Provided you make the contribution before September 28 (28 days after the month after your 75th birthday) you could use the bring-forward rule and contribute up to $330,000 as a non-concessional contribution. This is based on the premise that your super fund balance is not too large to accept those kind of contributions. It won\u2019t eliminate the taxes, but it will significantly reduce the taxable component and so reduce the tax.<\/p>\n
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Credit: <\/span>iStock <\/cite><\/p>\n My spouse and I have a joint holding of more than 1000 listed shares valued at $23 each. We have a combined capital gain of $8000. Both of us are retired. My spouse has a yearly income outside super of $10,000 (we expect this income to end in the next few years), and I have a taxable defined benefit pension. Is it worthwhile doing an off-market transfer to my spouse? I thought this may be more effective from a taxation aspect as she won\u2019t have a taxable income when she stops work.<\/strong><\/p>\n The total gain is just $8000, which will fall to $4000 after the 50 per cent discount for owning the shares for over 12 months. Only 50 per cent will be applicable to you as you are a 50 per cent owner, so CGT will be minuscule. It\u2019s a good idea, because you have an income for life, and the shares should grow in value.<\/p>\n I am 30 and about to move into my partner\u2019s house and rent my house out. I have a loan of $450,000 on my place. If I originally got the loan for my residence and then rent it out, is it correct that I cannot claim the interest as a tax deduction? Would it be better to refinance the loan as an investment loan and pay interest only?<\/strong><\/p>\n You can\u2019t claim a tax deduction for interest when you buy a residence because the purpose of the loan is for a private purpose. However, a loan can change character \u2013 once the house is available to rent, you can claim all outgoings as a tax deduction. Furthermore, there may be depreciation items on the house which may give you a tax deduction with no outlay of money. I think it is best to leave the loan as it is \u2013 if it\u2019s over a 30-year term, the interest component would be little different from interest only.<\/p>\n A home loan can change character once the house is available to rent.<\/span>Credit: <\/span>Louise Kennerley<\/cite><\/p>\n I intend to retire in a couple of years. As a dual national, I have moved back to the UK. As an Australian citizen living abroad what, if any, government pension entitlements would I be eligible for when I reach 67? I have worked full-time in Australia for more than 30 years.<\/strong><\/p>\n A Services Australia spokesperson tells me that they understand that planning for retirement and getting ready to claim the age pension can be a complex time, especially for people who are living overseas. This is why they have a specialist international services staff who can give people information about eligibility. To be eligible for the age pension, a person needs to be age pension age and meet certain rules, including rules about residence.<\/p>\n On the day a person claims the age pension, they generally must be an Australian resident who is living in Australia and also be physically in Australia. If a person is living in a country that has a social security agreement with Australia, they may be able to claim age pension from there. Australia does not have an agreement with every country.<\/p>\n If a person returns to live in Australia after having lived overseas, and is granted age pension, they need to live in Australia for a total of at least two years before they can take their pension overseas. If they leave Australia during that two years their age pension will stop on departure.<\/p>\n Centrelink encourages people to discuss their specific circumstances by calling the Centrelink international services line on 131 673. People who are living overseas can go to servicesaustralia.gov.au\/phoneus to find the Centrelink international numbers.<\/p>\n<\/p>\n