What If Advice

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@Ride_on54 3 күн бұрын

What about if you’re property is positively geared theres no reason you can’t carry that into retirement

@LuuBaTuan 20 күн бұрын

great video for understanding about this matter

@lorrainekeith7899 2 ай бұрын

How many propertys do u need to retire ???

@justgjt Ай бұрын

Minium 4 outright. One will pay all outgoings & maintenace costs. That would yeild aprrox $78k p.a

@AaronJiang-y2j 2 ай бұрын

thanks for the advice, in terms of FYI telco, do you mean Telco Works website? if not, can you let us know which website you are refering to? if can, that would be great, if not, thats ok too, thanks for sharing

@Hibbs92 3 ай бұрын

If you make $75000 a year. Youre paying about $8000 into your super. Any extra contributions thay you make are equivalent to putting that money in a savings account with a 20% plus interest rate per annum. Why wouldnt you use your super as a vehicle to save for a home deposit?

@raypanta8448 4 ай бұрын

Waste of time doesn't even talk about full exemption.

@ancientwisdom-ty4nb 4 ай бұрын

Complex tax system. U make a loss d government not found but u make a buck they all over

@acrawfordsaid 4 ай бұрын

Maybe invest in a suitable microphone ...

@margaretwajs7458 5 ай бұрын

do you ignore land tax ??? maintenance ??

@Nand0s1 5 ай бұрын

You are missing one important factor of only 85% of voluntary contributions that tax deduction is claimed.

@jde2411 5 ай бұрын

The taxman is a greedy bastard

@storiesofstephanie 6 ай бұрын

Your grandchildren will be cyborgs anyway 😂😂

@jimbojonesiii3 6 ай бұрын

here is a pre EOFY question for you... Can I make a spousal contribution to my wifes super - that can then be used by both of us as a FHSS ?

@Cherry-wz8uq 7 ай бұрын

How long does it take to receive the determination after requesting?

@sarojneupane7038 8 ай бұрын

Hey mate, Thanks for the comprehensive video. Am I eligible for FHSS scheme if I have signed a contract for my first home that is being built but settlement has not yet occurred or is supposed to occur in 4/5 months time? eg. off the plan contract. Thank you

@biggrig 8 ай бұрын

I know this is an old video, but I have a question. How does it work with withdrawal if that would be split across 2 tax brackets? Is it the same as normal e.g. each portion at the respective marginal rate less 30% offset? Or is it all at the higher marginal less 30%?

@halfrousseau69 9 ай бұрын

nice vid, good pace. Thanks for the upload.

@zaydossful 10 ай бұрын

Can you use this scheme in combination with the first home guarantee?

@olindatime8697 10 ай бұрын

If you have a variable income, what marginal tax rate does the ATO use for the withdrawl tax? The rate from the previous financial year, or....?

@thisguyiscrazy4419 11 ай бұрын

So new marginal rates next financial year means you won't get taxed on withdrawal with the 30% offset....wonder if they're changing that.

@andrewkim5873 Жыл бұрын

Great video! Just wondering if i can use the fhsss in combination with the first home buyer scheme. So withdrawing the money through fhsss and paying off the 5% deposit

@BrandenDanielNg Жыл бұрын

The thing im a bit confused about is this - The home buying (deposit) only happens at the very start of the home buying process. Since there's only a 15k withdrawal limit per financial year, what happens to the other 35k? Can i withdraw other $15ks in following financial years for the purpose of paying mortgage? What im trying to say is, is the scheme only for deposits or are there other opportunities to make additional withdrawals to help use up the rest of the cap. I.e mortgage repayments. Hope that make sense

@williamsingleton3968 11 ай бұрын

You are able to keep contributing over the years up to the limit of $50,000, but you can only withdraw an amount once. So, if you only contribute $15,000 and you choose to withdraw that out, for the purposes of the FHSS you may as well stop contributing because you will not be able to continue contributing and take that out for the FHSS. Any further contributions will simply become part of your super (the $35,000 in your example). For the maximum benefit of the scheme, you would have to contribute for ~3.3 years and then request to withdraw the full amount possible. I do note that you can carry forward unused super contributions for 5 years... so if you haven't contributed in previous years (and your employer hasn't contributed the full $25K limit mentioned in the video for the 5 previous years, which is currently a $27,500 limit as the limit has changed since this video), you can carry forward contributions. Worth doing some searching and reading on this on the official sites like the ATO.

