Rollover CG

I will turn 55 in few months time. Recently I took a redundancy package & have some money rolled over to a Super fund. If I can rollover the capital gain from selling my IP this financial year to the Super fund I only have to pay 15% tax. It's similar to salary sacified. Can I do this? Your advice will be most appreciated.

Cheers

Huey
 
Hi Huey.

Sorry, but you can't rollover the CG to your super to achieve a lower tax rate on the CG.

You might still contribute some/all of the proceeds to your super, subject to super rules, but you will still be liable to Personal Income tax at your Marginal Tax Rate on the assessed gain.

A Small Business can rollover a CG on an active asset to a super fund, and get CGT relief, but even this does not extend to Investment Properties.

If you have a Capital Loss carried forward from previous years, or even if you have some dud shares (or similar) that would incurr a CL if sold, you might consider selling them in the same financial year, so offest against the CG.


But, you should always check with your own Tax Adviser/Accountant.

Geekay
 
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