@@OilBaron100 Hey there, do you have any specific aspects of SMSF you would like me to discuss? The next video I’m releasing is about tax-saving superannuation strategies. All of them can be used by SMSF members, but the last one is quite unique to SMSF. Stay tuned!😀
@@OZRuiShi I guess you could mention approximate figures on the set up costs of an SMSF and the ongoing annual compliance costs, the risks involved, the pros and cons of an SMSF compared to an Industry or a Retail Fund, buying property in an SMSF and the benefits and disadvantages of buying property in an SMSF compared to buying in one's personal name or buying in a bare trust, the effects of CGT when buying selling property in SMSF, the higher borrowing costs in borrowing in an SMSF to buy property and perhaps a list of lenders available in SMSF property purchases, the land-tax threshold advantages and disadvantages that apply in each state when purchasing SMSF property in each state, questions that we should ask an accountant or financial advisor when we go to discuss setting up an SMSF, the minimum suggested balance required before setting up an SMSF, plus anything else that I have not covered. There seems to be alot of online adverts appearing in my Facebook feed advocating people to set up an SMSF. There is alot of potential for members of the public with low-financial literacy to be misled and convinced to set up an SMSF or to do other things with their Super so I think such a video would be in the public interest so that people can avoid being misled and taken advantage of.
Hi @OZRuiShi I am 57yo and want to do extra contribution to my super. My question is can I use that money after I became 60 for whatever I want ? According with years not used can be about $150k. Appreciate your help
@@carmenzagonzalez2120 Hi there, thank you for your question! That's a very good question. The answer depends on the circumstances. If someone is retired after 60, then 100% of the money inside super is accessible. If not completely retired, a transition to retirement strategy can help access a maximum of 10% of the super balance each financial year. There are many planning opportunities at your age. I am releasing a video about superannuation strategies for older Australians soon, so stay tuned for that one! 😊
When I first start work, the current superannuation scheme just started, and it was 3% of the income for a long time. When I could afford it, I started putting money away when I can. Nothing fancy just blue chip shares and property inside super. Now I am 60 and started a TTR drawing out tax free income stream which helps a lot transitioning to retirement. For my children in their mid 20s I am going to put some extra into their super. Not a lot of money, but consistently. They have time to compound from that.
Thank you for sharing your journey! 😊 It’s inspiring to hear how you’ve built your super over the years and are now enjoying the benefits of a tax-free income stream with TTR. Helping your children get a head start with consistent contributions to their super is such a thoughtful and impactful idea-they’ll definitely appreciate the power of compounding over time!
another great video Rui! Very good indeed! I was with Unisuper but changed to Hostplus Indexed Balanced option. Best thing I did. The fees are soo much lower compared to what I was paying before. Can;t wait to see your video on comparing superfunds. Curious to know what you think about the new High Growth Indexed option inside Hostplus. Thanks!
Thanks, Henrique! Really appreciate your feedback. I'm working on this video and will release it soon. I'm familiar with Hostplus, and my super is currently with them. However, I'm not saying they are the best for everyone (gotta be careful not to mislead people into switching just because I'm with them, lol). I'll definitely share some insights about the options you mentioned. Stay tuned! x
I have two children with mild but impactful disabilities that will prevent them from working full time. When I speak to them about super it gets complicated usually the conversation begins with "it depends on your taxable income and whether you've had an employer within the current financial year". Then we look at what conditions are favourable to them for concessional and or non concessional contrtibutions and what amounts they should invest within super and or outside of super o maximise thier personal return.
Thanks for sharing. It sounds like you’re doing a wonderful job guiding your children through a complex area like super, especially given their unique needs. Super can indeed get complicated with the various rules around contributions and income thresholds. Tailoring concessional and non-concessional contributions to maximize their personal return is a smart approach. It may also be helpful to connect with a financial advisor who understands disability support benefits to ensure they’re getting the best possible outcome. Wishing you and your family all the best!😊
Thanks Rui for sharing! Such a great video 🎉 I got a question for the capital gain you mentioned in accumulation phase - say I chose the Balanced investment option within the super and then change to High Growth option within 12 months - is it considered as 15% tax (instead of 10%) on the capital gain because it’s less than a year? Correct me if I’m wrong 😊
Thank you for your question and kind words! 🎉 Yes, you are correct. If you change your investment option within your super from Balanced to High Growth within 12 months, any capital gains realized from this change would be taxed at 15%, as it is considered a short-term capital gain. Capital gains tax within super is 15% for gains on investments held for less than 12 months and 10% for those held for longer. It's also worth noting the concept of tax provisioning in pooled super funds. Super funds often provision for capital gains tax, which means they set aside a portion of the fund's gains to cover potential tax liabilities. This helps ensure that tax is fairly distributed among members, and it can mean that some of the capital gains tax might already be accounted for in your super fund's administration. A further reading is the "Tax provisioning in pooled super funds" section of this article passiveinvestingaustralia.com/the-problem-with-pooled-funds/ Hope this clarifies things! 😊
Thank you Rui for the detailed response! ❤ Is that “12 months” concept calculated based on the financial year? For example i made changed in March 2023, then the total investment gain from July/23-June/24 will be taxed at 15% (because July/23 to Mar/24 is less than 12months and Mar/24 to Jun/24 is also less than 12months? But if we look across the financial years, the former part (the investment from Jun/23 to Mar/24) is actually longer than 12 months if we consider the previous financial year.
