Moving from a cumilative phase to pension phase is the remaining money still invested in the super fund. E.g you take 5% of $100000 = $5000 per annum and the remaining $95000 is still invested getting an average 8% growth.

If a couple has an SMSF with a property being the biggest asset, how can the adult children be shielded from taxation on the death of both parents? Would it be better to divest the property when both are retired, take the lump sum, and then re-contribute into accumulation? Or would the testamentary trust help avoid tax for adult children?

Saw it soon after. Thanks

I must say you’re my favourite financial KZbin advisor. Do you have clients in Melbourne. Doing pretty good but one day I think I’ll like to get professional advice for retirement and estate planning.

Doing this for the algorithm because you can’t find these topics done so well anywhere else.

Great work again guys. 👍

One note: Superannuation trustee company is a SPECIAL purpose company. I.E. it can only be the corporate trustee ONLY. Cost is greatly reduced as it's a special purpose company, not a normal private company. Annual fee's are also charged at a greatly reduced rates 😅. One to four directors may be appointed.😮 Nb 2: Having watched part 4, Luke covered all what I said and much much more excellently. I only have experience with special purpose company trustee 😂.

Great information as always Question : by us using the downsizer rule depositing 300k into your super ,could that lock you out of putting extra money in you super,say applying the bring forward rule ,if you are getting close to you transfer balance cap.

This was informative, but how do you make audio so incredibly bad, especially when recorded in a studio???

Luke and the team at Envision Financial wish our KZbin supporters a happy financial new year. Set some new financial habits and chase your goals!

Consistently high quality content and messages. Offset accounts, concessional super contributions & index funds outside of super are all worth consideration. Stick to these key areas and there is not much else, in my view, to be too concerned about. Thanks for your great content👍

Than you so much for these informative interviews with Luke.

Thanks guys. Your the reason I actually put in extra contributions this year. Of all the people talking about super on KZbin you guys sound like sound advisers and not salesmen. Logical and well explained.

Very good content, thank you! You guys deserve way more subscribers!

I rang AUS Super and they told me that the NOI can be done before lodging the 2024 return- even next year as long as the money has been deposited. I am still waiting for my tax agent to give me the calculation on concessional and non-concessional. Since Aus Super has got the worst customer service, I was actually wary if I was given the correct information, so thank you so much for your clarification.

Glad I stumbled across this channel. So many good videos to watch back. I have a question about the Notice of Intent form. If you are wanting to utilise unused contributions from multiple years, do you need to submit multiple forms, or will the one form cover it and the ATO will work out what you have left and where to take it from? I am wanting to make a contribution and have a large amount of unused concessional cap available once I go back 5 years. My contribution will encompass the remainders from the 23/24 cap and the 18/19 year. Do I need to send in two forms?

Hi Luke love the content mate. I’ve started squirrelling away money each week for my 8 year old daughter, would you recommend the etf vdhg for a investment? I would like to help her with a house deposit when she is older . Thanks for the info mate.

What about the tax implications?

Questions 1. After converting from accumulation to pension, in full or part, do retirees still have to pay the Medicare Levy from earnings? 2. If a couple has a mortgage on their residence transitioning from accumulation to pension phase, it better to pay the mortgage off in full or retain the mortgage with a low balance to allow redraw for home restoration?

Watching from Perth. Love your work Luke. Keep it up 👍⭐💰

Unfortunately my investment properties are in VIC - only got 2- and with the VIC govt just going mad I am looking at selling those properties and invest in ETFs under an industry super as I am already nearing 60 years of age.. How many years in between should it be timed to sell two investment properties? I am not certain if now is a good time to sell as a lot of invesors in VIC have been selling in droves. Which industry super allows to buy in US shares particularly AI shares? Australian Super and Vanguard do not allow it. Thanks very much. More power to your Vlog. You are helping a lot of people.

which super fund is the best and has the lowest fees that gets you to trade in EFTs? Is Vanguard Super the best for this since Vanguard Australia has the lowest fees on personal investor? thanks

10:40 - Don't most Super funds have the forms online when you log in to your own super account? So even though you can download and complete the forms from the ATO's website and then lodge with your super fund, in most cases, you can probably do everything from within your own super account once you have logged in.

If you have 50 k in space and you put in 30k, will that go to your 2019 space and work up or will it go into last year and miss out on the 2019 amount for next year? Thank you..

