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I am 61 years of age and fully retired. On the death of my father I inherited a share portfolio in 2014 and established an SMSF in the following year, principally to “house” some of the inherited portfolio. I am drawing a pension of 4% from the fund at the moment.
I have just rolled over my old work super with the intention of committing it to my SMSF. I have the cheque now made out to my SMSF, have made some costly mistakes taxation wise, and come away from meetings with my financial adviser seemingly knowing less than when I entered and generally more confused than ever. Can I deposit the rollover cheque directly into my fund? My intention is to use the proceeds to purchase shares.
A: Thanks for the question.
If it is a rollover, you can (and should) deposit it directly into your SMSF. You will need to record the components of the payment (as per the rollover statement).
As you are fully retired, you will probably most likely want to establish a new account based pension for this amount (you can have multiple pensions), and start drawing the minimum balance.
