Question: We have been residing in our own home for the past thirty years. Are we able to put all the proceeds from the sale of our house into our Superannuation Fund?
Answer (Paul Rickard): Thanks for the question.
Potentially no. It will depend on the value of your house, and any other non-concessional contributions you have already made.
Firstly, the proceeds, if deposited to your super fund, will be classified as a non-concessional contribution. Secondly, this is subject to a cap. The Government is proposing a life-time cap of $500,000 per person, with all contributions counted since 1 July 2007.
Question: I received almost 5000 CYB shares from NAB after the restructure. They don’t report until next year, but are on track to 700K pounds profit for the financial year. I like having money in a cheque account. Any help?
Answer (Paul Rickard): Thanks for the question. I plan to hang onto my shares and think there is long term upside.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.