Investment property: boost super by selling before you retire

Already a subscriber?Reviewing your investment property portfolio before retirement could save you serious tax dollars and potential headaches. Timing the sale of your investment property before retirement might save you even more withWhile owning an investment property might form a key part of your wealth building strategy, it is worth reviewing its long-term plan and how it fits into your overall strategy for achieving your income needs once you stop working.

The concessional contributions cap for the 2023-24 financial year is $27,500. This is set to rise to $30,000 from July 1, 2024. Up to and including the year you turn 75, a bring-forward provision applies. This allows you to contribute up to $360,000 in that year. However, the total non-concessional contributions in that year and the next two financial years cannot exceed $360,000.

By selling the investment property and making super contributions in the 2023-24 financial year, the overall tax payable will be around $210,000. This takes into account the additional 15 per cent contributions tax. The couple can get a total of $838,000 into the super environment.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ASX : From Aware Super to Blackwattle Investment Partners, how Tim Riordan is making moneyThe former equities boss says strategic alignment is key when looking at stocks to buy, and is expecting more M&A, having already picked one of the year’s top takeover targets.
Source: FinancialReview - 🏆 2. / 90 Read more »

Using superannuation for property investing: Surge in self-managed super fund property investmentA growing number of property investors who have “tapped out” their personal borrowing capacity are using their self-managed super funds to borrow more, advisers say.
Source: FinancialReview - 🏆 2. / 90 Read more »

Super funds urged to axe ‘sub-scale’ investment optionsMany super funds have investment options that do not have enough funds in them to be sustainable.
Source: brisbanetimes - 🏆 13. / 67 Read more »

Super funds urged to axe ‘sub-scale’ investment optionsMany super funds have investment options that do not have enough funds in them to be sustainable.
Source: theage - 🏆 8. / 77 Read more »

Super funds urged to axe ‘sub-scale’ investment optionsMany super funds have investment options that do not have enough funds in them to be sustainable.
Source: smh - 🏆 6. / 80 Read more »

Property investment: Property investor demand to ease if rates riseHaving recently returned to the housing market in droves – outpacing owner-occupiers – investors could face a potential slowdown in capital gains.
Source: FinancialReview - 🏆 2. / 90 Read more »