Thank you! Info on how the earnings are taxed is very helpful

@SuperGuyAu

Жыл бұрын

You're welcome, Anh. Glad it was helpful.

Thank you ..

@SuperGuyAu

Жыл бұрын

No problem, Eddie.

Hi Chis, love your work. question, if the super is paid to an estate does that then make the taxable component taxable by default?

@SuperGuyAu

Жыл бұрын

I don't believe so. My interpretation is that only the portion that is paid to non-tax dependants will be taxable - just as it would have been if paid directly from super.

great video 👍🏻, i would like some concrete examples on the terminology you used though.

@SuperGuyAu

Ай бұрын

Sure, can you be more specific with the terminology you are referring to?

@ShaneWi11iams

Ай бұрын

@@SuperGuyAuThe meaning of concessional and non-concessional, the concessional is from the employer? I checked my Australian Super, and this is not clear. I am living overseas and just add my own contributions, these are registered as personal contributions. Is this a non-concessional contribution? Just some visual examples through the video; the charts are good, but it would make it more concrete. Thanks.

Hi Chris, my Defined benefit allow up to 50% of the defined benefit to buy a Plan- Defined Benefit Retirement Pension. The other half can be taken as a lump sum or any part can be use to buy a Purchased Pension. My understanding is the Defined Benefit retirement pension is not taxable after 60. Will the other half be taxable? Thanks in advance for you response.

@SuperGuyAu

10 ай бұрын

Defined benefit schemes can be structured differently. Some are untaxed plans and some are taxed plans. Untaxed plans generally incur tax on withdrawals or rollovers to another fund - even if over 60, whereas taxed plans do not. You should ask your defined benefit provider if it is a taxed plan or untaxed plan.

If this then that, then it might be this, or it could be that, or this or that… this whole thing is an utter nightmare. It seems to me that the finance industry has made super management as complicated as possible to make sure they have jobs to explain and manage all this complexity.

@SuperGuyAu

4 ай бұрын

I don't disagree. It's like all laws, I suppose. They add more and rarely take away any!

All very confusing, thanks anyway! My situation is different from most……I am 60 and not working but earning some income from capital gains. Can I avoid paying CGT (or at least some) by dumping profits into my super?

@SuperGuyAu

7 ай бұрын

Most 60 year olds are generally eligible to make tax deductible contributions to super. You should discuss your options with your accountant and financial planner.

Chris, do you know any retail or industry funds that actually show the tax components when members log onto their accounts? I watched this video when it first went up and have returned to it today because I could not find anywhere in our two super funds where the taxable and tax-free component is shown. My wife and I have contacted each of our fund managers and asked the question, but yet to receive and answer.

@SuperGuyAu

Жыл бұрын

Most retail superannuation accounts will show it when you login online. Some industry funds, too. You might be able to ask your super fund over the phone for an an 'account rundown' that can be emailed to you. Otherwise, there should be no reason why the person on the other end of the line can't tell you the tax components of your super on the spot. We get this information for our clients from a range of super funds everyday.

@Michael_Mears

Жыл бұрын

@@SuperGuyAu Thanks, Chris. You wouldn't read about it, but I got a reply from my fund today. An email with a screenshot from their software (not the membership portal). I don't know why they can't put this information somewhere on the page when I log on, but at least I now know. It's currently 28% tax free. Thanks for your reply, and for the video.

@SuperGuyAu

Жыл бұрын

@@Michael_Mears Glad to hear you got the information you needed.... eventually!

Any changes from July 1 2023?

@SuperGuyAu

Жыл бұрын

Yes, each year there are generally at least some changes to superannuation. Some are minor, some are major. The list is too long for here, unfortunately.

Thanks I will stick to living of my dividend stocks and stay in control of my returns thanks don’t trust super accounts 🤔😉🙏👍😃

@SuperGuyAu

5 ай бұрын

Shares can be owned within super. Super is merely a tax structure that offers tax concessions.

Avoiding tax is not a good idea. How else are we going to be able to pay for those nuclear submarines let alone the cost of running them. Called reverse lend lease. We pay for them and run them for the U$A and offer ourselves as a nuclear sponge to absorb strikes that otherwise have hit the USA. Fantastic deal....for the U$A.

@SuperGuyAu

Жыл бұрын

Haha, I don't know Peter. I just know super.

98% of people can spell unnecessary

@SuperGuyAu

4 ай бұрын

Thanks for watching!

Would be nice if explained in dummy language not reading off a script that only you understand. But thank you, I did try to understand as much as I possibly could

@SuperGuyAu

Жыл бұрын

Sorry!!! Yes, tax components within super are a complex topic. Many financial advisers don't even understand completely how they work. You did well to pick up on as much as you could. I'll try to explain future topics better.

@anthonywalsh2164

Жыл бұрын

I suggest rewatching the video. I found it helpful to watch it a few times in order to digest it. Descartes thought you need to read philosophical texts three times in order to understand them. The same holds for super with its complexities.