@@fay1476 You're welcome! The "12 months" concept is not based on the financial year; it is based on the duration of time you hold the investment. The taxing point is the time/financial year when you sell (or switch investment options in your case). For example, if you switch from investment option A to B in March 2023 and you have held option A for 3 years, you only pay capital gains tax in the year you sell (FY23). Hope this makes sense!
@@OZRuiShi Thank you so much Rui for your clear and detailed explanations! 😊 I see now. That made me think whether it’s better to hold as long as possible instead of switching between the investment (so that you don’t need to pay capital gain tax) … Umm actually it should be the same coz you will sell the holdings eventually - then the total amount of the tax you pay when you sell once in the end VS the tax you pay if you switch several time with each duration over 12months should be the same, isn’t it 🤔
@@fay1476 Thank you so much for your kind words! It is generally better not to switch investment options too often inside super once you choose a good option that suits your investment risk appetite. Of course, if your risk tolerance changes, that might warrant a switch, but generally, switching for the sake of it is not advisable. Also, "selling holdings eventually" inside the pension phase of superannuation is tax-free. This differs from the accumulation phase, where capital gains tax would apply if you switch investments often. Hope this helps!😀
You can read my mind haha! I was thinking that the money going into super won’t be accessible until 60 so I’d rather hold money in hand… BUT… I changed my mind - why not choose tax heaven haha! Btw do you think concessional contribution is still worthwhile if div293 is involved?
Hey there, thank you for your comment! Div 293 does mean that the gap for concessional contributions is smaller, but in most cases, it is still worthwhile. In my opinion, the tax advantages can still make concessional contributions a good option. 😊
Hi Rui, love your videos! can I ask is it only possible to sell from super with SMSF? I'm trying to explain how you mean when you said you dont sell anything from super then move into tax free zone after pension agt, what would be considered selling something from super?
Hi! Thanks for the support 😊 Specifically to the point you mentioned, I was referring to selling assets like ETFs or shares in a super accumulation account, which applies mainly to those with SMSFs or super funds that allow investment in ETFs and direct shares. For most people with super in managed investment options through an industry fund, taxes are already provisioned within the fund, so this isn’t something they need to worry about. Hope that helps clarify!
Thanks for sharing your perspective! Investing in BTC can be an option for some, but it’s important to research thoroughly and understand the risks involved before making any investment decisions.
Thanks for your comment! It depends on your financial goals and situation. While putting after-tax money into super may not provide immediate tax benefits, it can still be a good strategy for long-term retirement savings due to the tax-free status of superannuation earnings in retirement. It’s always best to evaluate your options and consider your long-term financial goals.
if you have spare money, maximise out yearly contribution with before tax money will reduce income tax payable, and seeding for a long term compounding of the balance.
I hope you enjoyed this video. What questions do you have about superannuation? 😊
Would you be able to discuss Self-Managed Super Funds in a video?
@@OilBaron100 Hey there, do you have any specific aspects of SMSF you would like me to discuss?
The next video I’m releasing is about tax-saving superannuation strategies. All of them can be used by SMSF members, but the last one is quite unique to SMSF. Stay tuned!😀
@@OZRuiShi I guess you could mention approximate figures on the set up costs of an SMSF and the ongoing annual compliance costs, the risks involved, the pros and cons of an SMSF compared to an Industry or a Retail Fund, buying property in an SMSF and the benefits and disadvantages of buying property in an SMSF compared to buying in one's personal name or buying in a bare trust, the effects of CGT when buying selling property in SMSF, the higher borrowing costs in borrowing in an SMSF to buy property and perhaps a list of lenders available in SMSF property purchases, the land-tax threshold advantages and disadvantages that apply in each state when purchasing SMSF property in each state, questions that we should ask an accountant or financial advisor when we go to discuss setting up an SMSF, the minimum suggested balance required before setting up an SMSF, plus anything else that I have not covered.
