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I have a SMSF with myself as trustee in accumulation phase and my mother in pension phase. Assets are treated as unsegregated.
There was a capital loss of some 15K on 2010 financial year in the pension account (I didn’t actually transfer funds into my account until 2012 FY).
In 2011 and 2012 FY, no capital gains or losses from were incurred, as no shareholdings were sold.
In 2013, FY shareholdings were sold with a capital gain of 4.5K. The carry forward loss was not applied and I missed this as the 2011 and 2012 returns never showed the carry forward loss from 2010. The gain was taxed at 15%
Questions I have now are:
A: The key issue here is as follows:
“If the fund uses the unsegregated asset approach the capital gain would be offset by the capital loss and the net gain attributable to current pension liabilities would be exempt from tax. With segregated accounts, all capital gains and losses earned on pension assets are ignored.”
As a result, the capital loss earned in 2010 should have been carried forward and used to offset future gains.
Cheers,
Tony Negline
