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Envision Financial Canberra
Australia
Registrace 27. 05. 2016
Envision Financial is a Canberra based financial planning firm. Envision is headed by Luke Smith, who appears on the popular 2CC Talking Canberra Money program every Friday afternoon. You can also catch up on the podcast 'The Strategy Stacker - Luke Talks Money' on Apple Podcasts or Spotify Podcasts.
Luke is also the author of the book 'Smart Money Strategy' which reveals the financial planning strategies that financial planners use with their clients.
This channel will feature investment, superannuation, retirement, wealth protection through insurance and estate planning content. Through CZcams, Envision Financial shares some key money concepts to help you understand and consider your own options. These videos are general information only and do not consider your personal situation, goals or needs.
Envision Financial Services Pty Ltd ABN 73 584 502 833 is a Corporate Authorised Representative (No. 1239375) of Alliance Wealth Pty Ltd AFSL 449221 ABN 93 161 647 007.
Luke is also the author of the book 'Smart Money Strategy' which reveals the financial planning strategies that financial planners use with their clients.
This channel will feature investment, superannuation, retirement, wealth protection through insurance and estate planning content. Through CZcams, Envision Financial shares some key money concepts to help you understand and consider your own options. These videos are general information only and do not consider your personal situation, goals or needs.
Envision Financial Services Pty Ltd ABN 73 584 502 833 is a Corporate Authorised Representative (No. 1239375) of Alliance Wealth Pty Ltd AFSL 449221 ABN 93 161 647 007.
How to get the maximum into super and lower your tax
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 16 August 2024. Those who work enjoy the contribution their employer makes to super for them, but it surprises many to learn that there are limits on what you can put in. It’s quite strange really, as you think the government would be trying to encourage everyone to save more so they have to pay less in the form of Centrelink Pensions. This episode aims to provide some general financial information about super contribution types and limits. Thank you for joining us live on 2CC or your favourite podcast streaming service with ‘The Strategy Stacker - Luke Talks Money’.
Key topics covered include:
- There are two types of super contributions, contributions with deductions and contributions without deductions.
- Contributions with tax deductions, there’s a $30,000 limit you can put in (this limit includes the contributions your employer makes for you)
- Contributions without tax deductions, there’s a $120,000 limit you can put in.
- But you can put in up to 3 years worth of contributions without tax deductions, but know you’re locked out from contributing more for the financial year you do it and the two financial years after it. There are additional rules around it - so know the rules before you make a decision to contribute.
- Is there an age limit to making super contributions and getting a tax deduction? Yes, it’s 67 years, but higher if you’ve worked 40 hours in a month.
- Is there an age limit to making super contributions and not getting a tax deduction?
- How does the downsizer legislation work and what is that limit?
- Can I use the limit amounts I haven’t used in the past 5 years and get a tax deduction?
- Luke shares his top tips to help you start thinking about how to use the contribution rules given different life situations.
Are you ready to make more of your super or start retirement planning?
There’s some strategic reasons for claiming tax deductions, and there are also some reasons not to. Seek advice if you need help to make the most of your retirement savings. tax and Centrelink position.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
We look forward to your company again and Luke’s book Smart Money Strategy is out now. For more information visit: thestrategystacker.com.au/
Follow us on CZcams: czcams.com/channels/7mpDqX07YhKcEuNDDUZTTQ.html
Follow us on Facebook: envisionfinancial1/
Follow us on LinkedIn: au.linkedin.com/in/luke-smith-26a4ba16
Follow us on TikTok: www.tiktok.com/@thestrategystacker
Follow us on X: envisionadvice
Listen on Spotify: open.spotify.com/show/2V0zIrOJ4RhfNDSDnmjBkK?si=664b05d12c964e10
Listen on Apple Music: podcasts.apple.com/au/podcast/the-strategy-stacker-luke-talks-money/id1451136903
Listen on iHeartRadio: www.iheart.com/podcast/256-the-strategy-stacker-luke-31018004/
What to hear about a specific financial planning topic?
