EOFY strategies that you need to hear!

TL;DR

This video provides essential strategies for maximizing superannuation contributions before the end of the financial year.

Transcript

g'day and welcome to this week's video my name's robert goudie and as i mentioned last week at the end of the the video where i covered off on understanding your tax rates we're going to do some end of financial year playing some strategies so really the things that you should be thinking about as you go into into June and lead-up to the end of the... Read More

Key Insights

• 🤕 Superannuation contribution rules vary based on age, with flexibility for those under 65 and limitations for those over 75.
• 🚕 Concessional contributions, taxed at 15%, can lower personal income tax rates and have a cap of $25,000 per year.
• 🤑 Non-concessional contributions allow after-tax money to be put into superannuation, with a cap of $100,000 per year or $300,000 over three years.
• 🥶 Co-contributions provide a 50% return on investment, with the government giving $500 for every $1,000 contributed.
• 🚕 Spouse contributions offer an 18% tax rebate for up to $3,000 contributed.
• 🤳 Self-managed superannuation fund trustees have the responsibility to ensure minimum pension payments are paid out within the required timeframe.
• 👲 It is recommended to revise caps for concessional contributions and take advantage of government contributions for yourself, spouse, or eligible family members.

Questions & Answers

Q: What are the rules for contributing to superannuation based on age?

Those under 65 can contribute regardless of employment status, while those over 65 need to meet a work test. Contributions stop at age 75.

Q: What are concessional contributions and why are they attractive?

Concessional contributions are taxed at 15% and can lower personal income tax rates. Employer contributions and salary sacrifice arrangements are included within the $25,000 cap.

Q: Is there a limit to non-concessional contributions?

There is a cap of $100,000 per year for those under 65, and the ability to bring forward two financial years' worth of contributions. Those between 65 and 75 are limited to the $100,000 cap and need to meet the work test.

Q: How do co-contributions and spouse contributions work?

Co-contributions provide a 50% return on investment, with the government giving $500 for every $1,000 contributed. Spouse contributions offer an 18% tax rebate for up to $3,000 contributed.

Summary & Key Takeaways

• Superannuation contribution rules vary based on age, with flexibility for those under 65 and limitations for those over 75.

• Concessional contributions, taxed at 15%, can lower personal income tax rates and have a cap of $25,000 per year.

• Non-concessional contributions allow after-tax money to be put into superannuation, with a cap of $100,000 per year or $300,000 over three years.