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My wife and I have our own SMSF and up until recently I was the only one who had money in the fund and my wife nil. My question is that during the last few years I have realised capital losses in the fund, while my wife has just rolled over her money from another fund into the SMSF. If she makes any realised capital gain profits in the fund, will these be offset against my losses (the fund as a whole)? Or are gains and losses within the fund only applicable to each member of the fund when completing annual return.
I am 69 years old and I have just started my SMSF. I have an accumulation account in my SMSF and a defined benefit from my employer that I will withdraw next year when I retire. My question is, what do I need to do to start a transition to retirement pension? Are there any documents to fill out to do that, or do I just withdraw 5% each year from my accumulation account as a pension?
When loaning money with your SMSF to a related party, when do you make the 5% calculation to meet the in-house asset test? What if the assets of the fund subsequently go down in value? And is the 5% calculated based on the whole SMSF or 5% of my share of the fund?