Ask Luke your question here: thestrategystacker.com.au/ask-luke/
Key topics covered include:
- There are two types of super contributions, contributions with deductions and contributions without deductions.
- Contributions with tax deductions, there’s a $30,000 limit you can put in (this limit includes the contributions your employer makes for you)
- Contributions without tax deductions, there’s a $120,000 limit you can put in.
- But you can put in up to 3 years worth of contributions without tax deductions, but know you’re locked out from contributing more for the financial year you do it and the two financial years after it. There are additional rules around it - so know the rules before you make a decision to contribute.
- Is there an age limit to making super contributions and getting a tax deduction? Yes, it’s 67 years, but higher if you’ve worked 40 hours in a month.
- Is there an age limit to making super contributions and not getting a tax deduction?
- How does the downsizer legislation work and what is that limit?
- Can I use the limit amounts I haven’t used in the past 5 years and get a tax deduction?
- Luke shares his top tips to help you start thinking about how to use the contribution rules given different life situations.
Are you ready to make more of your super or start retirement planning?
There’s some strategic reasons for claiming tax deductions, and there are also some reasons not to. Seek advice if you need help to make the most of your retirement savings. tax and Centrelink position.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
We look forward to your company again and Luke’s book Smart Money Strategy is out now. For more information visit: thestrategystacker.com.au/
Follow us on CZcams: czcams.com/channels/7mpDqX07YhKcEuNDDUZTTQ.html
Follow us on Facebook: envisionfinancial1/
Follow us on LinkedIn: au.linkedin.com/in/luke-smith-26a4ba16
Follow us on TikTok: www.tiktok.com/@thestrategystacker
Follow us on X: envisionadvice
Listen on Spotify: open.spotify.com/show/2V0zIrOJ4RhfNDSDnmjBkK?si=664b05d12c964e10
Listen on Apple Music: podcasts.apple.com/au/podcast/the-strategy-stacker-luke-talks-money/id1451136903
Listen on iHeartRadio: www.iheart.com/podcast/256-the-strategy-stacker-luke-31018004/
What to hear about a specific financial planning topic?
Ask Luke your question here: thestrategystacker.com.au/ask-luke/
zhlédnutí: 395
Video
Luke on 2CC - How to get the maximum into super and lower your tax
zhlédnutí 180Před 7 hodinami
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 16 August 2024. Those who work enjoy the contribution their employer makes to super for them, but it surprises many to learn that there are limits on what you can put in. It’s quite strange really, as you think the government would be trying to encourage everyone to save more so they hav...
Luke on 2CC - Seven deadly taxes
zhlédnutí 175Před dnem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 9 August 2024. This show this weeks show looks at seven deadly taxes. We’re not talking about income tax, capital gains tax or the GST, but the taxes of situations and behaviour that slow progress towards our goal. This episode aims to provide some general financial information about how...
How to use an interest only loan and still pay off your investment property
zhlédnutí 243Před 14 dny
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 26 July 2024. This weeks show looks at interest only loans on an investment property. This episode aims to provide some general financial information about how you might think about paying that loan back, given the cost of living challenges many households are facing right now. Additiona...
Luke on 2CC - How do you judge a good super fund?
zhlédnutí 180Před 21 dnem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 2 August 2024. This show this weeks show looks at superannuation. Every working Australian has a super fund helping them save for retirement, but how do you judge a good super fund from a bad super fund?. This episode aims to provide some general financial information about how you might...
Luke on 2CC - Should I have an interest only loan on my investment property?
zhlédnutí 178Před 21 dnem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 26 July 2024. This show this weeks show looks at interest only loans on investment property. This episode aims to provide some general financial information about how you might think about paying that loan back, given the cost of living challenges many households are facing right now. Th...
Are you maximising your PSS Pension? When you take a PSS Benefit, is a full pension right for you?
zhlédnutí 347Před 28 dny
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 19 July 2024. This week’s show looks at the PSS. As many Public Sector Super Scheme (PSS) members are approaching retirement, Luke is finding that there are some definite knowledge gaps when he speaks with members about their own retirement plans. This episode aims to provide some genera...
