Sleuth, please clarify this for me (I know very little about...

Sleuth, please clarify this for me (I know very little about tax... and little about J Edgar too, L2!). If you transfer a CGT into a SMSF within the same year as the capital gain, you don't pay tax on it? So for example, I make $500k CG this financial year when my favourite company is taken over. I then have the following options:

1. Bank the check for $400k, invest in whatever I like (house, shares, etc, and of course a new motorbike and boat) and pay approx $200k at the end of the year in tax.

2. Transfer the $400k into a SMSF, buy bluechip shares that will start giving me a nice passive income, and let these shares grow for the next 33 years until I'm 60? By then my passive income from these shares alone would be very nice, and the capital growth should be equally as lovely.

I plan to build a large stable share portfolio over time, but if what you say is true, perhaps the best time is to do that if such a takeover were to occur... Then I could put that capital aside, and start saving my pennies again for a motorbike, house and boat.

Hrmm... can you please let me know if I've got this right? If true, it seems like a no brainer to me. A $200k discount on what I want to over time own anyway? Are the dividends from a SMSF like normal income? Or are there implications of receiving these before you retire?