Lets assume i wish to windup my SMSF for whatever reason, eg i am going to live overseas. Now one of the steps in winding up my smsf is to dispose of the assets. Of course the most common way of doing that.is to liquidate/sell the assets and then to distribute the cash as lump sums to the beneficiaries. What i want to gain certainty on - and hoping u guys can advise on this - is can i simply distribute the assets themselves without liquidating them?? That would make sense to me as the beneficiaries/members may wish to retain their assets intact as opposed to receiving their cash value instead.... Can anybody here advise on this? It should not matter what the assets are... It couldbe property, bullion, art, whatever...
Surely this blog cannot only contain commies, socialists, fascists and UFO experts?? Surely somebody here must be knowledgeable on winding up smsf's?
I am not an accountant and I'm certainly not your accountant, but you are able to divest assets from a trust by transferring them directly to the beneficiaries, provided that you record the transaction occurring at fair market value. Talk to your accountant.
As far as I know you must have reached preservation age before you can gain access to superannuation assets. Only temporary residents can cash out their super when leaving Australia.
So if the assets are not registered such as bullion and art works then one can simply take over ownership of the assets without liquidating them?
That does not sound correct to me. I believe that moving overseas permanently would allow under aged members to cash out their super.
Question best posed to a CPA, or JFGI http://www.supermate.com.au/blog/73-winding-up-a-smsf-written-by-mark-ellem
It is correct. It's called a departing Australia superannuation payment (DASP), and only temporary residents are eligible. Ask your accountant or the ATO. Sure you could do it outside the superannuation laws, but in that case it shouldn't matter whether you liquidate or directly distribute assets. Because whatever you do it will be deemed illegal by the ATO.
I stand corrected! I will never be allowed to draw one cent of my SMSF ... I now finally accept that 10% of all my earnings up until this point have simply been me paying 10% extra tax, so its as good as money stolen from me. :lol:
I dont follow u. Do u mean u just get fedup and take the money anyway and let the ATO place u on their 'wanted' list??
oh okay ... so what you're saying is here in Australia, once we accept that the state is going to screw us good no matter what we do, we may as well just load up on the Vaseline and try to enjoy it as much as is possible under the circumstances?!? :lol:
The problem with hard assets is 'breaking them up' fairly. How do you split a single peice of art among 3 or 4 receipients? Or a house or parcel of land? In doing so you potentially devalue the original assest's 'amenity' and value. By valuing & selling as a whole and diving up the proceeds as cash you make life a hell of a lot easier.
If the members are a married couple then being forced to liquidate the assets would make no sense at all, other than to artificially create an opportunity for the mafia to tax the fumd one last time for old times sake.
Okay so i've been told that if i move overseas then my smsf will become non-compliant with the Australian residence requirement and that if i dont windup the fund in time that the mafia can (and will) steal 49% of the entire asset value of my smsf in one foul swoop/tax year that i become "non compliant". So obviously i dont want them to make it SO easy for them to steal half of my smsf value so i decide tp comply and wind up my smsf. Until a few short hours ago i honestly believed that i.actually had the option to cash out my smsf if i emigrated.but to my utter.disgust i've now discovered that i.have no rights to cash out my super until i turn 60! So the only choice i have then is to liquidate all assets in the fund (thereby creating a taxable event for the mafia - how convenient!!) and then to rollover.whats left after tax into another super fund - who will then control my money until i turn 60! Wow! What a fair system! :lol:
Of course between now and the time i turn 60, i'm sure the socialist scum in guvmunt will.no doubt move the goalposts even further with their perpetual tinkering with super.legislation such that i will still not see a cent of my super even once i'm 60!
This all makes me feel extremely despondent about my smsf and the assets therein which i have nurtured for so many years now. I feel like i could just as well flush everything down the toilet if i'm never going to get to use that money during a time of my life when i'm still young enough to care!
