General Comments / Chat, page-3667

@sandygg, if you are close to making this move, you might want to talk to an accountant or advisor regarding claiming a personal tax deduction for a non-concessional contribution. Basically (assuming you have a current balance in the SMSF of at least $330K) :

- Sell $330K of shares to your SMSF. The shares go into the SMSF, $330K goes to your everyday bank account
- Contribute the $330K cash back to the SMSF as your non-consessional limit (instead of the shares)
- claim the $330K cash contribution as a tax deduction against your normal income

This gives you the same end result - $330K cash and $330K shares in the SMSF. But it allows you to claim the $330K cash as a tax deduction against personal tax and capital gains in 2021-22. You would also have to pay 15% in the SMSF on the $330K cash contribution, but that may be far less that the cgt you'll owe for the share movement into the SMSF - that tax could be as high as 47%

A lot of moving parts, exactly how the numbers work out determines what is the best approach.