Robbed With a Pen
Hi Scott,
I have an SMSF that I set up some years ago when I invested in land syndicates. The projected maturity date was somewhere between of 2012 and 2014 ... I'm still waiting. I've received some monies, with $99k outstanding. I have $50k in a no-interest Business Transaction Account, with plans to top it up before I retire in seven years. I want to place those monies, plus monies received from the land syndicates, into a low-fee, conservative super fund. How do I do this while meeting my ATO and legal obligations?
Elizabeth
Hi Elizabeth,
It's almost impossible to wind up your SMSF while it still has money owed to it. Still, that shouldn't stop you moving your superannuation to a more appropriate fund now. The first thing you can do is roll over the $50,000 of cash you're holding in your SMSF right now. There is nothing stopping you, and the rollover form is freely available on the ATO website.
You can treat the money from the syndicate the same if (and it’s a big IF) that starts flowing in. Each time you receive some of the $99,000 you can follow the same rollover process. Then, once all the money has been received and rolled over, you can then close your SMSF.
Scott