Luke on 2CC - Taking a PSS Benefit, is a full pension right for you?
zhlédnutí 366Před měsícem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 19 July 2024. This week’s show looks at the PSS. As many PSS members are approaching retirement, Luke is finding that there are some definite knowledge gaps when he speaks with members about their own retirement plans. This episode aims to provide some general financial information about...
Could you use a Testamentary Trust to reduce tax for your kids? Many people don't think about it!
zhlédnutí 322Před měsícem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 12 July 2024. This week’s show looks at an important estate planning issue, and one that’s very important for those with people who have minors or those under 18 in their lives. This week Luke explores Testamentary Trusts, what they are, and why you might consider them as part of your ow...
Luke on 2CC - Can a testamentary trust protect your kids?
zhlédnutí 106Před měsícem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 12 July 2024. This week’s show looks at an important estate planning issue, and one that’s very important for those with people who have minors or those under 18 in their lives. This week Luke explores Testamentary Trusts, what they are, and why you might consider them as part of your ow...
Luke on 2CC - How do you start a pension from your super?
zhlédnutí 404Před měsícem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 5 July 2024. As we enter a new financial year, some of us start thinking about our retirement plans. Many people start planning for retirement at around this time of year, with a view to wrapping up full-time work around Christmas. There are however other strategic financial planning rea...
Kick start your new financial year! It's a great time to set new goals and review your spending.
zhlédnutí 231Před měsícem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 28 June 2024. The end of the financial year was this past weekend, so if you missed out on making a super contribution to get a tax deduction this year, plan ahead for next year and that’s inline with this week’s topic: Is it time to make some financial year resolutions for the new finan...
Luke on 2CC - Set goals for the new financial year!
zhlédnutí 163Před měsícem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 28 June 2024. The end of the financial year was this past weekend, so if you missed out on making a super contribution to get a tax deduction this year, plan ahead for next year and that’s inline with this week’s topic: Is it time to make some financial year resolutions for the new finan...
Control your risk in your super - is there too much risk? Review your super now for your retirement
zhlédnutí 731Před měsícem
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 21 June 2024. With the end of financial year just a week away, Luke reminds listeners to check with their superfunds to see if the window is still open to make a super contribution. This weeks show looks at a new financial year topic: How do you control risk in super in the new financial...
Luke on 2CC - Controlling risk in super in the new financial year
zhlédnutí 413Před 2 měsíci
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 21 June 2024. With the end of financial year just a week away, Luke reminds listeners to check with their superfunds to see if the window is still open to make a super contribution. This weeks show looks at a new financial year topic: How do you control risk in super in the new financial...
Should I open an Self Managed Super Fund (SMSF) in July or not? Why would you consider a SMSF?
zhlédnutí 208Před 2 měsíci
Should I open an Self Managed Super Fund (SMSF) in July or not? Why would you consider a SMSF?
Luke on 2CC - Should I set up a SMSF on 1 July 2024?
zhlédnutí 170Před 2 měsíci
Luke on 2CC - Should I set up a SMSF on 1 July 2024?
Should I sell my investment property and put the money in super? It depends on a range of factors!
zhlédnutí 1,1KPřed 2 měsíci
Should I sell my investment property and put the money in super? It depends on a range of factors!
Luke on 2CC - Should I sell an investment property and put money into super?
zhlédnutí 377Před 2 měsíci
Luke on 2CC - Should I sell an investment property and put money into super?
How do I get a super tax deduction before June - the steps to ensure you lower your tax this year!
zhlédnutí 704Před 2 měsíci
How do I get a super tax deduction before June - the steps to ensure you lower your tax this year!
Luke on 2CC - How to maximise your tax deduction from an EOFY super contribution?
zhlédnutí 435Před 2 měsíci
Luke on 2CC - How to maximise your tax deduction from an EOFY super contribution?
