HQB’s Weekly SMSF News – Week 2: Bank Accounts
I have Self-Managed Superannuation Fund (SMSF) – what do I need to know about bank accounts?
- You must have a separate bank account for your superfund.
- This account cannot be allowed to go into Overdraft.
- All Superfund transactions must go through a Superfund Account.
- If you are drawing monies out of Super for pension or lump sum, please do it in round, lump sum amounts to your personal account.
- Do not use your superfund account as a regular spending account – even for pension or lump sum purposes.
If you have had a SMSF for a period of time and wonder if it is working for you then give our office a call to discuss your options.
– Ian Hogbin
Posted 23.08.2022
This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.
