"Andrea from Fremantle writes " We have recently sold an investment property that is in joint names. Our accountant has estimated a tax bill of around $50,000 is there anything we can do to reduce this tax? I am 62 and my husband is 68"
Making contributions to superannuation can be a tax-effective strategy. Both you and your husband, being in joint ownership, may contribute to super and claim it as a tax deduction. However, there are some considerations:
Your husband, being over 67, must pass the work test, which requires at least 40 hours of work in any 30-day period during the financial year of the contribution.
Ensure you don't breach the concessional contributions cap, which is currently set at $27,500 per annum. This cap includes various contributions, such as employer contributions and salary sacrifice.
Also speak with your accountant regarding investments-related expenses and deductions. And remember, these are general suggestions, and the specifics of your situation may vary. Always consult with your accountant and financial adviser for advice tailored to your circumstances.
