I wish to transfer personally held assets to my self managed super fund. Could you please advise any rules I should be made aware of?
Firstly there are restrictions as to what assets an SMSF is allowed to acquire from members or their associates. These assets are limited to listed securities, bonds and business real property. Consideration for the sale of these investments must be performed at arms length or at a proper commercial valuation. Note that with any transfer of assets to the fund a capital gains event will occur and if a capital gain is realised the individual will be liable for capital gains tax. Transfers can be made as non-concessional contributions or if the member is substantially self-employed, whereby less that 10% of total assessable income of the individual is generated from an employer, a tax deduction may be claimable to the individual which may off set capital gains realised.