How to set up your kids financially without even realising it, start something a little sooner!
zhlédnutí 480Před 2 měsíci
How to set up your kids financially without even realising it, start something a little sooner!
Luke on 2CC - Give your kids the best financial start!
zhlédnutí 165Před 2 měsíci
Luke on 2CC - Give your kids the best financial start!
Should I start a pension before EOFY to maximise my strategies?
zhlédnutí 498Před 3 měsíci
Should I start a pension before EOFY to maximise my strategies?
Luke on 2CC - Should you start a pension from super before EOFY?
zhlédnutí 599Před 3 měsíci
Luke on 2CC - Should you start a pension from super before EOFY?
Should I add money to super in June & what are my options? Don't miss out on your EOFY opportunities
zhlédnutí 6KPřed 3 měsíci
Should I add money to super in June & what are my options? Don't miss out on your EOFY opportunities
Luke on 2CC - Should I contribute to super before 30 June?
zhlédnutí 501Před 3 měsíci
Luke on 2CC - Should I contribute to super before 30 June?
How much can you earn under the Centrelink Income Test? Know the rules before you retire!
zhlédnutí 3,3KPřed 3 měsíci
How much can you earn under the Centrelink Income Test? Know the rules before you retire!
Understand the Centrelink Asset Test to create greater retirement income certainty. The rules matter
zhlédnutí 4,4KPřed 3 měsíci
Understand the Centrelink Asset Test to create greater retirement income certainty. The rules matter
Luke on 2CC - What is the Centrelink Income Test?
zhlédnutí 190Před 3 měsíci
Luke on 2CC - What is the Centrelink Income Test?
Hi Luke. Great podcast. Can you do a concessional super catch up using inherited money or from family savings? 60 year old self employed, semi retired, income less than $40k, low super balance being self employed.
Hahahaha that sounds like 5 shows
I retire at 66yrs and 8mths in July 2025. Can I use the concessional contributions before I turn 67yrs in Nov 2025 to claim a tax deduction even though I will be over 67yrs when I do my tax return in July 2026.
If you make a contribution prior your 67 birthday I do not believe it matters when the return is done it's the time of the contribution.
Hi Luke. Great podcast. I am confused by what you're saying and what my accountant is telling me. My mother recently passed and left an investment unit to my brother and I in a testamentary trust. I was looking to distribute part income and the CGT liability to my children (under 18) when the investment unit is sold. My accountant says that the children (minors) are taxed at top marginal rate and they don't get the tax free threshold although I understood if the income/profit is from a Trust, they do get this benefit. Are we better to keep the property in my mother's Estate and the Estate pays the tax or do we transfer the property into the Trusts for both my brother and I? Love to hear from you.
Best you get a second tax opinion to be sure.
@@thestrategystacker thanks Luke. Can you recommend someone to help with my queries?
@@vanessawoo6980 I would talk with Rhys Kyburz from RSM Canberra.
Tell those pensioners who find out after they privately invest their money that they have under "SCAM" concerning their pension. Where they find they have lose up to 40% of pension. At the same time they will still receive the full pension if they money is handled by their family. Both ways( investing) have the same meanings, except one will find themselves every fortnight with less pension while they're receive a full pension. Maybe a Queen Bannister should review this system while your neighbour receive full pension and you only less.
Hi Luke. Question - can you make contributions into your super fund and claim it as a concessional deduction when you’re not working?
Totally of your under 67 no problem. You can you the catch up rules also.
