![\"\"](\"https:\/\/acctweb.com.au\/images\/fp-valuationss.jpg\")
<\/p>\nA single asset cannot be treated in a manner that allows it to support some SMSF members in accumulation phase and others with a pension account.<\/p>\n
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A technical manager has reminded practitioners an SMSF cannot segregate a single asset, allowing it to support both an accumulation account and a retirement-phase pension.<\/strong><\/p>\n \u201cYou can\u2019t segregate part of a single asset. So, when you go to segregate a particular asset, it has to be fully segregated to support the retirement-phase income stream for a member,\u201d Accurium SMSF manager Matthew Richardson told delegates at the Accurium SMSF Compliance Day 2023 in Melbourne last Friday.<\/p>\n \u201cSo, for example, with a property you couldn\u2019t say I want 60 per cent to be segregated to support this member\u2019s pension account, leave the other 40 per cent as unsegregated supporting the rest of the fund.<\/p>\n \u201cThat property is a single asset of the fund and it has to be fully segregated to support that retirement-phase income stream.\u201d<\/p>\n However, Richardson pointed out there are situations where a type of asset can support both accumulation and pension interests in an SMSF.<\/p>\n \u201cWith shares each individual share is an asset, so even if a fund has a parcel of [one particular type of share], you can choose a specific number of them and segregate those to a particular member account,\u201d he said.<\/p>\n According to Richardson, there is one other significant SMSF asset that can be segregated, but doing so brings more compliance considerations into play.<\/p>\n \u201cWhat about a bank account? That was covered in detail by Tax Determination 2014\/7 and essentially a bank account is not a single asset in itself,\u201d he noted.<\/p>\n \u201cSo you can in fact say we\u2019re going to take $20,000 which is in the bank account and segregate that to one member and then we\u2019re going to have the rest of the bank account be unsegregated.<\/p>\n \u201cBut in doing that you\u2019re essentially creating notional sub-accounts inside that bank account trustees need to keep track of.\u201d<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n August 28, 2023 A single asset cannot be treated in a manner that allows it to support some SMSF members in accumulation phase and others with a pension account.<\/p>\n","protected":false},"author":1,"featured_media":1653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1652"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1652"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1652\/revisions"}],"predecessor-version":[{"id":1654,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1652\/revisions\/1654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1653"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nDarin Tyson-Chan<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"