@@GuidedInvestor I think it is mainly a lack of understanding and fear of needing the funds. $10,000 in a savings account for anyone earning over $100k with cashflow positive budgets are both incurring higher tax on any returns and missing out on instant ‘returns’ of making the deductible contribution. If someone comes into severe poor fortune Super can be accessed. Not using Super is a bet against your quality life in future and your belief in improving your current earning potential. For anyone making the home deposit argument, the First Home Owner Super Deposit Scheme accounts for that in values that matter to most.
Thanks for the informative video. I realise that this is a “repeat” video and was wondering if you think that it is still a good idea to contribute further to super in the current fallen stock market?
Hey Michelle, it really depends on your situation and your risk tolerance but for me personally, I would much rather be investing money now than 6 months ago. That's not to say it can't continue to drop further!
What’s the deadline to hand in the “ Intend to claim “ tax form ? Before July 1st ? Or after July 1st ? If you do tax return yourself, do you need the letter from the super fund saying you hand in the from ?
Good question, I should have included this in the video. You need to lodge it the earlier of, before you lodge your tax return or before the end of the next financial year. Even if you do your tax return yourself, you still need to lodge it. You should keep the letter on file.
Thank you for the video. If a couple earns combined $195,000 and makes a $15,001 concessional super contribution, does this bring their income below the combined $180,000 and therefore avoid paying the extra 1% Medicare levy surcharge?
May I ask if I want to contribute more than the limit of $27500, which means use my take-home pay to contribute (carry-forward concessional contribution up to previous 5 years), am I able to reduce the tax? I have never done any extra contribution before. And do I pay extra tax if I contribute this carry-forward concessional contribution to super, is this subject to 15% once they are in super environment? Then which means I get the benefit in tax return, but I paid 15% within super? If when I die, does this portion need to be taxed again to a beneficiary who is no longer a dependent?
1 year late but still relevant- your example of $100,000pa the $10,000 personal contribution usually would be saved from your salary, Put it in Super and you will pay 15% tax when you put it in so your tax benefit is not as shown in your chart because you paid 15% or $1500 of the $10,000 you contributed in tax! Your $10,000 investment into super becomes only $8500, What am I getting wrong here?
hi there can i ask i need to reduse my income by 15.000 dolars so i can get the family payement higher rates if i add this to my super and claim as 15.000 tax deduction and that meanes my taxable income and final income will be reduse by the 15.000 contribution so my final tax return will less 15.000 dolars thanks in advance
Does the Division 293 threshold of $250K taxable income apply after you have made your concessional contribution? Eg. I have a taxable income of $270K before making a super contribution of $25K. When I make that contribution will my taxable income be $245K and I will not have the contribution taxed with the extra 15%.