In my opinion, it is foolish for the government to be crying about the national housing shortage and rental crisis, the skilled labor shortage! and no quick solution! …They should think deeply about providing a fairer system for the hard working retirees! After all, they have spent their whole lives to build this country, and they only have 20-30 years to live a decent final journey of life. The government and this country are eternally grateful to them, and the way you treat today's retirees is how you will be treated in the future. Respecting them today is respecting yourself. 1). The government should make the system very simple and easy for retirees, so that retirees will not have to heavily rely on professional financial advisors to take care of their life savings due to facing a very complex and difficult to understand retirement system, which has led to many retirees being scamed! 2). The government should adopt a universal pension system, and the maximum limit of government pension payments will remain unchanged, but the upper limit should be $100,000 per year, which is also based on the government's suggestion that hard working retirees should live a comfortable standard of living. In this way, the government will not lose any money, but will benefit the government, the country and retirees. If the government's upper limit is $100,000, by useing a couple as a example, for a couple, the government's current maximum age pension is $42,000 per couple. To get $100,000, that is, a gap of $58,000, these couples can return their rich assets to the economy in various forms, instead of spending them all (many retirees actully spent theie money on foreign economies, such as traveling there is little help to local Economy), or giving their assets to their children without flowing into the economy. Retirees can actually do the following if the government gives them a more relaxed age pension policy a) Reinvest assets into the economy instead of spending or giving them away. If they buy a house, they can immediately solve the current housing shortage problem. If they invest in a business, they can immediately help the country's employment... These actions do not require waiting for a long time for government red tape funding approval as they do now. b). If those older and most skilled retirees choose to return to work and earn extra income, they can return their skilled skills to the labor market and alleviate the current labor shortage that needs to be solved by a large number of immigrants.
Hi Luke, Could you provide a video explaining how to use NAB Equity Builder for tax advantages?
We can try and talk about the broader strategy. I don’t like referring to individual products because it creates an unconscious bias but more than happy to talk about the philosophy of that type of investment program.
Great messages👍, couple of comments. The host of the show is really switched on in respect of personal finance. Our last purchase was the first time we used a mortgage broker. Agree 100% that it is the way to go. You learn. Cash flow and liquidity. Liqidity and cash flow. Interest only and Offset. Offset and interest only. The above may not be perfect for everyone but not a bad place to start and refine from there to our own circumstances. Treat the Offset balance as an emergency fund, liquidity, sleep at night fund, etc. It is gold.....don't be a maniac with it😂 Great show
Thanks glad you took something from it. Nothing is ever perfect for everyone but it’s designed to get people thinking 😉
12:39 although 3 years late for me to comment, thank you for saying this.
Th asset test is a TAX on any pensioners who invest independently. What it does it is estimate money you invest and then they reduce your pension , so low that you are going to use your savings,it is similar as the ROBODEBTS. The pensioners benefits with a full pension are the ones that, with the family make out that don't have any money because they transfer money to the family. The money became FAMILY TRUST FUND, this started for the well heel but over time other decided to do same
Ok.
Shouldn't the age pension be for people who have nothing, not for the rich, If you have 450 thousand or a million in assets or in your bank account you are rich.
I guess it depends which end of the scale your at. You could also argue there should be no age pension like most countries in the world.
Who tells you when you reach the transfer balance cap or do you have to know for yourself?
@@oceanreefer2626 the ATO have a register in myGov you can check there.
hi guys great interview. just a heads up is the microphone sound is really poor, echoey n hard to hear
I’ll talk to the station. Sorry.
Thank you Luke. There is so much information out there on superannuation, but it's all about accumulation super funds. It's difficult to find information or to ask questions about defined benefit schemes / PSS. Contacting PSS or using their I-estimater isn't always helpful. Your information is simple, direct, easy to understand and invaluable. Keep up the great work. 👍⭐
@@sonyasj74 thanks. We have a number of shows about PSS on our channel or website under resources.
Thank you Luke. There is so much information out there on superannuation, but it's all about accumulation super funds. It's difficult to find information or to ask questions about defined benefit schemes / PSS. Contacting PSS or using their I-estimater isn't always helpful. Your information is simple, direct, easy to understand and invaluable. Keep up the great work. 👍⭐
Thanks feel free to share the link on your socials
Moving from a cumilative phase to pension phase is the remaining money still invested in the super fund. E.g you take 5% of $100000 = $5000 per annum and the remaining $95000 is still invested getting an average 8% growth.
@@jameshind6644 moving to pension in the majority of situations has no impact on the underlying assets. It’s change from accum to pension and you select your percentage. Always check with your specific fund as some funds move to cash start a pension and then need a new allocation.
