If you have a SMSF you should be in close contact with an accountant for compliance and audit of the fund. Follow his/her advise strictly any breach and your SMSF no longer enjoys the income protection the funds provides to you. Every expense within the fund has to come from the fund. This is strictly enforced by Government.
I am in retirement stage, provided that SMSF was below the $1.6m when I commenced retirement phase. I can trade within the fund and the fund can increase and exceed the $1.6m rule. In retirement phase there is no CGT and if the $1.6m is exceeded through earnings within the fund. The $1.6m ceiling can be exceeded and no CGT apply.
How do I know. I have reached the Government retirement age and are in retirement phase.
I do not know about people in transition phase aged 60 up to the retirement age set by Government.
See an accountant as the Tax laws are complex and change from time to time.
If you have a SMSF you should be in close contact with an...
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