I have asked a question previously regarding the 6 yr rule. Essentially I brought my home in 2009, moved into my partners property in 2017 and rented out. From further reading, I don’t believe I would be eligible for the 6 yr rule when selling my house, even though I dont co-own my partner’s house, as I have had tax deductions against his house for my small online business expenses for a number of years and therefore it could be construed as my main residence. Does that sound right?
Anyway, I am selling my house, and will have around $300K to put into Super. I am 60 yrs old and understand that any contributions I make into super will not be accessible until I stop work or reach 65. According to the ATO I have concessional contributions of $112K available from previous 5 yrs and $120K in non concessional contributions which I can bring forward to $360K. I understand that I can make a concessional contribution to super from the sale of the house even though it has been taxed and will be taxed again at 15%. I assume it would be considered income and if I didnt put it into super I would be taxed at 30 odd %? I could then put some as a non concessional contribution. I understand if I make a concessional contribution I would have to claim a deduction on my tax and it would reduce my CGT? Does this make it a better option than putting it all into super as a non-concessional contribution?
This stuff is doing my head in :(
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