If a couple has an SMSF with a property being the biggest asset, how can the adult children be shielded from taxation on the death of both parents? Would it be better to divest the property when both are retired, take the lump sum, and then re-contribute into accumulation? Or would the testamentary trust help avoid tax for adult children?
@@RennieCacciola tax status moves with the cash. You could sell and re cont or sell and take out prior to passing. Or start multiple account based pensions with cash in the fund if your pension age and hold the property at the same time.
Saw it soon after. Thanks
I must say you’re my favourite financial CZcams advisor. Do you have clients in Melbourne. Doing pretty good but one day I think I’ll like to get professional advice for retirement and estate planning.
@@swolath well thankyou. Very kind. We have clients all over where you live doesn’t matter. Just reach out when you need me.
Doing this for the algorithm because you can’t find these topics done so well anywhere else.
Thankyou. If only I knew how to get this to 1m people quickly everyone would be better off.
Content is gold👍 You are getting the message out, it is so important in many ways. It is not a topic that attracts the attention as '$1m is yours in 22 seconds' but you are doing your bit in sharing wisdom. 'If you want to protect your kids'. A most powerful message to any parent. That is our job.👍👍
Great work again guys. 👍
The video should be up later today in addition to the podcast.
One note: Superannuation trustee company is a SPECIAL purpose company. I.E. it can only be the corporate trustee ONLY. Cost is greatly reduced as it's a special purpose company, not a normal private company. Annual fee's are also charged at a greatly reduced rates 😅. One to four directors may be appointed.😮 Nb 2: Having watched part 4, Luke covered all what I said and much much more excellently. I only have experience with special purpose company trustee 😂.
Great information as always Question : by us using the downsizer rule depositing 300k into your super ,could that lock you out of putting extra money in you super,say applying the bring forward rule ,if you are getting close to you transfer balance cap.
@@jonwenning5288 the downsizer rules do not impact your ability to make non concessional contributions provided your total super balance allows for a contribution of that type.
This was informative, but how do you make audio so incredibly bad, especially when recorded in a studio???
I don’t know it’s not something people mention often. I’ll speak to the station and improve it for you next time.
Luke and the team at Envision Financial wish our CZcams supporters a happy financial new year. Set some new financial habits and chase your goals!
Consistently high quality content and messages. Offset accounts, concessional super contributions & index funds outside of super are all worth consideration. Stick to these key areas and there is not much else, in my view, to be too concerned about. Thanks for your great content👍
Thanks for your feedback I’ll aim to build this into new shows.
Than you so much for these informative interviews with Luke.
@@leannegon1483 my pleasure. Glad you like them. Feel free to subscribe for more information.
Thanks guys. Your the reason I actually put in extra contributions this year. Of all the people talking about super on CZcams you guys sound like sound advisers and not salesmen. Logical and well explained.
@@neolion8150 great to hear you have taken action and lowered your taxable income. My goal is to make sure people are informed of strategies not products.
Very good content, thank you! You guys deserve way more subscribers!
@@AgathaTsing thank you for your kind words. Please feel free to share the post so we can continue the sub journey !!!!! 😜
I rang AUS Super and they told me that the NOI can be done before lodging the 2024 return- even next year as long as the money has been deposited. I am still waiting for my tax agent to give me the calculation on concessional and non-concessional. Since Aus Super has got the worst customer service, I was actually wary if I was given the correct information, so thank you so much for your clarification.
@@relaxfun4447 you can lodge an NOI after the end of the year but your accountant will want to know what you are claiming. I wouldn’t leave it too late just in case.
@@relaxfun4447 and you are correct they are hopeless on many fronts
Glad I stumbled across this channel. So many good videos to watch back. I have a question about the Notice of Intent form. If you are wanting to utilise unused contributions from multiple years, do you need to submit multiple forms, or will the one form cover it and the ATO will work out what you have left and where to take it from? I am wanting to make a contribution and have a large amount of unused concessional cap available once I go back 5 years. My contribution will encompass the remainders from the 23/24 cap and the 18/19 year. Do I need to send in two forms?
