4 Types of Superannuation Contributions To Maximise Your Retirement

[@SuperGuyAu]

Hey everyone, thanks for watching! Ready to take control of your retirement? Download our FREE 6-Step Superannuation Check today: www.superguy.com.au/super-tips/

[@mimichow5186]

Thank you Chris. This information is very timely. I will definitely seek further advice from a superannuation consultant to learn more

[@SuperGuyAu]

Glad it was helpful. You can learn more about our fees and services here www.torowealth.com.au/advice-process/

[@josedarrylalano8356]

Great info Chris!! Thanks 🙏

[@SuperGuyAu]

No problem. Glad you got value from it.

[@HenriVanPraet]

Thanks very interesting, learnt a few things, that will come in handy. Regards

[@SuperGuyAu]

Glad to hear that!

[@TheLisbethK]

Thank you for this information. I had contemplated selling my townhouse and using the Downsizer option but I have not been here 10 years. But perhaps after selling I could do the Bring Forward rule, making sure I do the $110K after the sale in the first financial year and then the next financial year do the 330K ......so much to think about when planning for retirement.

[@SuperGuyAu]

Glad it was helpful. Yes, there's plenty of rules to navigate.

[@peterbetteridge7829]

Thanks for your great videos Chris, they are helping me get my head round the confusing world of superannuation. Right now my wife is not working and therefore no super is going into her account. We are looking at diverting some cash from our monthly savings into her super. Am I correct in thinking that we could designate these contributions as either "personal concessional contributions" OR as "non-concessional contributions"? (for the purpose of this question ignore spouse contributions, as I think that I understand this part).? Thanks Pete

[@SuperGuyAu]

You're welcome! Yes, contributions could be personal concessional or personal non-concessional. Or both. It would be best to speak with your accountant/financial adviser around which type is more appropriate each year. Be mindful of contribution caps and age limits on contributions.

[@jopadjr]

658th...Thanks. Im new here. Is it possible to withdraw a portion of super for paying debts? Would you mind creating a video next on this topic please?

[@GaryPhillips-go9bf]

Hi Chris - I have a question regarding a Deduction Intention Notice. I assume that would only apply to claiming an end of year contributions for up to $27500 and not if you where depositing a larger lump sum amount? Thanks - great info on this channel!

[@Chris-by8eh]

I contacted my super fund for extra payments ,they said I need to contact the ATO.

[@antonygray7092]

75, wow I can only dream to live that long. An entire lifetime of pain and suffering tell me no. That's the benefits of being a large male who is deemed only good for physical labour.

[@sirjockiii]

Great show. For clarity can an employer claim a tax deduction for a super payment above sg if the cap has not been reached? 🤝

[@DebacleWhimsical]

Hi do you have any tips on how to move to a smsf and invest in bitcoin? Still 20 years away from retirement age in Australia and currently with Mercer super

[@JamesDeanDiedIn1955]

Hi, wondering if you would kindly consider doing a video on the new 3m super cap and taxes. Is it worth contributing to super for those potentially hitting the cap? Thank you Example, 50yo with 1m balance, continues to max out concessional and non concessional contributions every year next 10 years, plus earnings, is very likely to exceed 3m cap by age 60.

[@SuperGuyAu]

It's on the list. In ultra simple terms, if investment earnings in your personal name will be taxed at a rate greater than 30%, then investing within super will still be beneficial.

[@JamesDeanDiedIn1955]

@@SuperGuyAu really hoping to find a way around not paying 30% tax. Very difficult to generate wealth if the govt keeps taking 30% away

[@michelelegge6287]

Can I just clarify the intention to claim form… if you have a salary sacrifice in place do you need to put in a form?

[@SuperGuyAu]

No, you do not.

[@patricaweber7959]

I am 100% confused. I am retired for 10 years now. My superfund said I must complete a Notice to claim before I open an account based pension. Superfund deducted 15% as tax from my non concessional contribution!. Now my accountant (she was away on leave prior) said that's totally wrong advice from superfund. Pls advise asap. Txs

[@nathansmith5726]

4:55 hold up. After tax contributions don't get taxed at 15% they don't get taxed all because they have already been taxed?? You don't get taxed twice? The 15% tax rule is only for low income earners who use BEFORE tax pay (salary sacrifice). Correct me if I'm wrong?

