Checklist:

1. This template is only appropriate for the situation where a Member is cashing out a portion of his or her interest in the Superannuation Fund with the intention of remaining a member of the Superannuation Fund.  

2. The template should be modified as required. 

3. The Trustee must first issue a Superannuation Lump Sum Pre-payment Statement (ATO Form NAT 70764) to the Member.  The Trustee must complete Part 1 of the Pre-Payment Statement.  

4. The Member must complete and sign Part 2 of the Pre-Payment Statement and return the completed and signed Statement to the Trustee.   As the Member is only cashing out a portion of their balance, the Member will only complete Sections E and G of the Pre-Payment Statement.

5.  The Member must complete and sign the Application section of the template resolution.

6.  As the Member is only cashing out a portion of their benefit, the Member must continue to participate in the management of the Superannuation Fund by remaining a trustee or a director of the corporate trustee. 

7. The Trustees/Directors must sign the Resolution (including the Member).

8. The Member must be provided with their copy of the PAYG Payment Summary within 14 days of the lump sum being paid.

9. The ATO must be provided with their copy of the PAYG Payment Summary as part of the Trustees/Directors PAYG withholding payment summary annual report.  This report must be provided by 14 August following the end of the financial year in which the payment was made.

10. The Trustees/Directors must retain their copy of the PAYG Payment Summary for 5 years.