Superannuation

Mr Crudley

Eats Squid
I think it is pretty high. Personal contributions is about $25k before you lose any tax benefits from memory.
 

pink poodle

Our man in Japan
So...I'm well behind on the world of super, forgot co-contributions might actually be a technical term. But that link seems to be the one!


Just looking to drop a little cash know my super, if the government is going to back me up. Otherwise hookers and coke!
 

Daniel Hale

Likes Bikes and Dirt
government- Otherwise hookers and coke!
I suppose it don't matter as long as you're getting screwed by someone

seriously depends on income, up to 38K theyll top up 1K, upto 53K its 500, obviously before june 30 to see it -done on your tac return, would have to follow up with some govt dept to see it gets deposited,
 

blacksp20

Likes Bikes and Dirt
What is the maximum I can deposit into my super for a government co-contribution these days?
Newcastle tax agent I use, Peter Morgan, is a wealth of knowledge and is good for advice on this topic. I recommend giving him a call.
You may have missed the boat already though as I think you need to have it deposited and settled well before EOFY from what he told me last year.
 

silentbutdeadly

Eats Squid
It's $1,000 if you meet the means test criteria...the Feds will, for that coin, spot you another $500.

My super fund closes for this sort of shenanigans today...
 

Halo1

Likes Dirt
So...I'm well behind on the world of super, forgot co-contributions might actually be a technical term. But that link seems to be the one!


Just looking to drop a little cash know my super, if the government is going to back me up. Otherwise hookers and coke!
everyone else is pulling money out... are you just trying to be different?
It's $1,000 if you meet the means test criteria...the Feds will, for that coin, spot you another $500.

My super fund closes for this sort of shenanigans today...
Different payment methods can stuff you up meeting the deadline as well.
 

pink poodle

Our man in Japan
It's best not to pull money out super unless you are absolutely desperate.

everyone else is pulling money out... are you just trying to be different?
I sold some bike parts and decided to throw cash into my super as I don't have an immediate need for it. This year has been pretty slim on employer contributions! I was pretty sure the government were still co-contributing if you met the criteria. I just couldn't remember the finer details and was at work.

FYI - it is pretty hard to BPay into super while serving customers and arranging a co-worker's birthday cake. I managed to get myself locked out of my online banking for too many tries at the confirmation code.

Anyway $1000 sent to future poodle for a better life!
 

beeb

Likes Bikes and Dirt
I just didn't qualify, but I would've liked to have been able to pull the 10K out and pay it into my mortgage. Long term benefit is similar either way, but would've helped knock down the principle of the loan.
 
I just didn't qualify, but I would've liked to have been able to pull the 10K out and pay it into my mortgage. Long term benefit is similar either way, but would've helped knock down the principle of the loan.
That's true but in principle depending on your age your super should sit there longer than what your mortgage duration is and it should earn more than you would save under the current interest rates.
 

beeb

Likes Bikes and Dirt
That's true but in principle depending on your age your super should sit there longer than what your mortgage duration is and it should earn more than you would save under the current interest rates.
Pretty close in terms of time-frames. Maybe 6 years difference between the end of my loan term and official "retirement age". I'm paying slightly above standard repayments on the mortgage as-is, but I would really like to drive it down as quickly as possible so I'm not just finishing paying it off as I approach retirement age. I'm not that financially/investment focused, but the house will probably (subject to a million variables) appreciate in value faster than my super over the long term too, so 10K into the mortgage now will probably be worth more in the long term that what it would've accrued in interest in super over the same time-frame. I'm biased anyway, as it's all a crap-shoot with the way the world is heading - and I'd rather have the dollars somewhere I have some control over them than locked away. Each to their own though...
 
Pretty close in terms of time-frames. Maybe 6 years difference between the end of my loan term and official "retirement age". I'm paying slightly above standard repayments on the mortgage as-is, but I would really like to drive it down as quickly as possible so I'm not just finishing paying it off as I approach retirement age. I'm not that financially/investment focused, but the house will probably (subject to a million variables) appreciate in value faster than my super over the long term too, so 10K into the mortgage now will probably be worth more in the long term that what it would've accrued in interest in super over the same time-frame. I'm biased anyway, as it's all a crap-shoot with the way the world is heading - and I'd rather have the dollars somewhere I have some control over them than locked away. Each to their own though...
That's fair enough, at the current retirement age my super still has to sit there for a good 18 years and by the time I reach retirement age there won't be a retirement age anymore and I'm hoping to be done with the mortgage long before then.
 

pink poodle

Our man in Japan
I know a lot that are doing the loophole where you take it out and chuck it back in at a lower tax rate.
I was actually wondering about putting in and pulling out...put in $1k, gov puts in $500, pull out $1k...wondering what sort of check and balances were in place etc to prevent people doing that?
 

Calvin27

Eats Squid
I was actually wondering about putting in and pulling out...put in $1k, gov puts in $500, pull out $1k...wondering what sort of check and balances were in place etc to prevent people doing that?
Legit loophole. You take super out and you can sacrifice your salary back in.
 
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