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CGT refunds on FirstChoice super to pension transfers

In recent years, as market conditions have continued to be challenging, the Colonial First State FirstChoice Superannuation Trust (the ‘Trust’) is in an overall net realised capital loss position (from a tax perspective).

Whilst we have been refunding unrealised capital gains tax (CGT refunds) on super to pension transfers for investment options that are in a net realised capital gain position, we have reviewed the viability to pay CGT refunds until market conditions improve and the Trust’s overall CGT position changes.

From 2 May 2016, until further notice, we are suspending CGT refunds on FirstChoice super to pension transfers.  However, the refund of applicable buy/sell spreads will continue.

About CGT refunds
If you start to use all or part of your super benefits in FirstChoice to commence a pension, you retain the same interest in the Trust.

In certain circumstances, this may allow us to offer CGT refunds to members who transfer to the same investment options from in pension, depending on the CGT position of individual investment options and the Trust overall. 

It is important to note:

  • This is solely a tax matter and has no implications for the liquidity or valuation of any investment options.
  • Refunds of buy/sell spreads will continue to be paid.

Disclaimer
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36.