8 Tax Strategies for Retirement Every Pre-Retiree MUST Know
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- Опубліковано 16 чер 2024
- Don't wait until retirement to implement tax-effective retirement strategies. The benefits of most tax strategies begin before retirement, not after, and in this video I'll show you why.
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► How Much Super Should You Have: bit.ly/3hpcFu1
► How Much Can You Contribute to Super? bit.ly/3jBLH5k
► When Can You Access Your Super: bit.ly/3htrlIC
► Should You Withdraw Super to Pay Debt: bit.ly/3hbtr0V
► When Can You Access Your Super Tax Free: bit.ly/3h95JCh
► How Much Super Do You Need to Retire At 60: bit.ly/3dzy1E1
- Related Content -
► Salary Sacrifice: • What Is Salary Sacrifi...
► Personal Concessional Contribution: superguy.com.au/superannuatio...
► Transition to Retirement Strategy: • Transition to Retireme...
► Account-Based Pension: superguy.com.au/superannuatio...
► CGT Retirement Exemption: superguy.com.au/retirement/cg...
► Recontribution Strategy: superguy.com.au/what-is-a-rec...
► Spouse Contribution Tax Offset: superguy.com.au/superannuatio...
► Low-Income Super Tax Offset: superguy.com.au/superannuatio...
⏱ Timestamps
00:00 - 8 Tax Strategies for Retirement Every Pre-Retiree MUST Know
00:44 - #1 Salary Sacrifice
02:18 - #2 Personal Concessional Contribution
03:18 - #3 Transition to Retirement Strategy
04:34 - #4 Account-Based Pension
05:40 - #5 CGT Retirement Exemption
07:32 - #6 Recontribution Strategy
09:16 - #7 Spouse Contribution Tax Offset
10:14 - #8 Low-Income Super Tax Offset
10:50 - Tax on Super Earnings
😍 Like this video? Please hit the thumbs up button👍 and leave us a comment below. ⏬
-- 8 Tax Strategies for Retirement Every Pre-Retiree MUST Know --
In this video, we'll take a look at 8 tax-efficient strategies for your retirement. Some of these strategies can easily reduce your taxes by thousands of dollars each year. Plus, if you stay until the end, I’m going to give you the answer to the most commonly asked super tax question that I get asked - are super earnings tax-free after 60?
The types of tax strategies for retirement that we’ll be covering include salary sacrifice contributions, personal concessional contributions, transition to retirement strategies, account-based pension, CGT retirement exemption, recontribution strategy, spouse contribution tax offset and the low-income super tax offset.
#SuperGuy #ChrisStrano #Superannuation #RetirementPlanning
DISCLAIMER: The SuperGuy website and SuperGuy UA-cam channel contains general advice only. It is not personal advice as it does not take your specific needs or circumstances into consideration. Therefore, you should look at your own financial position, objectives and requirements and seek personal financial advice before making any financial decisions.
General advice is provided by Toro Wealth Pty Ltd trading as SuperGuy Retirement Experts as an Authorised Representative of Core Value FA Pty Ltd (AFSL 480387).
Before acting on any information, you should seek professional advice and verify our interpretation/s before relying on the content or calculators within this website or on the videos, while also considering its appropriateness in relation to your personal situation.
Great tips!
Glad you like them!
My retirement is close at hand. I've contributed the maximum amount allowed under the concessional rules up to 30 June 2024. I'd like to deposited a considerable amount of non-concessional funds.
Please do a video on the pros and cons of starting a second super' fund for non-concessional funds so that any money that remains as inheritance in the second fund for my children is not taxed.
Love your UA-cam videos. Please keep up the great work.
Very informative. Thank you for taking the time to create the content.
You're welcome. Glad you enjoyed it!
Thank Chris - great content as always. I would love to hear about super strategies for high income earners, especially those with family trusts.
Thanks! I'll add it to the list.
Can you please do a video on novated leasing?
