Nominating accounts for the CGT reset

Question

My apologies if this has been spoken about..I am not that smart and am struggling to understand this... a scenario and question is: a 2 member smsf holding more than the 1.6M cap with the assets made up of cash, shares, unlisted and LIT managed funds all in member 1's tax free pension accounts. The second member (under 60), having a current nil balance, uses the bring forward rule ($540K into a new accumulation account) to bring the total cash (not including the existing non-cash assets) in the fund for both members 1 and 2 to say $1m. Can the trustees then nominate $1M of the non-cash assets already held by member 1 for the purpose of the CGT relief reset to market value even though this could not have happened prior member 2's contribution due to member 1's pension accounts not having enough cash? Thanks Jane

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Tony Kaye
Tony Kaye
Editor