There seems to be alot of online adverts appearing in my Facebook feed advocating people to set up an SMSF. There is alot of potential for members of the public with low-financial literacy to be misled and convinced to set up an SMSF or to do other things with their Super so I think such a video would be in the public interest so that people can avoid being misled and taken advantage of.
Hi @OZRuiShi I am 57yo and want to do extra contribution to my super.
My question is can I use that money after I became 60 for whatever I want ?
According with years not used can be about $150k.
Appreciate your help
@@carmenzagonzalez2120 Hi there, thank you for your question! That's a very good question. The answer depends on the circumstances. If someone is retired after 60, then 100% of the money inside super is accessible. If not completely retired, a transition to retirement strategy can help access a maximum of 10% of the super balance each financial year. There are many planning opportunities at your age. I am releasing a video about superannuation strategies for older Australians soon, so stay tuned for that one! 😊
When I first start work, the current superannuation scheme just started, and it was 3% of the income for a long time. When I could afford it, I started putting money away when I can. Nothing fancy just blue chip shares and property inside super. Now I am 60 and started a TTR drawing out tax free income stream which helps a lot transitioning to retirement. For my children in their mid 20s I am going to put some extra into their super. Not a lot of money, but consistently. They have time to compound from that.
Thank you for sharing your journey! 😊 It’s inspiring to hear how you’ve built your super over the years and are now enjoying the benefits of a tax-free income stream with TTR. Helping your children get a head start with consistent contributions to their super is such a thoughtful and impactful idea-they’ll definitely appreciate the power of compounding over time!
Great info, thanks Rui. Your channel deserves way more subs and views!
Thank you so much! 😊 I really appreciate your support and kind words-it means a lot!
another great video Rui! Very good indeed! I was with Unisuper but changed to Hostplus Indexed Balanced option. Best thing I did. The fees are soo much lower compared to what I was paying before. Can;t wait to see your video on comparing superfunds. Curious to know what you think about the new High Growth Indexed option inside Hostplus. Thanks!
Thanks, Henrique! Really appreciate your feedback. I'm working on this video and will release it soon. I'm familiar with Hostplus, and my super is currently with them. However, I'm not saying they are the best for everyone (gotta be careful not to mislead people into switching just because I'm with them, lol). I'll definitely share some insights about the options you mentioned. Stay tuned! x
THanks for the reply Rui! Can;t wait for your next video on super! :) All the best for now. @@OZRuiShi
I have two children with mild but impactful disabilities that will prevent them from working full time. When I speak to them about super it gets complicated usually the conversation begins with "it depends on your taxable income and whether you've had an employer within the current financial year". Then we look at what conditions are favourable to them for concessional and or non concessional contrtibutions and what amounts they should invest within super and or outside of super o maximise thier personal return.
Thanks for sharing. It sounds like you’re doing a wonderful job guiding your children through a complex area like super, especially given their unique needs. Super can indeed get complicated with the various rules around contributions and income thresholds. Tailoring concessional and non-concessional contributions to maximize their personal return is a smart approach. It may also be helpful to connect with a financial advisor who understands disability support benefits to ensure they’re getting the best possible outcome. Wishing you and your family all the best!😊
Love the ideas and easy to follow
Thank you! 😊 I’m so glad you found the ideas helpful and easy to follow!
Great quality video Rui, keep at it, your channel will explode soon!
Thanks for the encouragement and kind words! I really appreciate it. x 😊
how have you only got 504 subscribers (May 2024)? You are AMAZINGGG - Just like super, your channel is going to explode over time - keep going !!! :D
Thank you so much! Your comment truly made my day.
Cheers to growing together! Keep watching and spreading the word! 😄
Thanks Rui for sharing! Such a great video 🎉 I got a question for the capital gain you mentioned in accumulation phase - say I chose the Balanced investment option within the super and then change to High Growth option within 12 months - is it considered as 15% tax (instead of 10%) on the capital gain because it’s less than a year? Correct me if I’m wrong 😊
Thank you for your question and kind words! 🎉
Yes, you are correct. If you change your investment option within your super from Balanced to High Growth within 12 months, any capital gains realized from this change would be taxed at 15%, as it is considered a short-term capital gain. Capital gains tax within super is 15% for gains on investments held for less than 12 months and 10% for those held for longer.
