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My wife and I have our own SMSF. My wife (60 years old) is no longer working and receives a pension. Her balance is $100K. I am still working (63 years old) and under TRAP and my balance is $200K.
Because of the changes to the tax systems, is there any way of moving the majority of my balance into her account prior to 1/7/2017?
A: Thanks for the question.
Given the balances in your respective accounts, I am not sure why the super changes would cause any change in your strategy.
That said, you can’t move money between the accounts. You can if you meet a condition of release, make a withdrawal from super, and then re-contribute into the super system.
In your case, while the Transition to Retirement Pension is in place, withdraw up to 10% in one year (ie $20,000). You could give this to your wife, and she could make a non-concessional contribution.
Potentially, as you are over 60, you could also withdraw your $200K from the super system. To do this, you would need to change your working arrangements (ie cease a position of employment). You could then effectively withdraw the $200K from super, give it to your wife, and she could make a non-concessional contribution under the bring forward rule.
Hope this helps
Regards
