Should I move my shares into my super?
Q.
I am 61 years old and work three days a week. I have already
arranged salary sacrifice into super with a TRAP of the same amount
to supplement my income. I have a portfolio of shares outside super
with an approximate value of $300K at today's price - fully DRP'd.
The TRAP ($200k) is invested in the balanced option and super of
$80k also in balanced. Is it advisable to arrange selling my shares
out of super and doing an "off market transfer" into super? I have
held my shares for about 10-15 years. CGT was considerable until
the bottom fell out!
A.
I agree that you should be trying to move your shares into super
to save tax. There is likely to be some capital gains tax involved,
but you may be able to eliminate this if you are in a position to
make a tax deductible contribution to super. Alternatively you
could reduce your income by heavily salary sacrificing your
existing income.
Each week financial advisor Noel Whittaker answers your
questions.