It's also worth noting the concept of tax provisioning in pooled super funds. Super funds often provision for capital gains tax, which means they set aside a portion of the fund's gains to cover potential tax liabilities. This helps ensure that tax is fairly distributed among members, and it can mean that some of the capital gains tax might already be accounted for in your super fund's administration. A further reading is the "Tax provisioning in pooled super funds" section of this article passiveinvestingaustralia.com/the-problem-with-pooled-funds/ Hope this clarifies things! 😊
Thank you Rui for the detailed response! ❤ Is that “12 months” concept calculated based on the financial year? For example i made changed in March 2023, then the total investment gain from July/23-June/24 will be taxed at 15% (because July/23 to Mar/24 is less than 12months and Mar/24 to Jun/24 is also less than 12months?
But if we look across the financial years, the former part (the investment from Jun/23 to Mar/24) is actually longer than 12 months if we consider the previous financial year.
@@fay1476 You're welcome!
The "12 months" concept is not based on the financial year; it is based on the duration of time you hold the investment. The taxing point is the time/financial year when you sell (or switch investment options in your case).
For example, if you switch from investment option A to B in March 2023 and you have held option A for 3 years, you only pay capital gains tax in the year you sell (FY23).
Hope this makes sense!
@@OZRuiShi Thank you so much Rui for your clear and detailed explanations! 😊 I see now. That made me think whether it’s better to hold as long as possible instead of switching between the investment (so that you don’t need to pay capital gain tax) … Umm actually it should be the same coz you will sell the holdings eventually - then the total amount of the tax you pay when you sell once in the end VS the tax you pay if you switch several time with each duration over 12months should be the same, isn’t it 🤔
@@fay1476 Thank you so much for your kind words!
It is generally better not to switch investment options too often inside super once you choose a good option that suits your investment risk appetite. Of course, if your risk tolerance changes, that might warrant a switch, but generally, switching for the sake of it is not advisable.
Also, "selling holdings eventually" inside the pension phase of superannuation is tax-free. This differs from the accumulation phase, where capital gains tax would apply if you switch investments often. Hope this helps!😀
Thanks for sharing ! Great content.
Thank you for watching and for the kind words! I'm glad you enjoyed the content. x
I got a lot from this. Thank you
I'm glad to hear that! Thank you for your feedback. 😊
You can read my mind haha! I was thinking that the money going into super won’t be accessible until 60 so I’d rather hold money in hand… BUT… I changed my mind - why not choose tax heaven haha! Btw do you think concessional contribution is still worthwhile if div293 is involved?
Hey there, thank you for your comment! Div 293 does mean that the gap for concessional contributions is smaller, but in most cases, it is still worthwhile. In my opinion, the tax advantages can still make concessional contributions a good option. 😊
Hi Rui, love your videos! can I ask is it only possible to sell from super with SMSF? I'm trying to explain how you mean when you said you dont sell anything from super then move into tax free zone after pension agt, what would be considered selling something from super?
Hi! Thanks for the support 😊 Specifically to the point you mentioned, I was referring to selling assets like ETFs or shares in a super accumulation account, which applies mainly to those with SMSFs or super funds that allow investment in ETFs and direct shares. For most people with super in managed investment options through an industry fund, taxes are already provisioned within the fund, so this isn’t something they need to worry about. Hope that helps clarify!
@OZRuiShi thanks so much for the clarification, ur videos are extremely helpful and clear keep it up,your channel will do really well in the future!!
Is there a non smsf that I can buy american shares or the btc etf that Australia will have available?
For individual American shares and the BTC ETF, there isn't a non-SMSF super option that I'm aware of.
Love your content
Thank you so much! I'm glad you love the content. 😊
love the "young peopl" voice, very funny.
Glad you enjoyed it! 😄 That ‘young people’ sound effect was a fun touch-happy to hear it added some humor!
I like your presentation style - it is educational, but does not feel like a lecture.
Thank you! I'm glad you enjoy the presentation style. I aim to keep it educational and engaging. Your feedback means a lot! 😊
JUST BUY BTC
Thanks for sharing your perspective! Investing in BTC can be an option for some, but it’s important to research thoroughly and understand the risks involved before making any investment decisions.
Does it make sense putting your after tax money into super? Not really, I think. Is that right?
Thanks for your comment! It depends on your financial goals and situation. While putting after-tax money into super may not provide immediate tax benefits, it can still be a good strategy for long-term retirement savings due to the tax-free status of superannuation earnings in retirement. It’s always best to evaluate your options and consider your long-term financial goals.
if you have spare money, maximise out yearly contribution with before tax money will reduce income tax payable, and seeding for a long term compounding of the balance.