Can we reduce CGT by putting profits into super?

Q.

I am 62 years of age and my husband is 61. We are both employed - my gross income is $47,000 and my husband's is $35,500. We bought an investment property in 1994 for $152,000 and it is now worth approximately $375,000. We owe $120,000 on this property. We owe $180,000 on the property we are living in and its value is approximately $700,000. We are thinking we should sell our investment property and pay the required amount into super to reduce our capital gains tax and clear up as much debt as possible - or should we wait until our retirement year to sell the investment property?

If you are both employed it is likely that you will not be able to claim a tax deduction for your super contributions and so will not be able to reduce the CGT. A better option may be to wait until you return, and have no employer superannuation, but bear in mind you cannot contribute past age 65 unless you pass the work test.