[@SuperGuyAu]

This refers to tax on investment earnings. Yes, non-concessional contributions enter super tax free, but when they are invested within an accumulation account all earnings are taxed up to 15%. But, when you eventually convert the balance to pension phase, all earnings are tax free.

[@nathansmith5726]

@@SuperGuyAuoh so when they're in the accumulation phase, in addition to the SG and concessional contributions getting taxed at 15% on the way in, the dividends and capital gains from the earnings of those investments gets taxed at a further 15% behind the scenes? And then in the pension phase, is whatever is left after those contribution taxes and investment taxes then able to be accessed tax free? So you would still pay investment taxes for ~40 years that you're holding it? Or once you convert your funds to pension then do you get back all the money that was taken for the investment funds?

[@jaysonarcega2711]

Is AMP a good Super? I would like to transfer to Australian Super. What do you reckon?

[@Woodland26]

I can't do non-concessional contribution anymore due to > TBC already. Can I still do downsize contribution if I own the house >10 years?

[@SuperGuyAu]

Yes, you can.

[@SuperGuyAu]

This video may help kzbin.info/www/bejne/g3Srh6iAnJJoo7Msi=RCqOfIhn47fCOs4e

[@vanessawoo6980]

Hi Chris. I have a SMSF which I have contributed funds to and would like to claim this as part of my concessional super. Does a notice of intent submission apply for your own SMSF?

[@robsalvv5853]

If you have >$500k balance and have no unused SSCC (I have maxed this out for years) and have never made a post non concessional contribution, is the $110k/$330k contribution option available to you?

[@baysidelad1]

yes

[@SuperGuyAu]

It sure is

[@dogsbollox2]

ty

[@SuperGuyAu]

You're welcome!

[@sirdino6967]

Hi guys , Is it still worth to do a N.D.I notice of intent ( up to 27.5k} if you are no longer in the work force ?

[@SuperGuyAu]

Depends on your taxable income. You should discuss with your accountant.

[@ChickityChicken]

The USA is proposing a law to force 401ks be converted to tbills before complete withdrawal. Will Australia follow?

[@SuperGuyAu]

Who knows!!

[@rushmorebig]

😀

[@bobby666-33]

Hi Superguy...is it possible to transfer your whole super to another fund and if so would it be worth it to do so. My wife and myself are about 6 months from retiring and we both have a different fund, I spoke to my super fund about when I put my super into pension phase and what would the fee’ be , I was told a fee of 0.8% would be applied for each year. Is this fee normal and would we better to to have one super fund to avoid a fee, cheers Bobby

[@Jatindersingh-ve7vx]

What is best way to use super contribution when you are on accumulation phase doing salary packaging and salary sacrificing exceed the annual contribution. Or use the non-concessional benefit?

[@glennr2358]

Excellent information.

[@SuperGuyAu]

Thanks for watching!

[@tonylander3512]

Great, didn't understand it at all, I clearly need professional advice 🤔

[@nevillebartos2858]

Agreed. Lost 30 seconds into it😢

[@SuperGuyAu]

Sorry to hear it wasn't helpful. Nothing beats professional personal advice.

[@nevillebartos2858]

Hi Chris, it wasn't you, it was my lack of knowledge surrounding retirement and superannuation and highlighted my need for some professional advice... I do usually glean something useful from your vids, but this one I was pretty lost lol

[@mahakal1355]

Hi, chris can we take super on annual leave earning ? Plz explain rule me shortly.if employee termination so we take his super?

[@mahakal1355]

I am accountant

[@SuperGuyAu]

I'm not sure that I understand the question.

[@caromarco6315]

Very interesting and helpful thank you!

[@SuperGuyAu]

Glad you enjoyed it!

[@khuti007]

Your a mind reader, thats exactly what I wanted to know

[@SuperGuyAu]

Glad to help!

[@ljp1942]

Not everyone live to the age of 75 or worse get divorced 😢

[@nsmith3143]

I'm about to get a payout for redundancy and not sure if I should invest some of it in super?

[@SuperGuyAu]

This will depend on what you would like to achieve. You age, the amount of the redundancy and your objectives will determine how much, if any, should be contributed to super.

[@sydneyshinshi]

Good to know.