In a recent article, SMSF Alliance principal David Busoli said he has received a number of queries from advisers regarding the impending sale of SMSF assets for the clients with significant capital gains.
“Each fund was similar in that they comprised a member in pension mode and another in accumulation who could now, or in a month or so, commence a standard account based pension with their total balance,” said Mr Busoli.
Mr Busoli explained that an SMSF can be a fully segregated pension fund for only part of the year.
“An actuarial certificate is only required for that part of the year in which both a pension account and an accumulation account exist in the fund,” he explained.
“So, provided that all member accounts are in pension mode when the asset is sold, the proceeds of that sale will be tax exempt.
“A little planning can save a lot of tax.”
