Paying a Lump Sum Benefit

Paying a Lump Sum Benefit

Summary of the steps involved, the documents needed and the timing necessary.

1. Determine if the member is entitled to withdraw a lump sum.
2. Determine a likely date for the payment (allow time for all steps involved).
3. Advise Supercorp.
4. Examine fund investments, particularly to ensure there is sufficient cash to pay the benefit.
5. Contact Supercorp to calculate the tax payable on the lump sum.
6. Register the fund for PAYG withholding purposes, if necessary.
7. Have trustee minutes prepared.

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