Why I WON'T Use Salary Sacrifice For FHSS Scheme
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- Опубликовано: 24 июл 2024
- There are four problems with salary sacrifice when using the First Home Super Saver Scheme (FHSSS). There is a much better alternative!
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📚Disclaimer
This video is for educational purposes only and is not intended as financial advice. Always conduct your research or consult a professional before taking action based on this content.
#fhss #fhsss #personalfinance #salarysacrifice #supercontribution #firsthomesupersaverscheme #firsthomebuyeraustralia #australianrealestate
⌚️Timestamps:
00:00 Intro
00:38 The 4 Problems With Salary Sacrifice
04:14 The Better Alternative
06:16 An Example To Compare Salary Sacrifice And The Better Alternative
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I like this approach because as a casual employee my employer does not do salary sacrifice
Thanks for your comment. I'm glad the approach discussed is helpful for you. 😊
Your articulation is super simple, and helpful. Love the easy animations with description... You are one of the rarest gem!!!
Could you also talk about other super topics like carry forward contributions, cap limits
Thank you so much for your kind words! I'm glad you find the content helpful.
Thanks for the suggestions-I'll be releasing a video tomorrow covering super strategies including carry forward contributions and cap limits. Stay tuned! 😀
Video suggestion topic: The five year rule for superannuation-salary sacrifice contribution thresholds.
I learned this myself after accidentally exceeding my annual threshold one year but after learning about it, I did some calculations and topped up my super so as to use up all of my five-years' worth of threshold.
A video might benefit alot of other people though as most people I discuss this with don't know about it. Great work.
Thank you for the suggestion! My next video about superannuation strategies to save tax includes salary sacrifice, personal deductible contributions, the 5-year carry-forward rule, and other strategies. Stay tuned!😀
I think "carry-forward concessional contributions" would allow you to claim more than a 27.5k tax deduction in a financial year if you have unused contributions from the previous 5 years. They definitely could make it clearer in stating what is claimable in future years since im pretty sure all funds must be contributed and determination created before you sign any house contract.
Thanks for the video, I was not aware that I needed to request my super fund for an intent to claim.
Hi there, thank you for your comment! I'm glad you realize the need to request a notice of intent to claim a tax deduction; that's very important.
Carry-forward super contributions can be a great strategy to use in the FHSSS context as well for some people. You are right that a determination is needed before signing a first home purchase contract, but this is changing from the 15th of September 2024. I'm releasing a video on this very soon, so stay tuned. Also, you might find my video on super contribution strategies useful. ruclips.net/video/B1SdtUSXNEM/видео.html&ab_channel=RuiShi
Thanks again for your support! 😊
On the ATO it states that: You can withdraw up to $15,000 of your voluntary contributions from any one financial year, up to a total of $50,000 across multiple years, plus associated earnings.
What I'm confused about is that if you smartsalary and contribute $15,000, this gets taxed 15% when you put it in your super. Meaning it reduces the amount elegible to put towards FHSS to $12,750.
Does this then mean that you need to over-compensate your voluntary contributions to $17,647 in order to actaully withdraw $15,000 after tax when the time comes?
Or do you simply contribute the $15,000?
Thnx for your time Rui!
Thank you for your question!
You don't need to over-compensate. You simply contribute $15,000. The $15,000 limit is based on your pre-tax contributions, not the after-tax amount.
Hope this helps! 😊
Hey Rui , really nice video ! I was wondering if I could help you with Highly Engaging Thumbnail + Video Editing which will surely increase your CTR & AVD which will help your videos to reach to a wider audience ! Please Lmk what do you think ?
Hi there, thanks for reaching out and for the kind words! 😊Right now, I'm managing everything solo due to budget constraints, but I'll keep your offer in mind for the future. Really appreciate it! x
When can we withdraw the amount under both circumstances? Salary sacrifice and personal deductible.
If i need to buy new house, and I’m following “personal deductible contribution”, can I withdraw the contributed amount to buy new house?
Thank you for your question! Provided you meet the eligibility for using the FHSSS, you can withdraw the personal deductible contributions you made, up to the prescribed limit. For more detailed information, check the ATO page: www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/first-home-super-saver-scheme
Hope this helps! 😊