My hubby has just turned 50. If he sold an IP could he place some of the sale proceeds into his super to lessen the capital gains tax due on the profit?
There used to be something about being able to put $150K into super per year, or $450K one year and then nothing for the next two years. I am sure this has all changed now though.
I do know he can salary sacrifice a maximum $50K per year (including his employer's contributions) but don't know about the "one off" deposit from sale of an IP.
Eg, say his PAYG earnings this financial year would be $80K and the capital gain on the sale is $200K, could he put $150K into his super account, so his income is $80K plus $50K gain that is left after the rest goes into super? If he cannot do this, his tax will be high as his gain is added to his PAYG.
I asked this question of a young chap from our super fund and he said "only if he is self-employed". That didn't sound right, but I am not sure.
We would certainly get "proper" advice, but to help with my mental gymnastics this weekend, I thought I would ask the forum members.
We are not sure whether to sell his share in this IP, and the tax implications are one of the factors that will help us to decide.
There used to be something about being able to put $150K into super per year, or $450K one year and then nothing for the next two years. I am sure this has all changed now though.
I do know he can salary sacrifice a maximum $50K per year (including his employer's contributions) but don't know about the "one off" deposit from sale of an IP.
Eg, say his PAYG earnings this financial year would be $80K and the capital gain on the sale is $200K, could he put $150K into his super account, so his income is $80K plus $50K gain that is left after the rest goes into super? If he cannot do this, his tax will be high as his gain is added to his PAYG.
I asked this question of a young chap from our super fund and he said "only if he is self-employed". That didn't sound right, but I am not sure.
We would certainly get "proper" advice, but to help with my mental gymnastics this weekend, I thought I would ask the forum members.
We are not sure whether to sell his share in this IP, and the tax implications are one of the factors that will help us to decide.