Capital gains, page-16

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Golden Fleece

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12/10/22

07:44

Post #: 64149000
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Originally posted by rookstar: ↑

Hi Fleece,

I'm wondering if you can steer me in the right direction, I have an investment property that was originally my home. I rented the property out 7 years ago, I know that I have the 6 years exemption and I'm led to believe the past year (abouts) the CGT is pro rated over the proceeding 12 months. (property currently for sale)
When I fill this out in my tax return it will go in the supplementary section of my tax return, I can claim the capital gains discount of 50% too.
I'm wondering if I can fill out a form with my superannuation ''notice of intention to claim a tax deduction'' if I would be able to reduce my taxable income bracket to pay less tax and boost my super in the process?
If i did the above I would be using the carried forward concessional contributions that I have accumulated over the years, my super balance would still be below the $500,000.00 threshold even if I add the lump sum as described above.
would the tax assessment allow this to lower my tax?
I'm still working and have room to salary sacrifice if need be to lower my tax bracket that way too.
I know my salary forms part of a different section in my tax return and I'm led to believe this is all counted to form my assessable taxable income.
Do I have this right?

Rooks

P.s. I hope I explained this right.

Expand

I have just put a rental property on the market too and am looking at contributing some of the proceed to our smsf

I am looking at all the rules etc and will have too get back to you with some very general comments as obviously I am not allowed to give tax advice on HC

Will take a few days

My initial reply is that your appear to be on track but I would strongly advise talking to your own accountant

Cheers
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