Thanks Katherine for many helpful videos about retirement; always sending 👍; 1st time I’m writing comment , I started paying my pre -tax supper since 8/2013 ( wish if I’ve done it earlier ) I will retire in a few months after 40 years of working hard & good tax payer & saving on my supper for almost 40years Love watching all of your videos 😍💐 Ms Anh Trinh
Yes, it can, however if there is a CGT to be paid, please you need to get advice if possible to reduce it. This is an issue I deal with almost daily, if you don't get correct advice, you will be kicking yourself for overpaying tax if you don't have to.
Thank you Andrew for watching and for your comment. If you felt it was helpful, feel free to subscribe, as I continue creating more videos. A new one just came out this morning, so check it out.
@Andrew Bennell Thank you - if you have any particular topic that you would like for me to explore/explain - just let me know, I always look for suggestions for my new videos, Best, Kath😀erine
@@AboutRetirementTV One thing I would enjoy is more clarity on the "Unused concessional cap carry forward"... I will explain my situation first. I have been self employed the majority of my 23 year working life, as a result I completely ignored Super. My balance is probably average for a 20yo and shamefully inadequate for someone in their 40's. That said, COVID has been a boom for me and my business trajectory is up from here so I'm in a position where I could start contributing the $25k general concessional contributions cap and play catch up. But I don't entirely understand what additional I could deposit from carrying forward unused amounts. Ie, it would be great to cover some scenarios of maximum carry forward in the 20/21 FY vs 21/22 FY. It's possible I have the opportunity to accelerate my Super even further with this. I hope that all made sense.
@@NomadDad don't beat yourself up, most self-employed business owners are very much behind with their super balances. Like you said, usually it is not a priority for many years, until it hits you that you need to play catching up super contributions game. The topic you requested can be a bit daunting, but it is on my list and is coming most likely this month. I will try to include some examples, just to make it more digestible and relevant. It is great to hear that your business has flourished during COVID, that's a great indication of a solid business. Congrats and your topic is coming very soon.
This relates to your personal contributions for which you claim tax deductions. There are many rules and limits on personal contributions, but if you meet them all, you can contribute extra and still claim tax deductions for those extra contributions.
Very informative video. The information imparted has really educated me on my retirement journey
Very clear information and presentation.
Thank you Margaret, Tax and super - two great subjects that involve every Australian 😀
Do you like the idea of saving tax through super?
Thanks Katherine for many helpful videos about retirement; always sending 👍; 1st time I’m writing comment , I started paying my pre -tax supper since 8/2013 ( wish if I’ve done it earlier ) I will retire in a few months after 40 years of working hard & good tax payer & saving on my supper for almost 40years
Love watching all of your videos 😍💐
Ms Anh Trinh
Thank you Katherine, Can money from the sale of an investment property / rental property go into buck 2
Yes, it can, however if there is a CGT to be paid, please you need to get advice if possible to reduce it. This is an issue I deal with almost daily, if you don't get correct advice, you will be kicking yourself for overpaying tax if you don't have to.
Very helpful, thanks you making this content
Thank you Andrew for watching and for your comment. If you felt it was helpful, feel free to subscribe, as I continue creating more videos. A new one just came out this morning, so check it out.
@@AboutRetirementTV already have 😊
@Andrew Bennell Thank you - if you have any particular topic that you would like for me to explore/explain - just let me know, I always look for suggestions for my new videos, Best, Kath😀erine
@@AboutRetirementTV One thing I would enjoy is more clarity on the "Unused concessional cap carry forward"... I will explain my situation first. I have been self employed the majority of my 23 year working life, as a result I completely ignored Super. My balance is probably average for a 20yo and shamefully inadequate for someone in their 40's. That said, COVID has been a boom for me and my business trajectory is up from here so I'm in a position where I could start contributing the $25k general concessional contributions cap and play catch up.
But I don't entirely understand what additional I could deposit from carrying forward unused amounts. Ie, it would be great to cover some scenarios of maximum carry forward in the 20/21 FY vs 21/22 FY. It's possible I have the opportunity to accelerate my Super even further with this.
I hope that all made sense.
@@NomadDad don't beat yourself up, most self-employed business owners are very much behind with their super balances. Like you said, usually it is not a priority for many years, until it hits you that you need to play catching up super contributions game. The topic you requested can be a bit daunting, but it is on my list and is coming most likely this month. I will try to include some examples, just to make it more digestible and relevant. It is great to hear that your business has flourished during COVID, that's a great indication of a solid business. Congrats and your topic is coming very soon.
Where the guide the book thanks
This is very helpful. I have only question on "other wwhere you calim tax deduction" in bucket 1. What do you mean by that?
This relates to your personal contributions for which you claim tax deductions. There are many rules and limits on personal contributions, but if you meet them all, you can contribute extra and still claim tax deductions for those extra contributions.
I want to take it all out and run
Excellent.
So glad you enjoyed it - thanks Di