With a mortgage I still think every $1 earned is better into the mortgage than superannuation.

Very informative. Thank you for taking the time to create the content.

@SuperGuyAu

Ай бұрын

You're welcome. Glad you enjoyed it!

My retirement is close at hand. I've contributed the maximum amount allowed under the concessional rules up to 30 June 2024. I'd like to deposited a considerable amount of non-concessional funds. Please do a video on the pros and cons of starting a second super' fund for non-concessional funds so that any money that remains as inheritance in the second fund for my children is not taxed. Love your KZread videos. Please keep up the great work.

Thank Chris - great content as always. I would love to hear about super strategies for high income earners, especially those with family trusts.

@SuperGuyAu

2 ай бұрын

Thanks! I'll add it to the list.

Can you please do a video on novated leasing?

Great tips!

@SuperGuyAu

2 ай бұрын

Glad you like them!

Hey SuperGuy. Love your channel. Just wondering if you’ve heard of a Victorian Education department (potential) discrepancy of teachers contributions over the December leave loading since 1996. It’s huge. Have you heard anything about this? Would love to see a video on this (so would 127,827 Victorian teachers!)

@SuperGuyAu

2 ай бұрын

Yes, I've briefly heard it. Thanks... I'll check it out.

I am interested in more info on TTR Strategy. TTR Strategy from 60yr? How does it work? Does the salary sacrifice portion need to be under $27k , how do you save tax

can I benefits the same way as TTR from my SMSF account while I'm still working (PAYG)?

Hi Chris, loving the Australian flavour of your videos. Is it correct that once you reach 75 years of age you cant use the recontribution strategy? We were told this by a Super Company recently.

I currently do 5% salary sacrifice I’m 56 next month and would love to retire at 60.

@SuperGuyAu

3 ай бұрын

Nice!

Once a TTR strategy is started, isn't the TTR account locked in for paying 4-10%, and if recontribution, it is added to an accumulation account, not the TTR account directly?

What is required for notifying super fund for spouse contribution?

I have a question I retired on a defined benefit super Federal I can’t change it so I get 50k but I have been offered a job 100k can I just pay my DB into another super as a conditional and non conditional and about half of that 50k is non taxed? I have 4 years no super payments as I was on super. Sorry if this question is to complicated

You’re So informative 👌 Do you think they’ll raise the preservation age @ some point?

@SuperGuyAu

3 ай бұрын

Thanks! Not sure. It has gradually increased from 55 to 60 over the past 5 years. It would be a brave government to increase it again any time soon.

Why no mention of non concessional contributions?

Great video, can you have mutiple pension accounts within the same super company? IE. I have a large pension account, as my accumulation account grows again, can i start a new pension account

@SuperGuyAu

2 ай бұрын

You sure can! Or you can combine them into one.

Can CGT work for an investment home where 600K capital gains are apparent? 32 liked and awesome video with much to think about.

@dadoftwinsau

3 ай бұрын

CGT is always payable on investment properties, however, if you retire and have no income the following financial year, when you sell the CGT drops from 30% down to as low as 10%. Chris did a video on this a while back. Here’s the link: kzread.info/dash/bejne/n6N6vMptlty2cag.htmlsi=Tv0ZLQV_rpk1hnYg

@SuperGuyAu

3 ай бұрын

You mean the CGT retirement exemption? This relates to an active business only - not an investment property.

If you do a recontribution after you turn 65, does the recontributed amount earnings then become non taxable.

@SuperGuyAu

3 ай бұрын

Earnings within pension phase are tax-free and earnings within an accumulation account or TTR pension are taxable.

Once you set up a retirement fund is this investment capital still at risk of market pressures. That is could it fall in value due to say a share market crash? Or is it guaranteed like a bank account

@TheSuperdodgy

Ай бұрын

Yes. It can definitely flucuate and at the mercy of the market.

@francisvlatko2834

Ай бұрын

The only guarantee you have is the government $250k on bank accounts and term deposits. Everything else is a risk/reward strategy.

I must of missed it, what age can I start TTR?

@SuperGuyAu

3 ай бұрын

Depends on your superannuation preservation age - but generally 59 or 60. See here kzread.info/dash/bejne/fZxnlZiPpcu9ndo.htmlsi=L1Krm9TqLA5dJSga

If I have an allocated private pension (transferred from a super accumulation account), I am over 60 will I NOT reconvert the tax break of 0% on earnings : 1. If I am a resident of any overseas country (solely ) amd non resident for tax purposes in Australia , 2. I am a resident for tax purposes in both Australia and the overseas country I live in (Indonesia )?

@SuperGuyAu

2 ай бұрын

Tax on superannuation earnings is levied at the superannuation fund level (Australian entity) not the member level. Therefore you residency shouldn't affect earnings. The pension payments, however, may be taxable in your name both under Australian tax law and the country you reside in - depending on the tax components of your super, your residency status and the other country's tax rules.

@darrenaustralia3623

2 ай бұрын

@@SuperGuyAu my super is an accumulation fund where I pay 15% on contributions, so after 60 why if I receive say a $2000 per fortnight payment from my allocated fund would I be taxed on that ? Many thanks

Hay good information. i have one problem for superannuation my empoly he submit my ato account super $745,76 but my cbus account i get $67.76 so now im what to do? Can you give me advice please. Thanks

@SuperGuyAu

24 күн бұрын

This may help www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/unpaid-super-from-your-employer

Hello Chris, are you sure investment returns within your super fund is taxed? I noticed only SG contributions and salary sacrificed contributions were taxed @ 15% by my super fund. I'm confused now.

