I know someone who has never had a super account and he is 78. He purchased an investment property years ago. Last year he renovated the house and it took him all year working almost full time hours. Then he sold it for a profit.
Is he able to claim the work hours renovating the house to meet the work test, and add the profit to a super fund for a cgt deduction despite being 78 years old?
Thanks!
Is he able to claim the work hours renovating the house to meet the work test
No - even if under age 75
and add the profit to a super fund for a cgt deduction despite being 78 years old?
No - from age 75, only possible super contributions are downsizer and employer SG.
Is he able to claim the work hours renovating the house to meet the work test
No - even if under age 75
and add the profit to a super fund for a cgt deduction despite being 78 years old?
No - from age 75, only possible super contributions are downsizer and employer SG.
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