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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?
A: Thanks for your question.
Under current rules, you will be entitled to a tax deduction as long as you haven’t been employed during the financial year the investment property is sold. Your husband will not be entitled to one if he is employed at the same time. Any contributions claimed as a tax deduction will be taxed in the super fund at 15%.
You need to be careful how much you claim as a tax deduction. I recommend seeking some advice.