@HelpDeskPersonaJOKER Жыл бұрын

You can consider sales -y might be a way of comparing other styles like government departments that are not trying to generate clients, but they focus on administration and connectivity. I am watching this, so I can learn about Australian numbers for my MT work. Your description of sales strategy might match a criteria of a kind of operation. Thank you for the info, and I am glad you got a good deal!

@shivamgar Жыл бұрын

Clickbait

@blink55667 Жыл бұрын

What was your viewer drop off at 1:04 ? Good content, mate, but those jokes...

@here_we_are1427 Жыл бұрын

I appreciate this video as it inspired me to start contributing to my Superannuation fund two years ago. In the financial year 2021-22, I contributed $5.5K and already claimed the associated tax deduction. In the current financial year, 2022-2023, I contributed $8K. Now, as I am planning to buy a house, when I am trying to withdraw this money, in the declaration section, I am seeing 'I will not claim tax deductions in respect of the contributions that are included in my FHSS determination.' So, does it mean I can't claim a tax deduction for the $8K that I contributed this year during the income tax filing?

@manojkumar-cr4ql Жыл бұрын

Account number 33795631899 IFSC code SBIN0008186 Account holder name Manoj kumar

@manojkumar-cr4ql Жыл бұрын

How to wark And joining

@Sparkle0310-k9w Жыл бұрын

How many years do you have to live in the property initially for the full exemption?

@VV-lr7xe Жыл бұрын

1-2% fee in super is ridiculous, yet unfortunately some are unaware and paying.

@SomeAlex1 Жыл бұрын

If you make voluntary contributions post-tax (i.e. the money you receive in your bank acct from your employer), can you then claim a tax deduction on that contribution? Given this FY is nearly done, I wont make it to $15k this FY, so was wondering if i can make post-tax voluntary contributions in addition to the salary sacrificed voluntary contribution to bring my total contribution for this FY to $15k. Though that only makes fiscal sense if im able to claim a tax deduction on that post-tax contribution

@SomeAlex1 Жыл бұрын

You forgot to mention two very important details (or maybe the rules have changed since your video): 1 - The tax saving your receive with your volutary contributions are only up to a cap ($27,500 this year) and this cap is the total between your contributions and your employers. So if your employer super contribution totals to $15k and you decide to voluntarily contribute an extra $15k in the same year, I believe the difference of $2.5k wont receive the tax saving 2 - While the total voluntary contributions you can make are up to $15k per year, that doesnt mean you can withdraw the entire $15k as part of the FHSS. You can only request 85% of your voluntary contributes. So if you contribute $15k, you can 15% tax on that equating to $12,750 in your super, then you can only request 85% of that equating to $10,388. This leaves an extra $1913 in your super fund Happy to be corrected if im wrong

@nicknick2236 Жыл бұрын

I think you are wrong on the second point. The 85% you can claim is your claims minus super tax. So you don't leave any in super you just cant get the 15% that you've already paid towards tax. So a 15,000 contribution that you claimed on tax would get you $12750 + SIC rates in return. Plus the tax claim which is generally going to be around $5000 in tax returns. So for a saving of 15000 youll get about 17000+ SIC rates - your marginal tax rate (-30%) If you decide to not claim your contributions on tax (idk why you wouldnt..) you can get 100% of your contributions back for the deposit + the SIC rates.

