Lump sum

If your fund allows it, you may be able to pay a member all or some of their super benefit as a single payment. This payment is called a 'lump sum'.

The member may be able to access their super benefit in several lump sums. However, if the members asks to set up a regular payment from the SMSF it may be an income stream (pension).

As a trustee, you need to work out the taxable and tax-free components of the member's super benefit and how much (if any) tax to withhold.

See also:

Last modified: 16 Jun 2015QC 42481