Hey SuperGuy. Love your channel. Just wondering if you’ve heard of a Victorian Education department (potential) discrepancy of teachers contributions over the December leave loading since 1996. It’s huge. Have you heard anything about this? Would love to see a video on this (so would 127,827 Victorian teachers!)
Yes, I've briefly heard it. Thanks... I'll check it out.
can I benefits the same way as TTR from my SMSF account while I'm still working (PAYG)?
What is required for notifying super fund for spouse contribution?
I am interested in more info on TTR Strategy. TTR Strategy from 60yr? How does it work? Does the salary sacrifice portion need to be under $27k , how do you save tax
I have a question I retired on a defined benefit super Federal I can’t change it so I get 50k but I have been offered a job 100k can I just pay my DB into another super as a conditional and non conditional and about half of that 50k is non taxed? I have 4 years no super payments as I was on super. Sorry if this question is to complicated
Once a TTR strategy is started, isn't the TTR account locked in for paying 4-10%, and if recontribution, it is added to an accumulation account, not the TTR account directly?
I currently do 5% salary sacrifice I’m 56 next month and would love to retire at 60.
Nice!
You’re So informative 👌
Do you think they’ll raise the preservation age @ some point?
Thanks! Not sure. It has gradually increased from 55 to 60 over the past 5 years. It would be a brave government to increase it again any time soon.
Why no mention of non concessional contributions?
Great video, can you have mutiple pension accounts within the same super company?
IE. I have a large pension account, as my accumulation account grows again, can i start a new pension account
You sure can! Or you can combine them into one.
I must of missed it, what age can I start TTR?
Depends on your superannuation preservation age - but generally 59 or 60. See here ua-cam.com/video/Kh336VuhWmw/v-deo.htmlsi=L1Krm9TqLA5dJSga
If you do a recontribution after you turn 65, does the recontributed amount earnings then become non taxable.
Earnings within pension phase are tax-free and earnings within an accumulation account or TTR pension are taxable.
Can CGT work for an investment home where 600K capital gains are apparent? 32 liked and awesome video with much to think about.
CGT is always payable on investment properties, however, if you retire and have no income the following financial year, when you sell the CGT drops from 30% down to as low as 10%. Chris did a video on this a while back.
Here’s the link:
ua-cam.com/video/moFZh4fyPAE/v-deo.htmlsi=Tv0ZLQV_rpk1hnYg
You mean the CGT retirement exemption? This relates to an active business only - not an investment property.
Once you set up a retirement fund is this investment capital still at risk of market pressures. That is could it fall in value due to say a share market crash? Or is it guaranteed like a bank account
Yes. It can definitely flucuate and at the mercy of the market.
The only guarantee you have is the government $250k on bank accounts and term deposits. Everything else is a risk/reward strategy.
Hello Chris, are you sure investment returns within your super fund is taxed? I noticed only SG contributions and salary sacrificed contributions were taxed @ 15% by my super fund. I'm confused now.
There's a difference between contributions tax and earnings tax. Contributions tax of 15% is paid on SG and salary sacrifice contributions, whereas earnings tax is paid on investment income and capital gains within the account at a rate of up to 15%.
@@SuperGuyAu thanks Chris, my super fund shows only the 15% contribution tax, and never show investment income tax. Is the later shown net of tax rather than tax separately?
If I have an allocated private pension (transferred from a super accumulation account), I am over 60 will I NOT reconvert the tax break of 0% on earnings :
1. If I am a resident of any overseas country (solely ) amd non resident for tax purposes in Australia ,
2. I am a resident for tax purposes in both Australia and the overseas country I live in (Indonesia )?
Tax on superannuation earnings is levied at the superannuation fund level (Australian entity) not the member level. Therefore you residency shouldn't affect earnings. The pension payments, however, may be taxable in your name both under Australian tax law and the country you reside in - depending on the tax components of your super, your residency status and the other country's tax rules.
