary pension pushes them above the $1.6 million cap, as there will be strategies for retaining this money in the system, according to Perpetual.

SMSFs warned on hasty superannuation withdrawals
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Speaking to SMSF Adviser, Perpetual senior manager of strategic advice Colin Lewis said from July next year when the $1.6 million transfer cap comes into play, reversionary pensions will automatically be added to a member’s account and counted towards the transfer balance cap.

Read the full story at SMSF Adviser.

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