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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.

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.

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.

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?

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?

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

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

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.

Who tells you when you reach the transfer balance cap or do you have to know for yourself?

hi guys great interview. just a heads up is the microphone sound is really poor, echoey n hard to hear

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. 👍⭐

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. 👍⭐

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.

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?

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.

Doing this for the algorithm because you can’t find these topics done so well anywhere else.

Great work again guys. 👍

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.

This was informative, but how do you make audio so incredibly bad, especially when recorded in a studio???

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👍

Than you so much for these informative interviews with Luke.

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.

Very good content, thank you! You guys deserve way more subscribers!

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.

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?

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.

What about the tax implications?

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?

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.

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

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.

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..

Does the Concessional Contribution Amount get deducted from your Assessable Income Amount as mentioned at the 6 minute mark or your Taxable Income Amount.

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.

Excellent advice guys!

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.

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.

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?

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?

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.

Great advice! In case of SMSF, how does the personally contribution process work?

Great advice been doing this for years

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.