Can I avoid CGT if I put profit from my property sale directly into
superannuation?
Q.
I am in the process of selling an investment property which is
in my name only and wonder if I can avoid CGT on the profit by
putting the money into my superannuation fund. I have retired and
have money in my Telstra Super fund.
A.
If you do not have an employer paying super for you, and you are
under 65, you could contribute part of the proceeds to super and
claim up to $100,000 of them as a tax deduction. This should
substantially reduce the CGT. Make sure you talk to your adviser
because getting it wrong can be very costly.
Each week financial advisor Noel Whittaker answers your
questions.
