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I have a few shares in my name and wish to transfer them into our SMSF, which is in pension mode. Are there any tax implications, or other consequences, that I need to be aware of?
Many thanks
A: Thanks for the question.
Yes, there are three important things to consider.
Firstly, a transfer counts as a disposal for capital gains tax purposes. So, you may need to pay capital gains tax on any gains, or if no gains, you will generate losses that can potentially be used to offset other gains.
Secondly, you will need to do it at market value.
Finally, you must be eligible to make a contribution to super. If you are over 65, you will need to meet the work test. Further, it will be counted as a non-concessional contribution, so you will need to make sure that you don’t exceed the non-concessional cap.
Regards
