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I am 69 years old and I have just started my SMSF. I have an accumulation account in my SMSF and a defined benefit from my employer that I will withdraw next year when I retire. My question is, what do I need to do to start a transition to retirement pension? Are there any documents to fill out to do that, or do I just withdraw 5% each year from my accumulation account as a pension?
When loaning money with your SMSF to a related party, when do you make the 5% calculation to meet the in-house asset test? What if the assets of the fund subsequently go down in value? And is the 5% calculated based on the whole SMSF or 5% of my share of the fund?