Current superannuation balance

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Reference no: EM133971563

Question

Thanh has a capital gain from the sale of a business of $1.5 million. His current superannuation balance is $500,000. He has the full CGT cap available. After seeking advice from Thanh's accountant, you confirm he qualifies for the 15-year exemption. What is the effect of this for Thanh? Thanh cannot make a contribution under the exemption because his superannuation account balance is too high Thanh cannot make a contribution under the exemption because his total superannuation account balance will be over $1.9 million after the contribution Thanh can make a contribution under the exemption, and the contribution does not count towards his non-concessional contributions cap Thanh can make a contribution under the exemption; however, the contribution will count towards his non-concessional contributions cap, so he is limited to a maximum of $330,000.

Reference no: EM133971563

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