Does the Concessional Contribution Amount get deducted from your Assessable Income Amount as mentioned at the 6 minute mark or your Taxable Income Amount.

Notice of intent does not need to be lodged by June 30. It must be lodged and acknowledged before lodging the relevant tax return. I had my accountant prepare my returns first so that I knew exactly how much to make concessional to suit my particular requirements. Then lodged notice of intent for that amount that suited me.

Excellent advice guys!

For a withdrawal and reconstruction strategy is this guaranteed to eventually convert everything to tax free status. Is it possible that when you withdraw it always includes already tax free money. So difficult to convert all the taxable amounts.

I thought tax was paid at death depending on how money was paid into super. I didn’t think being in a pension fund changed that as you said.

I'm a long-time listener and thank you very much for sharing valuable & practicle advice every week 🙂. Asking first-time a couple of questions; (1) I have done the paper work for a lumpsum payment from TTR (less than 10%), which hopefully will come in a few days. Looking at the total super balance, it's likely that total super balance at the end of this FY may end up being more than $500k. To bring it down below $500k thershold in this FY in order to use catchup contribution in the next year FY, can I request for another payment in this FY (while keeping total payments within 10% maximum amount) ? (2) For a couple, $500k catch-up contribution threshold will be per person; that is each person will have their own $500k threhold limit. Is that correct?

Thanks again Luke for all the invaluable advice and information. To confirm, you can only transition to retirement when you have met preservation age and the maximum you can draw down is 10% of your super balance each financial year. Would this be correct?

My husband is 60 and now has access to his super. He is self employed, earns little having slowed down with work and has a low super balance compared to my own. Am I best to pull his super out to help reduce our home loan and for me to contribute a portion of my salary into his account together with what we would have saved having reduced our loan? Grateful for your advice.

Great advice! In case of SMSF, how does the personally contribution process work?

Great advice been doing this for years

Thanks for the info. Great tip on holding the home loan funds in an offset account for the entire year before lodging in late June. Guaranteed 6.3% return on the money whilst still getting the concessional contribution tax deduction.

Correct and I honestly thought it was common knowledge.. I admit I was young and didn't know/care about super in the first 5- 6years of being in the PSS, so I made 2% , thankfully I had a bloke sit me down in a lunch room one day and explain it simply, 10% of the government wins.. I changed it that afternoon.. we are SO fortunate to be in the PSS, I have gone from a APS 3 to an EL2, my ABM at least 55 will be around 8.5 which rough calc will allow me to retire at 55 on a pension of around $120k a year...very very grateful.

Great interview. Can the capital gains loss be backdated if the property was sold within the 5yrs? Eg property sold last year , can i carry forward 5yrs and pay the contribution this year?

Thanks Sonya appreciate it.

Thank you so much Luke. There is so much information out there about superannuation, but not much about defined benefit schemes. They work a little differently which financial experts don't seem to talk about too much. I'm with PSS and I find your information priceless. Clear, simple information in plain English that everyone can understand. You're awesome. Don't stop doing what you do 👍⭐

great advice

Hi, I know this is a late comment.... However, if you have contributions that exceed the concessional amount, can you use this approach to avoid the additional tax?

Brilliant book Luke. Read it cover to cover in one sitting. I made a few easy changes to my day to day finances immediately that will save lots of money in the short to mid-term future. Then after identifying several strategies for the long term, I completely changed my plans. Stacking these strategies together with the right timing and long term planning will save me tax and increase my investment earnings by a significant margin. It's never too early to start planning - I would recommend this book to anyone of any age and would strongly suggest the younger the better. As Luke said, some strategies take years to put in place and this book identifies them. Best money I ever spent hands down.

At 41 years,Does it make sense to invest more in shares or should one put more super contributions?

If you earn 50,000 in super pension phase after the age of 60 p/a and then earn 10,000 in bank interest. Is the 10,000 tax free because it’s under the 18,000 or is it taxed at 32%? Thanks for your answer.

Great information. Many thanks. I draw a DFRDB pension. How do I go about checking my transfer balance cap to see if I am allowed to make a non concessional contribution to my super fund which I started after I began to draw my DFRDB pension upon leaving the Defence force?

AWESOME

Wow some much gold information! Thanks heaps

can you have two pension accounts from two different supper company's?

if you transfer 1.9 million into the pension account and only took the 4% and the earnings over time grew to over 3 million, would the new 30% tax affect the pension account? which is tax free?

is the earnings on the no concessional subject to death tax