ABC Self Managed Super Fund
Member A = Pension
Member B = Accumulation
Actuarial Certificate Percentage (Pension Exemption) = 80%
Fund is unsegregated fund, and for simplicity, it derives the following income:
Income/Expense $
Capital gain - Discountable 5,000
Capital loss - Current Year 1,000
Prior Year Carry Forward Loss 1,000
Calculation Option 1 Option 2
$ $
Capital Gain - Discountable 5,000 Capital Gain - Discountable 5,000
Application of capital losses -2,000 Apply Pension Exemption @ 80% -4,000
Gross Capital Gain 3,000 Assessable capital gain 1,000
1/3 Discount Applied -1,000 Capital Loss - Current Year Applicable -200
Net Capital Gain 2,000 800
Apply Pension Exemption @ 80% 1,600 Applying Prior Year Capital Loss -1,000
Taxable income 400 Net Capital Gain / Taxable Income 0
Carry forward capital losses 0 Carry forward capital losses 200
Questions to be asked:
Q1: Option 1 and Option 2 produce vastly different results, which option is the correct tax treatment?
Q2: If the scenario remains the same, but the fund assets are segregated, for simplicity, let's assume:
$ $
Capital gain - Discountable 5,000 Capital loss - Current Year 1,000
Member A 4,000 Member A 800
Member B 1,000 Member B 200
Calculation
$
Capital Gain - Discountable 1,000 Any capital gains or losses from segregated pension assets are disregarded completely.
Application of capital losses -1,200
Net Capital Gain / Taxable Income 0
Carry forward capital losses 200
This suggests that by segregation of pension assets, it may create different tax implications even though the underlying transactions are the same. Is this correct?
Q3: If the fund (unsegregated) has only $5000 capital losses incurred for the year, should the carried forward amount be reduced in any way given that the fund supported a pension during the period?
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