My wife and I have a discretionary family Trust and an SMSF, and this financial year (2017-2018) we have sold an investment property held under the trust and will probably have about a $20K Capital Gains Tax to pay.
Is there any way to contribute to our SMSF to offset the CGT, and if so how much would we have to contribute to offset the $20K CGT liability?
NB. Our work income for last year is less than $15K each and we are 59 and 63 years of age and our SMSF is still in the accumulation stage as we are living off savings currently.
A: I think this is a question you should really put to your accountant.
You can obviously both receive income up to the tax three threshold of $18,200 each, so the CGT liability may not be very big.
regards
