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Transitional CGT choices to be made by SMSFs

Published on 01 Feb 17 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The new $1.6m transfer balance cap superannuation measures became law late last year. This article highlights the CGT issues that need to be considered by trustees of SMSFs and their advisers affected by the new transfer balance cap measures, which require complying superannuation funds to reduce the assets supporting income streams payable to members in the retirement phase to no more than $1.6m at 30 June 2017.

A number of concessional CGT choices are in place to provide relief, allowing members with a pension balance in excess of $1.6m to transfer to the new tax regime. Significantly, relief does not apply automatically but requires a written choice in the approved form and consideration will need to be given to the specific choices to be made, the assets to be subject to any cost base reset or CGT deferral, and the ongoing management of the fund to achieve the desired outcomes.

Author profiles

Peter Slegers CTA
Photo of author, Peter SLEGERS Peter Slegers, LLB (Hons), MTax, CTA Partner Cowell Clarke Peter heads Cowell Clarke's tax and revenue practice group. Peter advises and acts for a wide range of public and private companies as well as for the trustees of self managed superannuation funds. Peter’s areas of expertise include: income tax (as it impacts on business and high net worth clients); capital gains tax; goods and services tax; state taxes and superannuation law. Peter also does succession planning work and is involved in significant business restructures. Peter is regularly involved in advising SMSF trustees on issues associated with superannuation income streams. Peter has a master’s degree in taxation from the University of NSW – ATAX School. Peter is also a member of the Australian Institute of Company Directors and the SMSF Professionals Association of Australia Ltd. Peter is a member of the Tax Institute’s South Australian State Council. - Current at 19 July 2017
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Nicole Santinon
Nicole Santinon, LLB (Hons), B Int. Stds, Prof. Cert. SMSF, ATI Senior Associate Cowell Clarke Nicole is a senior associate in Cowell Clarke’s tax and revenue group. Nicole specialises in self-managed superannuation and tax planning and structuring advice, including corporate tax, GST, capital gains issues and stamp duty. She advises on commercial issues in areas including business transactions, capital reductions, mergers and acquisitions, business succession planning, business restructuring, asset protection and succession planning. Nicole has completed her professional certificate in Self Managed Superannuation at Adelaide University, the Tax Institute Foundation Tax Course and participated in the Australian Institute of Company Directors Foundations of Directorship Course. Nicole is also a member of the SMSF Professional Association of Australia Ltd and of the Women Lawyers Association of South Australia. - Current at 19 July 2017
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