We have a 2 person SMSF with less than $2m assets I was born in financial year 1946-47 my wife 1947-48. Fund started 1981 currently 71% tax free. With NO dependence.
Would like clarification regarding Capital Gains & losses when shares sold.
a) While in Pension (Tax free mode) if a capital gain is made currently NO tax payable but if we wind up the Fund or both pass away does all the shares that made a profit have to pay capital gains tax on the gross amount of Capital Gains less any Capital loses made?
b) Or is it treated differently if we both pass away, or fund is wound up?
c) Assuming tax is payable on Capital Gains a) what rate of tax b) is the tax % reduced by the tax-free component of the members.
d) Or are there other ways the ATO determine if & what tax is payable.
e) Would appreciate any advice that can be given.
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