It's a disaster of a different kind - for your SMSF that is.
It's uplifting to see the Aussie spirit of helping one another during one of the worst bush fire seasons our country has ever endured.
Some of us may not necessarily have the personal cashflow to make cash donations and even still, we are thinking of ways to be able to help those in serious need of it.
But if you have an SMSF and are thinking to use some of that cash to make a donation - DON'T do it.
The SMSF rules (maybe unfortunately on this occasion) do NOT allow for your SMSF to make donations.
Because the main reason you've set up an SMSF (according to the rules & regulations) is to allow for you to benefit from it for retirement purposes, any other purpose, no matter how altruistic, simply doesn't align with that retirement purpose.
It may end up being a compulsory matter for your Auditor to report to the ATO. Once it's reported to the ATO, it will garner their attention and from that moment, you're unnecessarily on their radar.
However, if you have already previously & legitimately commenced a pension within your SMSF - it is possible to make a pension withdrawal for your own personal purposes.
If your personal purpose is then to make a donation in your personal name, that is, NOT on the behalf of the SMSF, there is no regulation stopping you from doing that.
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