How to salary sacrifice and make personal deductible contributions at same time to lower your tax

[@tonydinardo2943]

GESB. West State Super Fund.

[@mikewid99]

Thank you so much for the information Luke. I do have one question, do I need to fill in 'notice of intent' for tax deduction for both concessional and non concessional deduction? Long story short, I sold my IP, and I'd like to make a non concessional contribution (I believe I can contribute $120k)? Do I need to fill in the notice of intent for this/non concessional contribution? I have calculated or will max out the concessional contribution (carry over (5 years) and salary sacrifice) for this financial year/by 30 Jun 2025. I believe, I need to fill in the form for this one. Thanks again.

[@thestrategystacker]

No only deductible personal contributions where you want a deduction, the fund treats all personal money as non concessional unless notified hence the NOI paperwork. NCC limit of 120k is correct remember to consider your total super balance and also any transfer balance cap issue that may or may not impact you.

[@mattrt12]

Apologies if I have missed it. But do you need to notify the super fund of your intention every time you make a personal contribution? Let's say for instance, I wanted to do it every fortnight and pay in $1000, do I need to notify the Superfund every fortnight or can I just wait til near the end of tax year and say that I want the $26k to be taxed appropriately?

[@thestrategystacker]

@@mattrt12 you can do a single notice at the end of the year showing your total contribution where it’s not through an employer. You can also send a form each month but that will do your head in haha!!!!!😝

[@mattrt12]

@@thestrategystacker, bloody oath it would, many thanks for the info its a journey we're about to embark on to try and must do that report all the time would of made me crazy 🙂. But have to say that we are both doing the salary sacrifice up to the new limit of 30k through payroll. The personal contributions looking to use up the previous year's cap as a way of debt recycling into mortgage 1st, then out into super as a personal.

[@tonydinardo2943]

Firstly love your videos Luke. My question is : If you are in a Constitutional Protected Super Fund are you able to make personal contributions into the fund and then claim a tax deduction. Will be contributing around $100k into Fund through my salary this financial year , last year contributed around 60K. The reason i am asking is I have 2 investment properties that i intend to sell shortly one this financial year and the other next financial year. I am looking at a Capital gains this financial year of around $17k and next year of around 350k. The Super balance is only 800k at the moment so long way from the 1.9million cap. My understanding of the Constitutional Protected Super Fund is that there are no concessional contributions limits unless your balance is over 1.9 million so contributing my entire capital gains would be great to avoid paying income tax if this is allowed.

[@thestrategystacker]

Which fund are you in ?