Self Managed Super Funds

[thesuperman]

If a family has 2 SMSFs setup with 2 members in each fund. The 1st SMSF had a bad investment & suffered a capital loss, therefore these losses could be deducted in the future. Down the track this SMSF ended up being closed down (to save paying fees on running two SMSFs) & those 2 members rolled over their super to the 2nd SMSF. Can those losses be transferred over to the 2nd SMSF so it can continue being deducted, because the same members have switched to a new SMSF?

Another question, all the fees for running the SMSF (super levy fee, audit fee, accountant fee, etc.) does all the fees need to be divided exactly by the numbers of members equally to affect their member balance? Eg. $400 in total fees, so each person's member balance is deducted by $100 each?

 

[jrc]

As the first SMSF has been wound up the losses are stuck in there and cannot be applied by the second SMSF. They are two separate entities for taxation and trust law.

 

[SimonB]

Measures were in place pre 1/10/11 to allow for CGT loss transfers between SMSFs. The Government has also extended these provisions beyond this date but from what I can see excluded SMSFs. You may want to seek proper advice here as it may be worth further investigation if the losses are material.

 

[GaryT]

Usually fees are apportioned according to your member balance.

 

[jrc]

From the cleardocs website

What is the general tax position for a transfer of assets between SMSFs?

For the purposes of the ITAA97, transferring an asset between SMSF's will be treated as either a disposal of a CGT asset or a transfer of a CGT asset to a trust.

As such, CGT will apply on the transfer unless an exemption applies. Generally speaking, the amount of the capital gain is based on the market value of the asset transferred less the original purchase price of the asset and certain incidental costs.

The amount of the capital gain calculated will be taxed in the SMSF at a rate of 15%. However, if the SMSF held the asset for a period of at least 12 months, then any capital gain is discounted and taxed at an effective rate of 10%.

Any capital losses on the transfer can be used to offset future capital gains, but only in the current SMSF and importantly, not the super fund to which the assets are transferred. In many circumstances, this means neither fund can make use of capital losses.

Read more: http://www.cleardocs.com/clearlaw/superannuation/cgt-transfer-assets-smsfs.html#ixzz2VDQpWaPw