There are certain conditions that need to be met before you can withdraw funds from an SMSF. A recent expansion of these conditions was the Covid-19 early release concession. Regardless, withdrawing too much or any at all without meeting an acceptable condition of release leads to adverse tax consequences. This session explains the conditions of release and what to do if those conditions have been breached, including:

• What are the conditions of release?
• What to do if the Covid-early release amount has exceeded the allowed limit or you just want to put some or all back into the fund?
• Can the in-house asset rule be used to mop up an inadvertent breach?
• How to rectify a contravention and minimise the damage?
• What are the penalties for accessing super before a condition of release is met?
• What are the consequences of exceeding transition to retirement maximum pension limits?
• How accounting for a breach can define the type of breach and the level of penalties
• Practical examples