I'm a little confused. I had asked my employer to make an extra pre-tax contribution and have claimed it back upon tax time but don't remember ever filling out any form?
Thanks Ethan, very good video! How are carry forward concessional amounts integrated into your future tax? Say for example I have $85,000 unused concessional contributions from the previous 5 years. Can I only add portions of the $85K to increase my concessional amount for the current and future years, or can I dump the whole $85K into the current year...and go past the concessional limit? I'm guessing the first one but I'd love to see what you know about this. Cheers.
You need to check your carry forward limits. You can then use them in a future year and go over the limit for that year. Definitely get some personal advice as it could have large tax implications.
Really great explanation Ethan. When you make the non-concessional bring forward contribution (in my case $330k) - are there forms to be completed with the super fund? Assuming also that if you add the $330,000 before June 30, you can then add another $110k from July 1 - making it $440k in a very short time.
Hi Ethan, would you be able to make a video detailing the First Home Super Saver Scheme in more detail? Detailing the tax benefits from FY24 onwards? Love your videos
Hi Ethan! Thanks for this great, informative video! Just wanted to ask a question. Do you need to lodge a notice of intent to claim for salary sacrifice contributions, as well?
As a follow on to above question. If say I ask my employer to pay $5k from my bonus, does that count as salary sacrifice or concessional contribution I can deduct? I am taking it from carried forward balance.
Thanks for the video. Just wondering if we wanted to make additional concessional contributions directly to your super fund do you need to contact and let ATO know as well? Speaking to my superfund online they said i do but i cant find anything online about this. Only thing i see is fill in Notice of intent form. Is it correct in thinking the following step is what is needed: 1. Put in the amount you want to contribute into your Super Fund 2. Fill out the Notice of Intent form and send to your super fund is that it? thanks!
No, the ATO will receive the notification from the super fund that a concessional contribution has been made. Yeah that is correct, make the contribution and fill out the notice of intent form.
Dear Ethan, Could you kindly assist me with the following general enquiry: Example Scenario: Suppose I have $60,000 of unused concessional contributions from the last five years, and my total superannuation balance was less than $500,000 as of 30 June 2024. I also made the following contributions: $5,000 in concessional contributions from my employer $40,000 added to my superannuation from my personal savings account Questions: a) What is the maximum amount I can claim as a tax deduction when I submit a Notice of Intent to claim a deduction for my FY 2025 tax return? b) Since I have $60,000 of unused concessional contributions from the past five years, can I claim the full $40,000 of my personal contribution as a tax deduction (i.e., convert non-concessional contributions into concessional contributions) to reduce my taxable income, or am I still limited by the concessional contributions cap of $30,000 for 2024-2025? Thank you so much for your time and assistance. I look forward to hearing from you.
Would be very interested in your take on services like HNRY. Would also be interested in hearing advice on using a trust effectively when looking to employ my partner through my side hustle etc. if that makes sense 😅 Appreciate your content.
My first thought is, geez they just be spending a lot on advertising 😂 Their pricing is very expensive for a lot of small businesses in my opinion. Yeah definitely can talk about trusts more!
Hi Ethan, I am a sole proprietor, paying $300 super/week. paying as a non-concessional, personal contribution, can I claim tax deduction on this contribution?
You would need to fill out a notice of intent to claim to change to a concessional contribution. Seek advice from a financial planner or a tax agent on the tax implications.
Also my wife didnt work for a year and her balance on super was below 6k and ATO took it. Now she is employed again and uses the same super fund does she need to do anything because I can't see any recent contribution from the employer. Cheers
What do you mean the ATO took it? The ATO don't take away people's super? The employer will likely be paying super quarterly, so if it hasn't been that long yet, it might not be due for payment yet.
You contradict yourself. You say that you can claim non concessional super contributions on tax and later you say you can't claim non concessional super contributions on tax.
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As we come into tax time, what topics do you want to see me cover?
Division 293 tax
@@justinmcellin5722 Done a video on that a couple of weeks ago
Best video on super I have seen yet
Super clear compared to most other info out there
Thanks, glad you found it helpful!
Quality content mate❤
Thanks!
I'm a little confused. I had asked my employer to make an extra pre-tax contribution and have claimed it back upon tax time but don't remember ever filling out any form?
That is different to making a personal after tax contribution.
Thank you bro, got your point.
You're welcome
Thanks Ethan, very good video!
