The fact that you have capital gains tax to pay means you’ve made a profitable investment. However, I understand wanting to reduce this liability further.
I have just sold out of my investment property. What can I do to reduce my capital gains tax ?
The fact that you have capital gains tax to pay means you’ve made a profitable investment, a good thing. And the tax on that profit is already pretty low. Nevertheless, it’s understandable that you might want to see what opportunities exist to reduce this liability further.Simon Letch The next port of call should be superannuation contributions. You have a maximum annual tax-deductible superannuation contribution limit of $27,500. Employer contributions are included within this limit. Let’s say your employer contributions total $15,000 for the year. That would mean you have $12,500 of headroom for you to make a one-off tax-deductible super contribution.
Making use of these unused prior year caps is the number one strategy for minimising capital gains tax. And as a handy side benefit, it increases your retirement savings, which will eventually become a tax-free income stream, so winning on all fronts.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Prince William criticised for not attending Women’s World Cup finalSpanish royalty, including Queen Letizia, will be on the way to see the Women’s World Cup final after the Spain women's national football team made it to the final for the first time. Prince William, also the President of England's Football Association, says he'll watch the final from his home in the UK to avoid making long-distance flights for a short-term stay. However, criticism is building since, just like Spain, England has reached the Women's World Cup final for the first time.
Read more »
Albanese’s nuclear strike gains formal approval for AUKUS dealThe national conference debate highlighted the dissent within Labor branches over the shift to nuclear-powered submarines and the stronger alliance with the US.
Read more »
Albanese’s nuclear strike gains formal approval for AUKUS dealThe national conference debate highlighted the dissent within Labor branches over the shift to nuclear-powered submarines and the stronger alliance with the US.
Read more »
Albanese’s nuclear strike gains formal approval for AUKUS dealThe national conference debate highlighted the dissent within Labor branches over the shift to nuclear-powered submarines and the stronger alliance with the US.
Read more »
Is the therapeutic potential of hallucinogens risky and overhyped?As the medicinal use of psychedelics gains mainstream attention, fears remain over their effect on mental health and the need for safe administration
Read more »