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I’d like to know with the possibility of an ALP government what exactly is “new property” under their negative gearing proposals?
In Sydney you’d be lucky in the extreme to find a new property already completed as almost everything new is sold off the plan.
So this means investors are likely to be restricted to off the plan purchases and then need to tie up a 10% deposit for 18 months to 2 years before its even built. Who knows what the property market is going to be like in 2 years time or even what changes to borrowing rules that might apply.
Is there any detail as to what qualifies as a “new property”?
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I want to run this by you before consulting my accountant and I’m considering several options in light of the likely Super changes. I would like to even out the balances in our SMSF. One option is to consider splitting my concessional contribution with my husband. I read I can contribute up to 85%. He is 60, working full time and already contributing the maximum $35000. If I allocate mine to him it would be in excess of his contribution cap. Does this prelude this option?
For example, can I contribute my maximum concessional cap of 85% of $35000 to his account, or is it just my employer contributions or is it not allowed at all if he has already reached his concessional cap?
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I am at retirement age now 65 years. I have my own SMSF with a single property valued at $670,000 in Byron Bay in the fund. My wife is the other beneficiary. The property gives me approx a 4.5% return p.a. I am not yet in pension mode but doing TTR.
Surely there must come a time with an SMSF where the associated costs of running the fund defeats the purpose of supplying an amount for retirement?
Can a SMSF be wound up to avoid all the extra costs?
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What do you think of service stream and what would be a good valuation to sell?
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I have 2 super accounts – A SMSF and a QSuper account, and have had good reasons for not consolidating them until now. Both are in TTR phase, and together they will be in excess of $1.6m. This may affect whether and where I contribute maximum concessional contributions in the next 2 years.
I will be lining up at my accountants for further advice, however I vaguely recollect reading somewhere that the taxation treatment of a SMSF is more favorable than an industry fund because of different tax credits and rebates etc. Is this correct?
It appears a tax may be paid on the earnings in either TTR and Accumulation now so could you please advise if there is in fact any difference and whether one would be better than the other to hold, either the TTR or the Accumulation account. Thank you in advance.
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I am 60, not working and have 110,000 in super. My husband is 61, self employed and earns around $40000 p/a, with only 100,000 in super. We own our home, as well as an investment property. When we sell, we would make around 300,000 capital gain.
Can we both put some of this in super and get a reduction on the capital gains tax? We know that we would get a 50% reduction in the gain because we have owned it for a number of years. Do we have to pay 15% contribution tax, and can we get a tax deduction if we put it into super?
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