Can I reduce my CGT by putting profit into super?

Q.

I have an investment unit which returns about $1,000 per month clear after management fees. I want to sell the unit and invest the money. I have been told that if I put about $90,000 into superannuation, I can claim a reduction from CGT. Is this correct? Another friend says this will only work if I am employed, but I have no other income except from this rental. Can you tell me if the CGT reduction rules apply to me?

If no employer is paying superannuation for you and you are aged less than 65, it should be possible to make a tax deductible contribution to super to reduce CGT. Make sure your accountant or adviser does the sums for you because such contributions lose a 15% entry tax which could negate some of the benefits.