@SomeAlex1 Жыл бұрын

@@nicknick2236 yep you’re right, my second point was incorrect. Another thing which might trip people up is that the FY contributions depends on when your super fund receives the money, not which pay cycle you contribute. So example I contribute my June 2023 pay, but my work didn’t pay it to my super until July, so it fell into the 23-24 FY

@nicknick2236 Жыл бұрын

@SomeAlex1 yep very true, I contribute once I've been paid so it takes about a day to go in, better way to do it I think

@nicknick2236 Жыл бұрын

@SomeAlex1 yep very true, I contribute once I've been paid so it takes about a day to go in, better way to do it I think

@SomeAlex1 Жыл бұрын

@@nicknick2236 I think if you contribute your post-tax income into your super, then release it for the FHSS, you’re not able to claim a tax deduction on that contribution. I believe you have to salary sacrifice your income (ie your employer pays directly into your super instead of you paying you) into your super to take advantage of the tax saving. Though I’m not too sure about that, it’s not clear on the ATO website, and when I called them to ask they couldn’t even tell me because they consider that “tax advice”

@nickharry7964 Жыл бұрын

Hey mate very helpful video but is there somewhere in the salary sacrifice you need to put it like when you salary sacrifice do you need to specifically say it’s for the supersavers scheme somewhere or you can pull out any salary sacrifice for the house

@VV-lr7xe Жыл бұрын

hi, what will happen if ATO determination says, for example 13k and my super has 12500 in super balance, after tac deduction, and stock marcket decline, can i still withdraw 13 k as per the ATO determination?

@philipdrew10 Жыл бұрын

Super in Australia is the worst. Im literally forclosing on my property currently with 18k in super I was just denied access to by a b$tch "Mirella Petra". Did you know 5% of 7% gains on the index from super last year was taken as profits by the super company? You got 2 fing percent. It IS the reason basically no Australian is super rich. They dont have the option to invest big in a company. Its super and council making you pay 90% of your wage on living expenses. Ive developed a device for advancing the world ONLY by defaulting on EVERYthing tax, rates, loan. Begged for money, stolen even. I built it but f%ck its nearly impossible to start a startup from a office salary in Australia. If your in Australia give up on super, even the super company could go under, stock market could crash, while they are taking 5% of 7% of the profit years. Thats this fing country for ya!

@DavidRamseyIII Жыл бұрын

Accountant here. I don’t want to talk to anyone about negative gearing. Stay away from property please.

@yallawallahalla Жыл бұрын

Really? Why stay away from property? I’m currently considering buying my first investment property.

@scottpetherick7650 6 ай бұрын

And miss out on all the $$$$ that investors have made over the past many years.Great advice mate

@joekeegan-yc4nm 5 ай бұрын

@@scottpetherick7650 💯 agreed. No one knew a year ago where Australia house prices would be today!

@ellec2983 5 ай бұрын

I agree. Property is an exploitative strategy that USES (abuses) everyday mums and dads to perpetuate and proliferate profits of banks, real estate agents, insurance companies, government and other associated seagulls. DON'T GET SUCKED IN TO IT FOR FEAR OF MISSING OUT. Go for other investment strategies like index funds that you can set and forget - investment properties are a scam, even the loan manager at the bank told me she'd never do it. So there you are.

@dosomethingaboutitnow Жыл бұрын

there are two 0% tax brackets. If you earn less than $18200 you pay no tax. Some people can live on this.

@shailydoshi428 Жыл бұрын

Question 1 - There is a $15,000 per year withdrawal limit as well. Is this $15,000 limit post tax limit (saying it's ok to deposit 17,647 per year or less from avoiding your excess contribution to be stuck in your super) Question 2 - Also, is $50k limit available to each individual in a couple for withdrawal for same house or if both can withdraw this amount, you basically get to withdraw $100k for deposit of new home? Question 3 - this scheme is for ANY first house you buy - no property limit on the first house you buy say it has to be less than $500k or $700 etc - you just have to be 18 plus with zero properties?

@galaxxy09 Жыл бұрын

For a low income, would this be better than just saving money in a high interest savings account?

@rosec8817 2 жыл бұрын

You're legend! Thanks for posting this.

@v.l8904 2 жыл бұрын

Thank you for the video, what happens if i am retired when i sell the asset? Do i still get the 50% discount on the cgt? (knowing i have the asset over 2 years).