How are carry forward concessional amounts integrated into your future tax? Say for example I have $85,000 unused concessional contributions from the previous 5 years. Can I only add portions of the $85K to increase my concessional amount for the current and future years, or can I dump the whole $85K into the current year...and go past the concessional limit? I'm guessing the first one but I'd love to see what you know about this. Cheers.
You need to check your carry forward limits. You can then use them in a future year and go over the limit for that year. Definitely get some personal advice as it could have large tax implications.
Really great explanation Ethan. When you make the non-concessional bring forward contribution (in my case $330k) - are there forms to be completed with the super fund? Assuming also that if you add the $330,000 before June 30, you can then add another $110k from July 1 - making it $440k in a very short time.
I believe they will just treat them as non concessional anyway. Yeah that would be correct!
Hi Ethan, would you be able to make a video detailing the First Home Super Saver Scheme in more detail? Detailing the tax benefits from FY24 onwards? Love your videos
Thanks for the suggestion.
Glad you're enjoying the videos!
Hi Ethan! Thanks for this great, informative video! Just wanted to ask a question. Do you need to lodge a notice of intent to claim for salary sacrifice contributions, as well?
No as you’re already claiming them directly, you don’t claim them in your return
As a follow on to above question. If say I ask my employer to pay $5k from my bonus, does that count as salary sacrifice or concessional contribution I can deduct? I am taking it from carried forward balance.
@@lionheart1727 If it is reported through payroll, it will already be reported. Check with payroll though to find out how it has been processed.
Can you discuss the spouse offset If a Spouse deposits up to $3000.00 into partners super fund what are the rules?
The ATO website is a really great source on this. They have the up to date rules on how you can be entitled to this.
Thanks for the video. Just wondering if we wanted to make additional concessional contributions directly to your super fund do you need to contact and let ATO know as well? Speaking to my superfund online they said i do but i cant find anything online about this. Only thing i see is fill in Notice of intent form.
Is it correct in thinking the following step is what is needed:
1. Put in the amount you want to contribute into your Super Fund
2. Fill out the Notice of Intent form and send to your super fund
is that it? thanks!
No, the ATO will receive the notification from the super fund that a concessional contribution has been made. Yeah that is correct, make the contribution and fill out the notice of intent form.
@@EthanRooshock thanks again! you were much more help than the guys at the superfund help line
Dear Ethan,
Could you kindly assist me with the following general enquiry:
Example Scenario:
Suppose I have $60,000 of unused concessional contributions from the last five years, and my total superannuation balance was less than $500,000 as of 30 June 2024. I also made the following contributions:
$5,000 in concessional contributions from my employer
$40,000 added to my superannuation from my personal savings account
Questions:
a) What is the maximum amount I can claim as a tax deduction when I submit a Notice of Intent to claim a deduction for my FY 2025 tax return?
b) Since I have $60,000 of unused concessional contributions from the past five years, can I claim the full $40,000 of my personal contribution as a tax deduction (i.e., convert non-concessional contributions into concessional contributions) to reduce my taxable income, or am I still limited by the concessional contributions cap of $30,000 for 2024-2025?
Thank you so much for your time and assistance. I look forward to hearing from you.
How do people avoid super 30% tax on 300k aud per year salary? Cheers
Earn less than $300K, easiest way haha
There's not much you can do when it's a salary unfortunetly.
Can you take the money out before retirement?
Not unless you meet one of the conditions of release.
Would be very interested in your take on services like HNRY. Would also be interested in hearing advice on using a trust effectively when looking to employ my partner through my side hustle etc. if that makes sense 😅
Appreciate your content.
My first thought is, geez they just be spending a lot on advertising 😂 Their pricing is very expensive for a lot of small businesses in my opinion. Yeah definitely can talk about trusts more!
Hi Ethan, I am a sole proprietor, paying $300 super/week. paying as a non-concessional, personal contribution, can I claim tax deduction on this contribution?
You would need to fill out a notice of intent to claim to change to a concessional contribution. Seek advice from a financial planner or a tax agent on the tax implications.
Also my wife didnt work for a year and her balance on super was below 6k and ATO took it. Now she is employed again and uses the same super fund does she need to do anything because I can't see any recent contribution from the employer. Cheers
What do you mean the ATO took it? The ATO don't take away people's super?
The employer will likely be paying super quarterly, so if it hasn't been that long yet, it might not be due for payment yet.
You contradict yourself. You say that you can claim non concessional super contributions on tax and later you say you can't claim non concessional super contributions on tax.
Can claim concessional contributions only. Not sure where I said non concessional?