June 30 Checklist: Save tax, boost super, retire happy! | Summary and Q&A

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April 27, 2023
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Investor Motivation
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June 30 Checklist: Save tax, boost super, retire happy!

TL;DR

Learn about various strategies for end of financial year planning, such as concessional contributions and co-contributions, to save on taxes and increase retirement funds.

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Key Insights

  • 💾 End of financial year planning can help individuals save money, increase retirement funds, and take advantage of tax-saving strategies.
  • 🚕 Concessional contributions allow for tax deductions and reduced tax rates on contributions, providing substantial savings.
  • 🥶 Co-contributions offer additional contributions from the government, effectively increasing retirement savings.
  • 🧑‍🤝‍🧑 Spouse contributions can provide tax rebates and enable couples to boost their superannuation balances.
  • ✋ Non-concessional contributions can be useful for individuals with excess savings looking to minimize taxes and invest in higher-return options.
  • 🚕 Timing contributions wisely and utilizing unused concessional contributions can maximize tax savings and optimize superannuation balances.
  • 🥺 Planning for retirement early and consistently implementing these strategies can lead to significant retirement savings through compound interest.

Transcript

foreign and welcome to this week's video my name is Robert Gowdy and this week what I thought we'd do like we do most here is a end of financial year planning now I'm recording this uh mid-april a lot of people in the past used to leave their end of financial year plan right to the end but thought I'd get this done nice and early so people can know... Read More

Questions & Answers

Q: What are concessional contributions, and how can they help save taxes?

Concessional contributions involve putting money into superannuation to reduce income tax. By contributing up to $27,500, individuals can save on taxes, with those on the highest marginal tax rate potentially saving 32%.

Q: How can unused concessional contributions be utilized?

Individuals who have unused concessional contributions from prior years can utilize them if their superannuation balance was not over $500,000 on June 30 of the previous year. This strategy can be useful for individuals with one-off events like farm sales.

Q: How do co-contributions work, and who is eligible?

Co-contributions provide a 50% return on personal contributions up to $1,000. Individuals earning less than $42,000 (gradually phasing out at $58,000) can benefit from this strategy, compounding their contributions over time.

Q: How can spouse contributions help save taxes?

Making spouse contributions of $3,000 to a spouse's superannuation fund can result in an 18% tax rebate for the contributing spouse. This strategy is beneficial for couples where the receiving spouse earns $37,000 or less.

Summary & Key Takeaways

  • The video discusses different strategies for end of financial year planning to save money and increase retirement funds through superannuation contributions.

  • Concessional contributions allow individuals to reduce their income tax by contributing up to $27,500 into superannuation, saving on taxes.

  • Co-contributions offer a 50% return on personal contributions up to $1,000, benefiting individuals earning less than $42,000.

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