Thank you for this information. I had contemplated selling my townhouse and using the Downsizer option but I have not been here 10 years. But perhaps after selling I could do the Bring Forward rule, making sure I do the $110K after the sale in the first financial year and then the next financial year do the 330K ......so much to think about when planning for retirement.
75, wow I can only dream to live that long. An entire lifetime of pain and suffering tell me no. That's the benefits of being a large male who is deemed only good for physical labour.
658th...Thanks. Im new here. Is it possible to withdraw a portion of super for paying debts? Would you mind creating a video next on this topic please?
Thanks for your great videos Chris, they are helping me get my head round the confusing world of superannuation. Right now my wife is not working and therefore no super is going into her account. We are looking at diverting some cash from our monthly savings into her super. Am I correct in thinking that we could designate these contributions as either "personal concessional contributions" OR as "non-concessional contributions"? (for the purpose of this question ignore spouse contributions, as I think that I understand this part).? Thanks Pete
You're welcome! Yes, contributions could be personal concessional or personal non-concessional. Or both. It would be best to speak with your accountant/financial adviser around which type is more appropriate each year. Be mindful of contribution caps and age limits on contributions.
Hi Chris - I have a question regarding a Deduction Intention Notice. I assume that would only apply to claiming an end of year contributions for up to $27500 and not if you where depositing a larger lump sum amount? Thanks - great info on this channel!
What is best way to use super contribution when you are on accumulation phase doing salary packaging and salary sacrificing exceed the annual contribution. Or use the non-concessional benefit?
Hi, wondering if you would kindly consider doing a video on the new 3m super cap and taxes. Is it worth contributing to super for those potentially hitting the cap? Thank you Example, 50yo with 1m balance, continues to max out concessional and non concessional contributions every year next 10 years, plus earnings, is very likely to exceed 3m cap by age 60.
It's on the list. In ultra simple terms, if investment earnings in your personal name will be taxed at a rate greater than 30%, then investing within super will still be beneficial.
Hi do you have any tips on how to move to a smsf and invest in bitcoin? Still 20 years away from retirement age in Australia and currently with Mercer super
I am 100% confused. I am retired for 10 years now. My superfund said I must complete a Notice to claim before I open an account based pension. Superfund deducted 15% as tax from my non concessional contribution!. Now my accountant (she was away on leave prior) said that's totally wrong advice from superfund. Pls advise asap. Txs
If you have >$500k balance and have no unused SSCC (I have maxed this out for years) and have never made a post non concessional contribution, is the $110k/$330k contribution option available to you?
4:55 hold up. After tax contributions don't get taxed at 15% they don't get taxed all because they have already been taxed?? You don't get taxed twice? The 15% tax rule is only for low income earners who use BEFORE tax pay (salary sacrifice). Correct me if I'm wrong?
This refers to tax on investment earnings. Yes, non-concessional contributions enter super tax free, but when they are invested within an accumulation account all earnings are taxed up to 15%. But, when you eventually convert the balance to pension phase, all earnings are tax free.
@@SuperGuyAuoh so when they're in the accumulation phase, in addition to the SG and concessional contributions getting taxed at 15% on the way in, the dividends and capital gains from the earnings of those investments gets taxed at a further 15% behind the scenes? And then in the pension phase, is whatever is left after those contribution taxes and investment taxes then able to be accessed tax free? So you would still pay investment taxes for ~40 years that you're holding it? Or once you convert your funds to pension then do you get back all the money that was taken for the investment funds?
Hi Chris. I have a SMSF which I have contributed funds to and would like to claim this as part of my concessional super. Does a notice of intent submission apply for your own SMSF?
This will depend on what you would like to achieve. You age, the amount of the redundancy and your objectives will determine how much, if any, should be contributed to super.
Hi Chris, it wasn't you, it was my lack of knowledge surrounding retirement and superannuation and highlighted my need for some professional advice... I do usually glean something useful from your vids, but this one I was pretty lost lol
