I have sought advice about what to do with the proceeds from the sale of an investment property.
After paying CGT, Budget Deficit Levy, extra Medicare contributions, and 30% tax on salary sacrifice contributions to the ATO (gulp - you know my actual salary is only $84k plus some rental and dividend income), I have money to invest in my super fund, and also my wife's super fund. The advice is to contribute 540k to my wife's fund and 300k to mine in June.
My question is this- if my balance reaches 1.6m with 300k (non-concessional contribution), am I allowed to continue salary sacrificing (concessional contributions) for the 17/18 financial year or is that it? Is the next best strategy to salary sacrifice super into my wife's account? A conundrum indeed. Look forward to responses.