@@SuperGuyAu my super is an accumulation fund where I pay 15% on contributions, so after 60 why if I receive say a $2000 per fortnight payment from my allocated fund would I be taxed on that ? Many thanks
Great information .. just a question
At 67 can i withdraw 700k of my super and spend it all, lets say within 2 years, and then apply for the age pension.. is that possible.. or does centrelink question why you spent it all.!???.
No, they don't. You can do what you like with your money. They only want to know about it if you gifted it to someone else.
@@SuperGuyAu is the 700k taxed as a lump sum..
I am 67 years old . I recently sold an investment property and now have a lump sum which I would like to set up an allocated pension to generate an income stream. Am I allowed to have a tax deduction when I use the sale proceeds to set up the income stream? Do I get a CGT exemption when I use the sale proceeds to set up the income stream? How do I claim the tax deduction?
There are ways to minimise the CGT payable resulting from the sale of an investment property by making contributions to super. I would suggest seeking personal financial advice
Thank you for your response
Hi Super guy you are talking about salary sacrifice but i contributed my own money which was already taxed and they took out 15 percent tax. So i got taxed twice. Why is that?
Because presumably you will be claiming a tax deduction for it which will reduce your tax by more than 15%. Discuss with your accountant.
I have a question. You mentioned that you should take the income from an allocated pension even if you don't need the funds because you can put some of this money back into super. But if you're retired and not planning to go back to work how can you continue to contribute to superannuation. Don't get it sorry. You can't add funds to an allocated pension once you start drawing down.
My understanding is that you withdraw an amount from your pension account and make a non-concessional contribution to your accumulation account hence keeping it in a low tax environment as long as your Total Super Balance is not equal or above the TBC and/or you don’t have many assets outside super in which case it would be better to invest outside super given that the tax free threshold for an individual is 18 200 dollars
@@bornfree8487 Thankyou. I believed that once you had retired and commenced an allocated pension that under the super rules you were no longer allowed to continue contributing to any accumulation super accounts any more because you had officially retired and no longer working.
From the same guide
But thanks to changes in super legislation on 1 July 2017, more Australians are now able to make voluntary tax-deductible, concessional super contributions.
If you are self-employed you can still do this, but now you’re also eligible if you:
Earn salary or wages as an employee
Earn investment income
Receive a government pension or allowance
Receive a partnership or trust distribution
Earn income from foreign sources
Earn superannuation income.
You can have both and accumulation account and pension account - even if you are retired. You can generally make contributions to an accumulation account until age 75.
@@SuperGuyAuTop video mate... Again 😊
With 2 accounts, would your super fund charge you more than just having the one account?
Asking for a friend, she is 50yo, never married, no children. Owns her home (2m, no debt), an investment property (2m, no debt), 1.8m share portfolio, 1.5m in super (she had thrifty parents)
She is planning to retire at 60 (upon preservation age) and move overseas permanently
She is worried that she has to pay a lot of non resident tax on the income generated by her assets in Australia
Is there any way to minimise this? Thank you
smart woman!! But sounds like she can afford to speak to a tax agent to advise on this
@@kayemmae6733 doesnt hurt to get second opinion
Seriously? She is in a rare, privileged position. Well done to her. But given that wealth base and life stage, surely she can afford professional advice, instead of going through a proxy in the comments of a general information video for free.
Why is she going to waste the next 10 years working,she has more than enough to retire now and live a great life.She could sell her own house tax free,live off her dividend and franking credits in share portfolio,superfund earnings are tax free when she gets to retirement age.Good for her,wish I had her problems
@@Oxbow00 already explained above
nothing privileged about handwork and thrift, anyone can do it
5:26 But if you get back into superannuation don't you? Have to pay 15% tax on it… Again?
Yes that is what happened to me. They get taxed again so we are paying tax twice. Why?
❤😊
Thanks for watching!
Pay 'fewer' taxes. Just sayin'.
Noted!
Great job fixing the video's title!
Reduce tax liability?