Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 4 October 2024. Leon’s back in the studio this week. Last week Luke and Nicole talked about the demise of negative gearing and the impact on people who have invested in property.
This week’s topic asks the question: How do you minimise tax on the sale of an asset, such as an investment property that you no longer wish to hold? Thank you for joining us live on 2CC, YouTube or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.
Key topics covered include:
- Consider your own situation, as everyone’s situation is different.
- Can you maximise your superannuation contributions in the year of sale? Timing is key.
- Remember you have an annual limit and a catch-up limit too when it comes to tax deductible super contributions.
- Hold your assets for at least 12 months before selling them.
- Can you use carry forward losses from the past to offset current gains?
- Can you create a new carry forward loss in the same year you’re selling an asset?
- If you’re selling a portfolio of things, spread out the timing across years and after you retire to make the most of your opportunities!
- Don’t forget the 6-year rule in regard to the primary residence.
- Don’t forget about the cost base issues.
- Understand the challenges and benefits before you make the sale transaction – seek financial planning advice and tax accounting advice.
- Luke shares his top strategies for thinking about selling assets and seeking tax advice to minimise tax.
This podcast is also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’
Do you need help with selling assets and investing or retiring?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.
We look forward to your company again and Luke’s book Smart Money Strategy is out now.
