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Problem 1: Which of the following statements is INCORRECT regarding a member's Transfer Balance Account when they are a member of an SMSF?
Select one:
a. The SMSF trustees must report events to the ATO which will affect a member's transfer balance account.b. Investment earnings are not reflected in a member's Transfer balance Account.c. Pension payment withdrawal amounts paid from an SMSF must be reported on the transfer balance account report (TBAR).d. The purpose of the Transfer Balance Account is to monitor the amount used to fund pensions(income streams) which are in the retirement phase.
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