@SuperGuyAu

Ай бұрын

There's a difference between contributions tax and earnings tax. Contributions tax of 15% is paid on SG and salary sacrifice contributions, whereas earnings tax is paid on investment income and capital gains within the account at a rate of up to 15%.

@Eagleeye644

Ай бұрын

@@SuperGuyAu thanks Chris, my super fund shows only the 15% contribution tax, and never show investment income tax. Is the later shown net of tax rather than tax separately?

Great information .. just a question At 67 can i withdraw 700k of my super and spend it all, lets say within 2 years, and then apply for the age pension.. is that possible.. or does centrelink question why you spent it all.!???.

@SuperGuyAu

2 ай бұрын

No, they don't. You can do what you like with your money. They only want to know about it if you gifted it to someone else.

@petepana1140

2 ай бұрын

@@SuperGuyAu is the 700k taxed as a lump sum..

Hi Super guy you are talking about salary sacrifice but i contributed my own money which was already taxed and they took out 15 percent tax. So i got taxed twice. Why is that?

@SuperGuyAu

Ай бұрын

Because presumably you will be claiming a tax deduction for it which will reduce your tax by more than 15%. Discuss with your accountant.

I am 67 years old . I recently sold an investment property and now have a lump sum which I would like to set up an allocated pension to generate an income stream. Am I allowed to have a tax deduction when I use the sale proceeds to set up the income stream? Do I get a CGT exemption when I use the sale proceeds to set up the income stream? How do I claim the tax deduction?

@SuperGuyAu

Ай бұрын

There are ways to minimise the CGT payable resulting from the sale of an investment property by making contributions to super. I would suggest seeking personal financial advice

@mimichow5186

Ай бұрын

Thank you for your response

Asking for a friend, she is 50yo, never married, no children. Owns her home (2m, no debt), an investment property (2m, no debt), 1.8m share portfolio, 1.5m in super (she had thrifty parents) She is planning to retire at 60 (upon preservation age) and move overseas permanently She is worried that she has to pay a lot of non resident tax on the income generated by her assets in Australia Is there any way to minimise this? Thank you

@kayemmae6733

3 ай бұрын

smart woman!! But sounds like she can afford to speak to a tax agent to advise on this

@JamesDean6133

3 ай бұрын

@@kayemmae6733 doesnt hurt to get second opinion

@Oxbow00

3 ай бұрын

Seriously? She is in a rare, privileged position. Well done to her. But given that wealth base and life stage, surely she can afford professional advice, instead of going through a proxy in the comments of a general information video for free.

@craigduffield3963

3 ай бұрын

Why is she going to waste the next 10 years working,she has more than enough to retire now and live a great life.She could sell her own house tax free,live off her dividend and franking credits in share portfolio,superfund earnings are tax free when she gets to retirement age.Good for her,wish I had her problems

@JamesDean6133

3 ай бұрын

@@Oxbow00 already explained above nothing privileged about handwork and thrift, anyone can do it

I have a question. You mentioned that you should take the income from an allocated pension even if you don't need the funds because you can put some of this money back into super. But if you're retired and not planning to go back to work how can you continue to contribute to superannuation. Don't get it sorry. You can't add funds to an allocated pension once you start drawing down.

@bornfree8487

3 ай бұрын

My understanding is that you withdraw an amount from your pension account and make a non-concessional contribution to your accumulation account hence keeping it in a low tax environment as long as your Total Super Balance is not equal or above the TBC and/or you don’t have many assets outside super in which case it would be better to invest outside super given that the tax free threshold for an individual is 18 200 dollars

@Rick-kj9dd

3 ай бұрын

@@bornfree8487 Thankyou. I believed that once you had retired and commenced an allocated pension that under the super rules you were no longer allowed to continue contributing to any accumulation super accounts any more because you had officially retired and no longer working.

@bornfree8487

3 ай бұрын

From the same guide But thanks to changes in super legislation on 1 July 2017, more Australians are now able to make voluntary tax-deductible, concessional super contributions. If you are self-employed you can still do this, but now you’re also eligible if you: Earn salary or wages as an employee Earn investment income Receive a government pension or allowance Receive a partnership or trust distribution Earn income from foreign sources Earn superannuation income.

@SuperGuyAu

3 ай бұрын

You can have both and accumulation account and pension account - even if you are retired. You can generally make contributions to an accumulation account until age 75.

@rodmead4324

3 ай бұрын

​@@SuperGuyAuTop video mate... Again 😊 With 2 accounts, would your super fund charge you more than just having the one account?

5:26 But if you get back into superannuation don't you? Have to pay 15% tax on it… Again?

@rosepitt9664

Ай бұрын

Yes that is what happened to me. They get taxed again so we are paying tax twice. Why?

❤😊

@SuperGuyAu

3 ай бұрын

Thanks for watching!

Pay 'fewer' taxes. Just sayin'.

@SuperGuyAu

3 ай бұрын

Noted!

@radic888

3 ай бұрын

Great job fixing the video's title!

@scottcramer2617

Ай бұрын

Reduce tax liability?