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SMSF Updates

In-specie Transfer Unlisted Unit Trust or Other Assets Due to Marriage Breakdown

23 May, 2018

In the event of a marriage breakdown, you can transfer the assets to another SMSF without paying any capital gain tax.

If the transfer is due to a court order, or formal Superannuation splitting agreement – a CGT roll over relief may be available. (Sec126-140 ITAA97 Family Law Act)

To be eligible, you need to meet the following conditions:

– Must transfer to a complying SMSF

– Must be ordered by court or due to relationship breakdown

– Must move all entitlements from SMSF

– Must be in their original form

If the transfer is NOT the result of a marriage break down,   there will be definite CGT consequences regardless.

However, you still can transfer but a CGT event does occur, there is a deemed disposal at market value of the assets ( arms length).

The asset is acquired at market value by the other SMSF.

Depending which state – there may be stamp duty.

Should you have further questions in regards to the in-specie transfer between SMSFs, please feel free to contact iCare SMSF at 03 9557 3138 or info@icaresuper.com.au

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