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Under the new super changes will CGT be payable when a fund is in retirement phase as opposed to accumulation phase?
A: Under the proposed super changes, there won’t be any changes per se to CGT.
If a fund is in pension phase and paying tax at 0%, there is no CGT. If a fund is in accumulation phase and paying tax at 15%, then CGT is payable (potentially only at 10% due to the one third discount)
With the change that relates to the $1.6m transfer balance cap, the investment earnings on amounts already in excess of this that are then transferred back to accumulation will become taxable – so potentially, CGT will be payable.
The same can be said for transition to retirement pensions – where earnings will be taxed at 15% from 1/7/17. Gains on assets supporting a TTR will become liable for CGT.
