How to Pay Less Tax Inside Superannuation
VloĆŸit
- Äas pĆidĂĄn 7. 09. 2024
- Making the wrong contributions to your superannuation fund as an Australian expat can lead to paying more tax than necessary.
In this video, we dive into how you can avoid this costly mistake and optimise your super contributions.
What You'll Learn:
đ· How to Check Your Contributions: Understand the different types of contributions and their tax implications.
đ· Determining the Right Contribution: Learn how to calculate the best type of contribution for your situation to minimise tax.
đ· Case Study: See a real-life example of an Australian expat we helped reduce tax on his super fund.
Key Takeaways:
đ· Practical tips for checking your current contributions.
đ· Strategies to ensure you're making the most tax-efficient contributions.
đ· Insights from a real case study showing significant tax savings.
#Superannuation #AustralianExpats #TaxTips #FinancialAdvice #ExpatLife #SuperContributions #TaxEfficiency #CaseStudy #personalfinance
About Jarrad Brown:
Jarrad Brown is an Australian-trained and experienced Fee-Based Financial Planner with the Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian expatriates in Singapore. Subscribe to this CZcams channel for his latest tips and updates for Australian expats when it comes to making informed financial choices for their time abroad. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd - No: 200305462G | MAS License No: FA100035-3
â Book a complimentary meeting or get in touch with Jarrad Brown:
linktr.ee/jarr...
You may also be interested to check out the following:
Why is Singapore an Ideal Location for Australian Expats - âą Why is Singapore an Id...
Don't Retire BROKE - How to Calculate Your Magic Number and Enjoy Your Golden Years - âą Don't Retire BROKE - H...
10 Things I Wish I'd Known Before Moving to Singapore - âą 10 Things I Wish I'd K...
General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.
Superannuation is fine if you have worked for more than 30 years. A percentage of people will fine that their Superannuation will not be either. As high percentage of workers only work less than 20 hours a week. They may have to get help to balance the amount they need to live on.
Absolutely! It's particularly important in these situations to explore Age Pension entitlements, and rebates or tax offsets available, and of course ensure there's a detailed budget in place to maximise the longevity of those funds.
With regards to your comment on creating a company or Trust structure for the Australian expat who is a "Singapore-tax-resident", when the expat returns to Australia, can those companies and Trusts continue to operate in Singapore and continue to pay Singapore taxes?
Great question - with a great deal of planning, putting in place Directors / Co Sec, ensuring compliance requirements are met and you're aware of the tax implications of doing so.
@@AustralianExpatFinance Sorry but I am unclear as to your answer. Let me rephrase the question. The Australian expat who is a "Singapore-tax-resident", sets up tax advantaged Trust or Company while working in Singapore - I understand the tax advantages here. When the expat returns to Australia, permanently, is it still a tax advantage [the Australian is now an Australian tax payer] to leave the investments [say ETFs] in the Singapore entity and not terminate the company/trust. My understanding is that the Directors / Co Sec has to be Singaporean citizen [or another Australian expat who is a "Singapore-tax-resident"].
@@onnshaw8218 This MAY be advantageous tax-wise but it would depend on the management and control of the entity, how investment returns are treated for tax purposes, and how funds will eventually be repatriated if relevant. There would then obviously be the running costs of the company, and Powers of Attorney may be required given the company would be overseas.
Certainly one to be reaching out to a qualified accountant licensed in both Australia and Singapore to explore the personal situation here.
@@AustralianExpatFinance MANY THANKS.
@@onnshaw8218 Thank you for taking the time to check out the video.