Hi All,
Unfortunately going through a divorce. My partner and I have an SMSF with a corporate trustee. Both members are directors of that company. Both are Australian citizens that reside in Australia full time. A percentage split has been agreed. The liquid assets have been sold. There are illiquid private company shares that may take a few years to sell or be disposed of.
Both parties have joined new complying Superannuation funds.
The plan is to transfer the liquid amounts to the respective superannuation funds. One member will continue to contribute into the SMSF to meet the financial obligations (SMSF Fee, ASIC and ATO levy). The SMSF will not be used for any other reason. Once shares are sold (or company goes bust) the proceeds after costs/tax will be split between the former partners. The SMSF will then be closed.
The lawyers have asked if there are any tax implications (from a Superannuation Fund or Family Law Act)?
My understanding is that people can have as many funds as they like (so SMSF and another fund is no problem).
My understanding is the SMSF can have up to 6 people and this can be any one (ie this case two Australian citizens that reside in Australia). Even though the marriage is over, I believe this doesn’t have any impacts on the SMSF.
Am I missing something? Is there any tax implications (from a Superannuation Act or Family Law Act)?
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