Superannuation Rollover Tax Question

Discussion in 'Superannuation, SMSF & Personal Insurance' started by alexm, 2nd Sep, 2018.

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  1. alexm

    alexm Well-Known Member

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    Hi all,

    I've got a number of superannuation funds that i'm looking to rollover into the one. If I rollover all my current balances into the one fund, will I be taxed (contributions tax) for these individual transactions?

    I can't seem to find a clear answer and was hoping one of the financial experts here can shed some light for me.

    Thanks
    Al
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Generally not, If you've paid contributions tax on the way in, you may be up for some CGT on the way out but otherwise should be pretty safe. If it's an old govt fund, then the contributions were untaxed on the way in, so will be taxed on the way out.

    (not licensed to drive a nail)
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I think the question you should be asking is if the superfund will be taxed. It would be unlikely you would be.
     
  4. Anne11

    Anne11 Well-Known Member

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    The 15% tax was deducted when the fund contributed to the original fund. The net amount then rolled over to the new fund as is, no further tax deducted. I rolled over my old super fund last FY.
     
  5. Perthguy

    Perthguy Well-Known Member

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    I have done this. 6 into 1 from memory. A rollover is treated differently to a contribution.

    When rolling over from one taxed account to another taxed account then no tax was charged.
     
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  6. Mike A

    Mike A Well-Known Member

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    A rollover from another fund is not included in the assessable income of your fund, unless the rollover amount includes an element untaxed in the fund.

    If it does contain an untaxed element, you include the amount of that element in the assessable income of your fund – up to the untaxed plan cap amount– in the financial year the rollover occurs.

    If the untaxed element exceeds the untaxed plan cap, the originating fund should withhold tax – at the top marginal rate plus Medicare levy – from the amount over the cap before releasing the rollover to your fund. You add this now-taxed amount to the tax-free component of the rolled-over amount.

    Its an unlikely to contain an untaxed element but if from a public sector fund then its possible
     
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