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My husband and I are beneficiaries of our own SMSF that has a corporate trustee where we are both directors. We are both 56. I work part time in the 30% tax bracket. I am administering our fund. We have most of our super in AU shares and US shares and have a small amount in cash. I was thinking of commencing a transition to retirement with a re-contribution strategy. I use cloud based SMSF software so I know my account balance at any time. In order to commence a transition to retirement it’s my understanding assets in the fund have to be divided up between my husband and myself. How is this possible when 95% are in shares? Do I need to make a decision as to which shares would be moved to the asset base for paying the pension?
A: There is no need to split assets between members unless it is mandated by your fund’s trust deed. Some trustees want to do this for personal reasons (they have an emotional attachment to a particular fund asset) or estate planning reasons (they want a particular asset bequeathed to particular beneficiaries) or tax planning purposes. You might consider taking advice about this issue.
