What are the Capital Gains Tax Implications?

Q.

My husband and I (67 and 57) are retired and we live off the income from our property investments, plus an allocated pension from our self managed super fund which was set up in 1995. I stopped working in 2002 but may seek a part time job in the future for social reasons. I have an investment property which I bought in 1990 for $133 000 and it's now worth $250 000 with no debt. If I sold this property and put the proceeds into the super fund in my name, what are the CGT and other tax implications?

The amount of capital gains tax you would pay does not depend on what you do with the proceeds. Obviously you will have to talk to your accountant before you sign any contracts but if you can put yourself in a position where you are eligible to contribute to super but do not have an employer making superannuation payments for you, you may be able to make a tax deductible contribution to superannuation and so reduce the amount of CGT. Just be aware that you will lose 15% entry tax on deductible contributions and no more than 24.25% in CGT.