- December 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Considering transferring my super from ANZ to Australian Retirement Trust: Taxation implications
Introduction
I have been contemplating whether it would be beneficial for me to transfer my super from ANZ to Australian Retirement Trust or another institution. However, one major concern that has been holding me back is the potential taxation implications of such a transfer.
Explanation of Concern
My main worry stems from the possibility of a taxation event occurring as a result of transferring my super. Specifically, I have been concerned about the potential scenario in which Fund 1 (ANZ) would need to sell the stocks and other assets within my super, and then transfer the proceeds to Fund 2 (Australian Retirement Trust), which would then need to purchase new allocation shares and assets.
The concern was that this process would trigger a capital gains tax (CGT) liability for the profit made on the assets within Fund 1. The thought of having to pay a significant amount of CGT based on the proceeds in Fund 1 has been a major cause for hesitation in moving forward with the transfer.
Relief and Insights
Fortunately, upon further investigation and gaining a better understanding of the process, I have come to realize that this concern may not be as significant as I initially thought. It appears that the transfer of super from one fund to another may not necessarily trigger a taxation event. This realization has come as a major relief to me, and has provided me with the peace of mind that I needed to proceed with evaluating my options for transferring my super.
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Generally no.
> No tax is payable on the amount rolled over to another complying super fund until you withdraw your super, when tax may apply.
The amount displayed in your super balance has already deducted CGT, you won’t pay any extra tax.
However there are some super funds that reimburse tax credits when you convert to a pension stream. This is generally a very small amount because the unit fund structure is not tax efficient but you would lose any potential tax credit when you rollover. I know Australian Super does this but I don’t think ANZ does. (https://www.australiansuper.com/retirement/balance-booster)
I was with a government super company (teacher), changed career (private company) and they wouldnÔÇÖt let me contribute to the government fund as I wasnÔÇÖt government employed. Transferred it to the new super fund and got taxed 15% of my whole super – apparently the government super company doesnÔÇÖt tax you until it is withdrawn.
I think moving from ANZ super to retirement trust or any industry fund you’ll be miles ahead at retirement. The savings on insurance will be worthwhile.
Not unless you hold direct assets
https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/keeping-track-of-your-super/transferring-or-consolidating-your-super#ato-Howtaxapplies
Why would it?
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