We have an investment property and are wanting to sell. We are both over 50 and are both recieving the age pension. Can we create our own super fund and make the 95K contribution each to reduce the capital gains component payable.
Hey J
That has a lot to do with whether you are both self employed or if you both receive employer contributed super. If the latter, I understand that your options are limited but if you pay your own as a result of self employment, you can claim a tax dedeuction of $5000.oo then 75% of the balamce in a year.
There are limits (and this is a pretty broad view) so check with a reputable finacial adviser BEFORE you sign a contract of sale.
markk
Happy Hunting
http://www.kentscollections.comJwhat,
Because you say you are receiving the age pension I assume you are both over 65 and do not have an employer through whom you can salary sacrifice.You cannot claim a tax deduction for any superannuation contribution you make once you are over 65 or 71 I can’t remember which it is. Not my area of expertise. If you are under 71 let me know and I will find out which one it is and get back to you.
Julia Hartman
[email protected]
http://www.bantacs.com.au
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