HOW TO SAVE MORE FOR YOUR FIRST HOME ( The First Home Super Saver Scheme explained step by step )
HTML-код
- Опубликовано: 6 дек 2021
- Are you looking at buying your first home the First Home Super Saver Scheme can boost your deposit. Here's how to use it.
There are three important things to know about voluntary super contributions:
1.You can make an arrangement with your employer to salary sacrifice into super; or
2.You can make a voluntary contribution from your after-tax income (such as existing savings) and claim a tax deduction when you file your tax return. To be eligible for the deduction, you need to fill out a "notice of intent" form, send it to your super fund and receive an acknowledgment.
3.There is a cap on the amount of "concessional" or tax-advantaged contributions you can make each financial year. The cap is $25,000 for 2020/2021 financial year, but may be higher if you haven't used the full cap in previous years. Importantly, the cap includes contributions by your employer. If you exceed the cap, you won't get a tax break for voluntary super contributions. You can check your available contributions cap using the ATO's service in your MyGov account.
At the moment, first-home buyers can withdraw a maximum of $30,000 of voluntary contributions under the scheme.
However, the Government recently announced changes, due to kick in from July 1, 2022, to increase the maximum releasable amount to $50,000.
Brokerage Sites I personally use and recommend.
Interactive Broker - ibkr.com/referral/neil227
ETORO Copy trading platform - med.etoro.com/B18699_A109966_...
Stake - Invest in US Stocks and ETFs on Stake. Join today using my referral code neild346 and we can both get a free stock. hellostake.com/au/referral?re...
ETORO Copy trading platform - med.etoro.com/B18699_A109966_...
Hatch NZ - hatch.as/TheAdventurousInvestor
www.sharesight.com/theadventu...
SHARESIGHT - Track Your Portfolio (Get 4 Months Access FREE)
You can also use the link above to try the platform completely free forever on the free plan option. The link above is an affiliate link, so signing up for a paid plan means I will receive a small commission, with no extra cost to you.
Available Plans (In Australian Dollars):
Free Plan: $0/m
Starter Plan: $15/m or $150/yr
Investor Plan: $25/m or $250/yr
Expert Plan: $39/m or $390/yr
Hypercharts website
hypercharts.co/?r=ekZRIQX8
My Camera Gear.
Sony Vlog Camera ZV-1 | Digital Camera - amzn.to/3DHW9j6
GoPro HERO8 Black - amzn.to/3zQEROk
Some of my Favorite Investing books.
Rich Dad's Retire Young Retire Rich: amzn.to/2HzKVoz
The Dhandho Investor: amzn.to/3jtO71W
Invested: amzn.to/2TPR82u
Rule #1: amzn.to/2J0Is6Z
One Up On Wall Street: amzn.to/3jultht
Warren Buffett and the Interpretation of Financial Statements amzn.to/3Bp3DWQ
Subscribe for more Content
/ @neil.denize
HOW TO SAVE MORE FOR YOUR FIRST HOME ( The First Home Super Saver Scheme explained step by step )
For example, if you're earning $60,000 a year, your tax rate outside super is 34.5 per cent, including the 2 per cent Medicare levy.
Meanwhile the effective tax rate of a voluntary concessional contribution to your super is only 15 per cent.
By putting the money in super, you reduce your taxable income, which means you effectively pocket the difference.
"Say you wanted to save $15,000 [in the FHSS scheme], which is the maximum [per financial year], $15,000 pre-tax is only $9,825 in your own name. But it's worth $12,750 in super,"
www.abc.net.au/everyday/how-t...
Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you!
Disclaimer: I’m not a financial advisor. The information contained in this video is for educational and entertainment purposes only. Any recommendations shown during the video should not be considered financial advice and you should consult a licensed financial advisor before making any investment decisions. Books I have read and highly recommend if you are just starting out on your investing journey I recommend starting at the top of your list and working your way down.
Actually a really interesting topic for me, because I have not spend enough time to understand it before and it applies to my personal situation. Much appreciate your summary! 👍🏻
Thanks Neil!
Cheers mate glad you enjoyed it, I have had a couple of people asking about it, so I thought I would look into it a bit.
NZ has some thing similar with kiwisaver which is a better deal, but all and all they are both pretty good options I feel.
Everything in Australia is extremely complicated, and the amount of tax paid is unbelievable. I think Australia will have a considerable amount of homeless people in couple of decades
Helpful summary! Only really knew about NZ and US saving schemes.
The NZ scheme is better I reckon, classic NZ showing the Aussies up lol.
I hope it's better ;P
Thanks for your video, in my case, I’m studying about After-tax non-concessional contributions for FHSS. In this case, when I withdraw all the money I contributed for FHSS would I still need to pay tax for that? I heard once I withdraw it, it counts as taxable income
When you claim a notice of intent to claim a tax deduction, it is taxed at 15%
Hey mate, Im a kiwi looking at moving to Perth in Nov. I have a decent amount in KS. I want to eventually buy property in aus, would you suggest xfering my KS over to Aus or leaving it in Nz until I head back home (5/10years time or retirement)
Cheers.
Hey mate sounds good about moving to Perth I lived in Perth for a few years, I can't give personalised advice. But for me I still have my kiwisaver left back in NZ, if you plan on returning to NZ it might pay just to keep your kiwisaver in NZ, I think the kiwisaver first home scheme is better than the aus equivalent, classic kiwis just showing the Aussies how its done 😆
@@Neil.Denize okay so if I was to buy property in Aus I could still come home and use the first home grant and K/S to buy a house in Nz?
Cheers for the info man much appreciated.
Also been getting into stocks/investing so will be watching alot more of your vids 😁
@@jarrodandrews That's a great question and I'm not sure, it would be worth running it past an accountant, or a kiwisaver specialist. But you would think if it is your first house in NZ then you should be eligible, have to check the fine print lol, sorry mate I couldn't be more help It's something I have not done myself, either in NZ or Aus.
Hey mate nice video, question do you have to salary sacrifice before your aloud to use your super for the first home buyers ? or can you use whatever super you already have and use that for the first home buyers if this makes sense 😅
You can’t use what is already in your super, you can only use additional contributions that you have made to your super (whether that is salary sacrifice or direct deposit into your super). Hope that helps
Thanks for answering Joel that was my understanding as well, I think it would be better if you could use your super not just the additional contributions, but I'm just a simple man, and I'm sure there is a reason why they have structured it that way, maybe the reason is a lot of super providers skim a fear bit of the top of everyone's super in Fees, and if it was tied up in a property they couldn't do that lol.