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.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: brisbanetimes - 🏆 13. / 67 Read more »
Source: theage - 🏆 8. / 77 Read more »
Source: smh - 🏆 6. / 80 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »