Couple hurries to add holiday home sale to super fund before age limits kick in.

A couple plans to sell their holiday home and add the proceeds to their self-managed super fund (SMSF), aiming to contribute up to $360,000. However, they need to act quickly as the husband will turn 75 in February and the wife in April. Contributions must be made within 28 days after turning 75, so they should complete any contributions before March 28. They must also stay under the $1.9 million super transfer balance cap. Consulting a financial advisor is advised to navigate capital gains tax implications and contribution limits.

November 16, 2024
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