We have all our super in a self-managed super fund and are regretting the decision to go down this path. It is all so complicated and our fees with the company that manages it are about to increase substantially. We would like to transition back to more simple super accounts but need help.
Since you are retired, you can convert your accumulation account to a pension account with some simple letters to the trustee and a written confirmation in return. This allows you to sell the assets supporting your pensions without CGT. Since they are fully franked, they would form a taxable income of $1657 after grossing up your dividends. The extra $497, or franking credit, would represent Westpac’s 30 per cent corporate tax before paying out the remaining 70 per cent as dividends.
If you both pass away within three years, the house can be sold tax-free, presumably to your daughter, but if you bequeath it to her, it will be subject to CGT.
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