Contributing your tax return into super : r/AusFinance - Reddit

put it to super. You deduct $4000 from your taxable income. Which will give you $1200 extra income as a refund. But you paid $600 when you paid super. But you have net gained $600. …

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Contributing Your Tax Return Into Super : R/AusFinance - Reddit

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put it to super. You deduct $4000 from your taxable income. Which will give you $1200 extra income as a refund. But you paid $600 when you paid super. But you have net gained $600. …

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How Much Extra Should I Contribute To My Super? : R/AusFinance

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CalderandScale. • 3 yr. ago. Any amount that doesn't drop your taxable income below 45k. This is because your marginal tax rate above 45k is 32.5% (plus 2% medicare) compared to 15% …

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Question On Contributions To Super (scenarios) : R/AusFinance

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Just adding for OP, the benefit of a concessional contribution is dependent on your marginal tax rate (marginal tax rate less 15% super tax rate). Judging from your expected $7k tax return …

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For Those That Have Done It - How Much Has Contributing Extra To …

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May 9, 2024 · So in theory you have a whole years income invested. You are putting in 10.5% of your income into super. The average super return (balanced) is 8% that means in a year or …

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Why It Can Pay To Put As Much As Possible Into Super - SuperGuide

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Sep 2, 2024 · Instead of paying income tax at a marginal rate of up to 45% you pay contributions tax of just 15%, or 30% if your income and concessional contributions total more than …

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Voluntary Super Contribution And Tax : R/AusFinance - Reddit

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Basically - you have made a voluntary concessional contribution with post tax money into super. The super is taxed at 15% - that is the normal super contribution tax. You receive an income …

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Why Does R/finance Put So Much Trust In Super? : R/AusFinance

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The aged pension is ~$27k for a single person and ~$44k for a couple. So it's around $1m/super for a single person where the tax breaks from super cost more than the aged pension. This is …

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FAQs about Contributing your tax return into super : r/AusFinance - Reddit Coupon?

Do super contributions need to be included in my tax return?

Super contributions do not need to be included as taxable income on your tax return and no tax will be paid by you personally on super contributions; however, there are instances where super contributions need to be included in your tax return for other reasons. ...

Are super contributions tax deductible?

It is important to remember that deductible contributions to super are taxed at the rate of 15%, or 30% if your income plus low-tax super contributions is above $250,000 for the year (Division 293 tax). To make a saving, the tax rate you pay on super contributions must be below the rate of income tax you would otherwise pay on the capital gain. ...

What is a 'before tax' Super contribution?

In the ATO’s eyes, the above process effectively converts an ‘after-tax’ super contribution to a ‘before tax’ super contribution. This is important to note. Up to $30,000 can be added to your super each year in ‘before-tax’ or concessional contributions before a higher tax rate applies. They usually consist of: ...

How does contributions tax work in a superannuation account?

Contributions tax is deducted from the contribution amount and then the net amount is allocated into your superannuation member account. The standard contributions tax rate is 15%. So, if a total of $10,000 in concessional contributions were paid into your super account during a year, only $8,500 would actually be applied to your account balance. ...

How much tax does a super fund pay?

High income earners, earning more than $250,000 per year, pay an additional contributions tax of 15%, known as Division 293 tax. All contributions tax and Division 293 tax is paid by your super fund to the Australian Tax Office (ATO). You do not pay contributions tax from your personal bank account. ...

Are super contributions tax free?

Investment earnings and contributions to super are taxed at concessional rates that are frequently much lower than the marginal rates you pay outside the system. What’s more, investment returns on retirement income streams are tax free. This offers you the opportunity to reduce tax and increase your retirement savings at the same time. ...