Make your contribution lodge a single form after the money goes in and the ato match up your space to the amount you add. They use up oldest space first.
@@thestrategystacker Great thank you. I thought so but wanted to check
Hi Luke love the content mate. I’ve started squirrelling away money each week for my 8 year old daughter, would you recommend the etf vdhg for a investment? I would like to help her with a house deposit when she is older . Thanks for the info mate.
High growth vanguard. Lots of international and Aussie. Limited property so maybe pair it with VAP for diversification but long term it will grow for sure.
What about the tax implications?
A few options - cover the tax for your kids if you hold assets in their names. Hold the assets within a trust if you have one and disperse to them as adults or hold the asset in your own name and give it to them later. The main point is do something and be consistent
@@thestrategystacker Great advice
Questions 1. After converting from accumulation to pension, in full or part, do retirees still have to pay the Medicare Levy from earnings? 2. If a couple has a mortgage on their residence transitioning from accumulation to pension phase, it better to pay the mortgage off in full or retain the mortgage with a low balance to allow redraw for home restoration?
It depends why you need the mortgage access. You can keep it open but your payments may continue to the bank causing a cashflow issue. You could also get an IO loan and have it available if you need it. Pensions are tax free should have a Medicare levy issue over 60
Watching from Perth. Love your work Luke. Keep it up 👍⭐💰
Unfortunately my investment properties are in VIC - only got 2- and with the VIC govt just going mad I am looking at selling those properties and invest in ETFs under an industry super as I am already nearing 60 years of age.. How many years in between should it be timed to sell two investment properties? I am not certain if now is a good time to sell as a lot of invesors in VIC have been selling in droves. Which industry super allows to buy in US shares particularly AI shares? Australian Super and Vanguard do not allow it. Thanks very much. More power to your Vlog. You are helping a lot of people.
the timing of your sales would be impacted by your CGT and overall income position. The choice to sell has many components as noted in the show, its not saying go and do it blindly. I don't think there is an industry fund that allows US direct investment as it may not be on the APL of those types of funds. For the same reason, a mini car will not pull a horse float.
@@thestrategystacker thanks very much for your quick response and insights
which super fund is the best and has the lowest fees that gets you to trade in EFTs? Is Vanguard Super the best for this since Vanguard Australia has the lowest fees on personal investor? thanks
i dont know off the top of my head as it would be a fund by fund issue. Most industry funds have a direct option, Vanguard is also another good offering given the quality of their products. Some times price is less important that approved product options as vanguard only offer vanguard and you may want something else. If you have a large capital sum an SMSF would be cheaper than an industry fund by comparision. You may just need to shop around and see what works cost and options wise.
10:40 - Don't most Super funds have the forms online when you log in to your own super account? So even though you can download and complete the forms from the ATO's website and then lodge with your super fund, in most cases, you can probably do everything from within your own super account once you have logged in.
Yes for sure every fund is different, some take an NOI others will do it for you online or within an app. You just have to do what works for your particular fund. i guess the the important thing is not to assume you can or can't do something
If you have 50 k in space and you put in 30k, will that go to your 2019 space and work up or will it go into last year and miss out on the 2019 amount for next year? Thank you..
they genrally apply contributions over this years limit to the oldest space first
They use oldest space first yes.
Does the Concessional Contribution Amount get deducted from your Assessable Income Amount as mentioned at the 6 minute mark or your Taxable Income Amount.
Your deduction is taken off your taxable income when your tax return is lodged like all deductions to work out tax income and then tax payments.
Notice of intent does not need to be lodged by June 30. It must be lodged and acknowledged before lodging the relevant tax return. I had my accountant prepare my returns first so that I knew exactly how much to make concessional to suit my particular requirements. Then lodged notice of intent for that amount that suited me.
