I am retired, have an SMSF and receive a pension from a fund. I just sold an investment property for a net value of about $450,000 after expenses. Where should I invest this amount? I already have about $860,000 in my stock portfolio and $300,000 in fixed deposits.
Assuming you are under the age of 75, remember to make a concessional contribution of up to $27,500 to Super to reduce capital gains taxes on the property sold.
Super also enjoys tax advantages, allowing it to make a nonconcessional contribution of $110,000 over 2022-23 and an additional $312,500 to be “carried forward” after July 1, bringing the total to $450,000. Become. Under your personal remittance balance limit.
Your pension fund is tax-free and your pension is in your hands. You can always withdraw the money later if you need it elsewhere.
I’m in my late 40’s, single and work full time from two homes in New South Wales. The first without a mortgage was in Sydney, which he purchased in 2008, where he lived for 13 years. The second is in the Blue Mountains which I purchased in 2021 and moved while renting a house in Sydney. This second house is a shared house and I rent most of it. I was thinking of keeping the house in Sydney as long as possible, but since both houses had income and would be subject to land tax, it might be wiser to sell them. My understanding is that if he sells the house in Sydney within six years, he can designate it as his primary residence and be fully exempt from the CGT. However, for land tax, you must choose Blue Mountains House as your primary residence to be partially exempt from land tax. Revenue Even though New South Wales considers my house in the mountains to be my primary residence, if I sell my house in Sydney within 6 years of the date I rented it, I am still fully exempt. are you entitled to
Interesting question. The Capital Gains Tax (CGT) is based on federal law, but the New South Wales Revenue Service implements state law.
Under the CGT regulations, you can apply for your home as your primary residence for six years after you move out, unless you apply for another home that is exempt from the CGT. This is unaffected by land tax decisions.
New South Wales land tax regulations allow you to claim land tax exemption even if you rent part of your home, as long as the rented part of the land is one flat and/or room. If you lease most of your home, you are eligible for the partial exemption described above.
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