Question on contributions to super (scenarios) : r/AusFinance

Merry Xmas AusFinance, Sorry if this is a simple/common question, but wanted to check my thinking on a couple of scenarios. All the numbers are hypothetical/rounded for simplicity but …

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Additional Super Contributions Vs Mortgage : R/AusFinance

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Scenario 1 - additional super contributions: Extra super contribution: $27k per year Loan duration: 13.5 years (min time loan can be paid off based on available funds after extra super …

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I Put Too Much Into Super – What Should I Do? - Financial Review

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Nov 22, 2022 · Excess super contributions can see you slugged with a penalty tax – especially when you have more than $1.7 million in your retirement savings. ... Question: I moved to …

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Most Frequently Asked Questions About Superannuation, Answered

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The Concessional Contributions cap is currently $27,500 per year – which means that the maximum amount of pre-tax earnings you can contribute into your super is $27,500 – this …

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Extra Superannuation Contributions Or Mortgage Payments: Which …

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May 17, 2024 · 1. Should you put an extra $10,000 of your income into super rather than your mortgage? Arguments to put $10,000 into superannuation: Tax Benefits: Concessional …

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Super Contributions : R/AusFinance - Reddit

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However, some companies offer this as a perk of working there. Not all companies do it. If you contribute $1 of your own money into super, the company will match it and put an extra $1 into …

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How To Boost Super By $300,000 Even If You Have Over $1.9m

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Feb 4, 2024 · Q: When making a downsizer contribution, am I limited to my original transfer balance cap of $1.6 million or can I exceed that and contribute up to the current cap of $1.9 …

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Super Salary Sacrifice VS Voluntary Contribution : R/AusFinance

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Same scenario with tax deductible contribution; Base: $100,000 Super: $9,500 After tax super contribution: $10,000 (hits your super as $10,000, drops to $8,500 after taxes when you tell …

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After Tax Super Contributions After 400k Balance : R/AusFinance

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The low taxation in super really makes it hard to beat. I can only think of a few scenarios When your super balance might tip over the $3m mark (this figure will have to be adjusted for …

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Paying Over The Super Contributions Cap - Is There Any Point?

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You can pay after tax (non-concessional) contributions of up to 110k a year. The advantage is gains in super is taxed at 15% rather than your marginal rate outside super. The disadvantage …

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Super Contributions Or ETFs : R/fiaustralia - Reddit

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If you’re earning between $90k and $126k this year a super contribution will turn what is effectively a 42% marginal tax rate into 15%. So from that measure it’s definitely more …

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FAQs about Question on contributions to super (scenarios) : r/AusFinance Coupon?

How much can you contribute to a superannuation?

The Concessional Contributions cap is currently $27,500 per year – which means that the maximum amount of pre-tax earnings you can contribute into your super is $27,500 – this includes contributions such as Superannuation Guarantee, salary sacrifice and tax-deductible personal contributions. ...

Is superannuation a good investment?

Superannuation provides a reliable source of retirement income, opens doors to investment opportunities, and grants tax benefits. Super contributions are tax-deductible, and government schemes are in place to help your savings efforts. Some super funds also offer perks such as income protection and various insurance options. ...

Do you pay tax on concessional super contributions?

Then in February 2022, legislation was passed that extended the bring-forward rules for super fund members aged between 67 and 75. There is a 15% contributions tax payable on all concessional super contributions when they are added to your super account as these contributions come from your before-tax income. ...

How much is a Super contribution after tax?

After tax super contribution: $10,000 (hits your super as $10,000, drops to $8,500 after taxes when you tell them you intend to claim it as a tax deduction else it will be a non-concessional contribution). Pre-Tax income after claiming super contribution: $90,000 (base less super contribution) ...

What is superannuation & how does it work?

Superannuation involves regular contributions made by your employer and you to create a pool of savings that you can access once you retire. This money is invested by your super fund to make it grow so you have more money when you retire. This ensures you will have funds to support your future lifestyle. What is a super fund? ...

What are the different types of Super contributions?

The key to understanding different types of super contributions is to remember it’s all about what tax you pay. There are two main types of super contributions: Non-concessional (after-tax) or personal contributions. You may also receive contributions into your super account from the Australian Government if you meet certain eligibility criteria. ...