Join our investing community

Tax and Multiple super funds

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Fritz, 26th Mar, 2008.

  1. Fritz

    Fritz New Member

    Joined:
    26th Mar, 2008
    Posts:
    1
    Location:
    Sunshine Coast QLD
    Hi I'm a newbie here and hoping someone can shed some light on my query,

    I have had a BT superwrap account for quite a while. I also have some super tied up in a capital guaranteed rollover fund.

    I decided recently to open a SMSF to do some direct Fixed interest and utilize some high yielding CMT accounts.

    I have a reasonable amount of money to manage.
    I was thinking to just do managed funds on the BT platform

    Then I woke up and wondered about tax consolidation as I never had to really think about it before.

    What happens if the BT super Wrap platform makes an overall capital gain for example and the SMSF generates a capital loss on listed securities?

    The BT Superwrap does all the reporting for the self contained portfolio and
    the tax reporting for my SMSF is done by the company that set it up.

    Does it get offset anywhere ?? with the tax office?

    How does this work if at all. I suspect that the answer will be that the tax office will look at them as to seperate entities and the offset capital gain and loss wont take place.

    any illumination would be welcome thanks !
     
  2. GavinC

    GavinC Active Member

    Joined:
    11th Apr, 2007
    Posts:
    27
    Location:
    London
    If they are separate super funds then the gains and losses won't get offset. However the losses generated in the smsf will carry forward and be offset against future gains (assuming it makes some).
     
  3. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Fritz,

    Like GavinC said, your dealing with separate entity's.
    Why do you have multiple accounts?
    Asgard now have Fixed Term Deposits in Investment, Super and Pension services. Approximately 7.5% pa...

    Cheers,

    Dan

    PS Before making an investment decision speak to your FPA registered Financial Planner.