The NOI has to go into the fund prior to you lodging your return. It should also go in before the funds return is completed. It never needed to be lodged before June, the funds have to be cleared in the super fund before June thats about it. If you do it all at a similar time it just eliminates the chance you forget the NOI.
My point is that there may be reasons to first ascertain exactly how much of that non concessional to transfer to concessional to best advantage. So waiting until returns have been prepared can sometimes be to your advantage. It can be good to know that NOI can be delayed beyond June 30 when it suits.
Excellent advice guys!
Our pleasure!
For a withdrawal and reconstruction strategy is this guaranteed to eventually convert everything to tax free status. Is it possible that when you withdraw it always includes already tax free money. So difficult to convert all the taxable amounts.
Recontribution.
you may need to do it over time given the non conessional limits and ability to add money back to super. the withdrawal and speed of the strategy would be impacted by your existing percentages.
I thought tax was paid at death depending on how money was paid into super. I didn’t think being in a pension fund changed that as you said.
It’s taxed depending on taxable and tax free percentages. If you make an NCC to super and start a pension it’s all tax free for the life of the income stream with no tax to the kids as the components are locked when the pension starts.
I am a pensioner. Not working or receive any other income apart from my pension. Advise my super fund of my wish to open pension account. Superfund insisted that I complete Notice of Intent. Which I did to my horror, lost substantial as tax! Have I been advised incorrectly?
@@patricaweber7959 if you have not added any money to super you shouldn’t need a notice of intent. You don’t need a NOI to start a pension anyway. There must be another reason the fund asked for it or they didn’t understand what you were trying to do. Sounds very weird.
I'm a long-time listener and thank you very much for sharing valuable & practicle advice every week 🙂. Asking first-time a couple of questions; (1) I have done the paper work for a lumpsum payment from TTR (less than 10%), which hopefully will come in a few days. Looking at the total super balance, it's likely that total super balance at the end of this FY may end up being more than $500k. To bring it down below $500k thershold in this FY in order to use catchup contribution in the next year FY, can I request for another payment in this FY (while keeping total payments within 10% maximum amount) ? (2) For a couple, $500k catch-up contribution threshold will be per person; that is each person will have their own $500k threhold limit. Is that correct?
You can take as many payments as your fund will allow up to the 10% cap for TTR before June. I would check with your fund as to when they will make the last payment in June if you want to be under the 500k limit.
The 500k limit is per person.
Thanks again Luke for all the invaluable advice and information. To confirm, you can only transition to retirement when you have met preservation age and the maximum you can draw down is 10% of your super balance each financial year. Would this be correct?
Yes that is correct.
My husband is 60 and now has access to his super. He is self employed, earns little having slowed down with work and has a low super balance compared to my own. Am I best to pull his super out to help reduce our home loan and for me to contribute a portion of my salary into his account together with what we would have saved having reduced our loan? Grateful for your advice.
You need to do what is right for the two of you. If your mortgage worry’s you an option is it reduce the balance. Your husband would need to meet a condition of release to access his benefits as a lump sum. If you can add to the home loan again it’s up to you and what your priorities are. If he does doesn’t earn much he shouldn’t need a deduction in super.
Thank you for your reply. Can I contribute to my husband's super fund and claim this as a deduction off my income?
@@vanessawoo6980 no you can’t
Great advice! In case of SMSF, how does the personally contribution process work?
add the money to your smsf bank account then sent a notice of intent to the trustees. Make sure the trustees write back to the member acknowledging the contribution. Then make sure the smsf accountant has all the necessary paperwork when the return is due.
@@thestrategystacker Thanks a lot for the clear answer 🙂
Great advice been doing this for years
Keep doing it. Keep saving.
Thanks for the info. Great tip on holding the home loan funds in an offset account for the entire year before lodging in late June. Guaranteed 6.3% return on the money whilst still getting the concessional contribution tax deduction.
Glad you like it. Two uses for the same cash.
The income generated (I.e. interest offset) is also not taxable if held in offset, where it would be in super as well. The trade off is market upside, but once the tax benefits are allowed for , it's a pretty good strategy.