How To Save Tax with Super Contributions?

Рет қаралды 10,492

Күн бұрын

If you’re going to contribute extra money to your super, you will likely want to know how this will effect your taxes. In today’s video, I am going to be going through the tax implications of superannuation contributions. I discuss Concessional and Non-Concessional Contributions, tax rates and the government co contribution.
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⌚️Timestamps
0:00 Tax Implications of Super Contributions
1:02 Concessional Contributions
4:36 Non-Concessional Contributions
6:56 Government Co Contribution
7:47 Summary
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this KZfaq channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#superannuation #supertax #superannuationcontribution

Пікірлер: 37

@EthanRooshock Жыл бұрын

As we come into tax time, what topics do you want to see me cover?

@justinmcellin5722 3 ай бұрын

Division 293 tax

@EthanRooshock 3 ай бұрын

@@justinmcellin5722 Done a video on that a couple of weeks ago

@sfincher123 19 күн бұрын

Best video on super I have seen yet Super clear compared to most other info out there

@EthanRooshock 19 күн бұрын

Thanks, glad you found it helpful!

@lionheart1727 4 ай бұрын

Quality content mate❤

@EthanRooshock 4 ай бұрын

Thanks!

@didulailleperuma3008 3 ай бұрын

Thank you bro, got your point.

@EthanRooshock 3 ай бұрын

You're welcome

@ParryteemosQ 3 ай бұрын

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

@EthanRooshock 3 ай бұрын

Thanks for the suggestion. Glad you're enjoying the videos!

@RheineCanlas 5 ай бұрын

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?

@EthanRooshock 5 ай бұрын

No as you’re already claiming them directly, you don’t claim them in your return

@lionheart1727 4 ай бұрын

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.

@EthanRooshock 4 ай бұрын

@@lionheart1727 If it is reported through payroll, it will already be reported. Check with payroll though to find out how it has been processed.

@thebearcollectivetbc 4 ай бұрын

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?

@EthanRooshock 4 ай бұрын

That is different to making a personal after tax contribution.

@philiprachtman1217 Жыл бұрын

Can you discuss the spouse offset If a Spouse deposits up to $3000.00 into partners super fund what are the rules?

@EthanRooshock Жыл бұрын

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.

@jonnypappas_ Жыл бұрын

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.

@EthanRooshock Жыл бұрын

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!

@sentfromgeemail302 Жыл бұрын

Hi Ethan. This is a complex area and I feel its easy to make a mistake. Is it possible to put in more than the concessional cap ($27,500), or more than the non-concessional cap ($110,000 p.a.) or does your super company stop you from breaching the caps? If they don't stop you, what are the repercussions of exceeding the limits? Does the tax office fine you? Can you please shed some light on what happens if you get this wrong? Thanks

@EthanRooshock Жыл бұрын

Yeah it is definitely a complex area! Hence why some people will pay good money for advice in this area to financial planners. The super funds don't typically stop you from breaching your cap. This is handled by the ATO. You will receive a letter with the different options you have, regarding fixing the mistake. There is either additional tax or the ability to reverse a contribution. Again, a bit of a complex topic.

@sentfromgeemail302 Жыл бұрын

@@EthanRooshock Thanks so much Ethan for the super quick reply (no pun intended)

@tbcha1 Ай бұрын

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!

@EthanRooshock Ай бұрын

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.

@tbcha1 Ай бұрын

@@EthanRooshock thanks again! you were much more help than the guys at the superfund help line

@markopolca Жыл бұрын

How do people avoid super 30% tax on 300k aud per year salary? Cheers

@EthanRooshock Жыл бұрын

Earn less than $300K, easiest way haha There's not much you can do when it's a salary unfortunetly.

@gerardhoracemares Ай бұрын

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?

@EthanRooshock Ай бұрын

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.

@airbnbwollongong3468 Күн бұрын

Can you take the money out before retirement?

@EthanRooshock 8 сағат бұрын

Not unless you meet one of the conditions of release.

@markopolca Жыл бұрын

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

@EthanRooshock Жыл бұрын

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.

@drobeofwar7588 Ай бұрын

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.

@EthanRooshock Ай бұрын

Can claim concessional contributions only. Not sure where I said non concessional?