My wife and I am in the early years, work the time part-, and I don’t receive a pension. We have about $ 500,000 in supposedly possess our house, and also the fully paid investment property. We are considered the sale of our primary residence and movement in investing property to help our three financial adults. What are the gift impactions proceeds to our children, and we can contribute some of the funds in the wizard of the wizzle is in its retirement of the pension?
Thank you for your question. Assuming your primary residence is always your primary residence, then compliments for tax consequences as a result of you for sale and the value of your own owners. Australia has no gift taxes or real estate.
You will have considerable purpose to get funds in the superannuation while you could use the Dowrsizer’s provisions, and the non-concluded contribution hats. Dowrsizer’s provisions allow you and your wife to contribute $ 300,000 to the superannuation, and after the non-connexive leaders may allow another $ 360.000 each.
According to your current house and quantity you want your children, this could be a valuable opportunity to strengthen your pension wildness – especially to your next 20 or less.
Note, you should always confirm the tax matters with your accountant.
Paul Benson is a financial planner certified to Driving financial services. I am The guest the Financial autonomy podcast. Questions to: Paul@finanalatteri.com.au
- The advice given in this item is general in nature and do not intend to influence readers on the readers about an investment or financial products. They will always be surrounded with their professional advice that realizes their personal circumstances before making any financial decisions.
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