Q: My wife and I have set up a new SMSF with a corporate Trustee (we are the directors). We want to transfer the assets from our old SMSF (we are the trustees). Some of the shares have large unrealised capital gains (e.g. Cochlear, CSL). Will there be capital gains tax payable by the old fund?
A: Before I get into your particular query, let’s just look at the two different ways or the two different structuring options for self-managed funds being corporate trustee versus individual trustee. With a corporate trustee, you have a company, a corporate trustee acting as trustee for the fund and what you’ve said is this is where you are now. In this structure, you’ve got the directors of the corporate trustee.
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