Transfer your Capital
Gains into Superannuation and claim a tax deduction for it.
Did you know that you may
be able to contribute a capital gain or investment
income into your superannuation fund and gain a tax
deduction for most of it?
In the past, "eligible
persons" (generally those who do not have employer
superannuation contributions made on their behalf) have been
permitted to claim a tax deduction for superannuation
contributions of $5,000 (plus 75% of any excess above
$5,000). However, it was also necessary for the person to
work in order for a superannuation fund to accept the
contribution. This generally limited the deduction to self
employed people.
Provided you are under 65
years of age, there is now no requirement to work in order
for a superannuation fund to accept contributions. This
means that if you made a capital gain or had some other
investment income during the year, you can contribute this
into superannuation and pay tax at the rate of 15% rather
than your marginal tax rate.
What a great idea!
Please contact us if you would
like to know more.
Access to a Pension without
retiring
Did you
know that if you are over 55, you can now
access a pension from your superannuation fund without
retiring from the work force?
This
means tax planning opportunities will arise because
contributions may continue to be made to your super whilst
you are drawing a concessionally taxed pension. It also
means the earnings on your members balance that is converted
to the pension will be tax free to the fund.
What a great idea!
Contact us to find out more
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