contact CFL Financial

send us a message

CFL Financial client login Client Login
CFL Financial on Facebook Facebook/cfl.fp
CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

Don't forget your
free guides!

Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Converting property into super

Posted on Aug 17, 2016 by CFL Financial

Individuals can minimise capital gains tax (CGT) when selling an investment property where proceeds are contributed to superannuation.

Those who sell their property can contribute up to $500,000 as a non-concessional contribution into their superannuation, which means that no tax will be payable. Non-concessional contributions, or after-tax super contributions, are super contributions for which an individual hasn’t claimed a tax deduction.

However, since selling an investment property is a type of capital gains tax event (unless it was acquired before 20 September 1985), sellers will need to calculate their capital costs to add to the purchase price to establish the property’s cost base. The sales price minus the cost base will form their taxable portion.

Individuals who have owned the property for more than 12 months will receive a 50 per cent discount on the taxable portion. For properties owned in joint names, the taxable portion may again be cut in half. The remaining taxable portion is added to each owner’s taxable income for the financial year in which they exchanged contract.

To further reduce CGT, individuals should consider their eligibility to contribute up to $35,000 as a concessional contribution to super, as this can help lower a person’s taxable income by $35,000 a year and reduce their potential capital gains tax liabilities.

Individuals should keep in mind that proposed changes to Australia’s superannuation rules may affect this strategy since concessional contributions may decrease to only $25,000 a year.

Download Your Free Guides Here
(Mouse over the image to find out more!)

Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Schedule An Appointment With Us

contact us

Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

send us a message

  • This field is for validation purposes and should be left unchanged.

Pin It on Pinterest

Share This

Share this post with your friends!