Congratulations on your retirement (or maybe you want to close your Self Managed Superannuation Fund (SMSF) for another reason) !
If everything has gone to planned you will now have sufficient money within your SMSF to retire comfortably.
So what next? You have 4 options when it comes to taking money out of your SMSF:
- Transfer all or part of your SMSF balance to another superannuation fund (known as a “rollover”)
- Take a lump sum from your SMSF
- Take a pension from your SMSF
- Leave all your money in your SMSF… for now
Each of these options have differing tax consequences depending on your age and how much you take from your fund and as such must be considered carefully before you take any action.
We recommend that you speak to one of our SMSF experts before taking any money from your SMSF.