Managing CGT with super contributions
Q: I am about to make a capital gain of about $200,000. My marginal tax rate is 30% and I am an employee and 43 years old. I want to contribute the equivalent of the capital gain to my super, which is not self managed, so I save some money for the long run?
Tax-deductible contributions: Meeting the 10% income test
Q: Prior to 1 July 2009, the income test that was applied to the Government’s co-contribution scheme was identical to the income test applied in respect of tax deductible (member) contributions.
Who can make tax-deductible super contributions?
If you’re self-employed or not employed, you can claim a tax deduction for your super contributions. An individual under the age of 18 however can only claim a tax deduction for super contributions when his or her income comes from gainful employment, such as carrying on a business.
Tax-deductible super contributions: Claim no more than your income
Q: If I make a personal concessional payment of $50,000 (tax-deductible) and a personal $150,000 non-concessional payment into my SMSF and my personal taxable income for 2010/2011 is $40,000, are there possible tax penalties because I’m claiming $10,000 more than my taxable income…
Co-contributions: Can I claim the tax-free bonus for the financial year that I retire?
Q: I’m aged 69 and I will retire in December 2010. Am I entitled to make a deposit into my super fund and receive the Government co-contribution for the 2010/2011 year?
Co-contributions: Can I claim the tax-free bonus as a property investor?
Q: I am not working but I source my income from rents derived from my property investments. Am I able to participate in the Government co-contribution scheme?
