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Just came across your channel and I’m so grateful! I am new to the country and understanding the system has been a bit challenging. You make it so easy! Thanks for your secret sauce!
Saucy stuff as always Bryan! Glad you touched on the FHSSS - as someone currently trying to save for my first property, I'd be really interested in a more in-depth video about the best strategies for achieving that!
I second this^! I'm a Kiwi and I've been over here saving my deposit, but I wish I knew about FHSS sooner! Luckily I think the new pathways to citizenship for us Kiwis will mean I'm now eligible for the First Home Owner Grant, so that's what I will look into 👍
Regarding your Salary Sacrifice example. For those who are not planning on adding extra contribution to their super with post tax income, you would be reducing your take home pay if you were to salary sacrifice to your super from your pre tax income. A lot of these comparisons that companies give you are like this
You’re right mate. I should have made it more clear. Your take home pay is only higher when you salary sacrifice assuming you’re planning to invest the same amount outside of super.
Super sacrifice: AMP have a good Salary Sacrifice calculator you can use to work this out.. it stops you from inputting anything higher than the cap of $27.5K and shows the sweet spot.
Also, you gave advice on salary sacrifice for employed people but what about for self employed? Do the same rules apply or do you need to go about it differently?
Watching your video first time.. genuinely impressed with detail and ease of understanding... Already shared your Saucy techniques to Facebook and insta... Keep up the great work mate...🎉
Excellent video. Well researched, presented, and easy for the everyday Aussie to understand. I've watched a lot of your videos and they have inspired me to start my investing journey, so thank you! I was wondering if you would be able to do a video comparing the best ETFs vs the best LICs on a long term (20-30 years) DCA DRP strategy? Again, thank you.
Not sure if I'm completely misunderstanding the salary sacrifice idea. If you put extra money into your super, yes it's taxed at 15% but the government also taxes your super gains whereas if you were to invest the money separately and use DRP on your shares you won't be taxed anything until you cash out. In the long term which is actually better? Being taxed yearly for gains you don't realise until you retire or going tax free until you sell.
It's taxed at 15% vs the marginal tax you would have had to pay if you didn't salary sacrifice. So they contribute the money BEFORE you are taxed your normal tax rate. That's where the savings come in. Where did you hear that the govt taxes your super gains yearly?
@@BryanInvest Oh, I see. That makes sense. Doesn't the government tax your super earnings at 15% also? Maybe I'm wrong about the timeline but my yearly super statements always show thousands in tax. This is where my confusion comes in. If you're taxed 15% on earnings you haven't realised, is it not better to invest it yourself and avoid the 15%?
Edit: you got there I just commented too soon haha...With salary sacrificing you can also take out a max of $50k towards your first home for the FHSS with the ATO first home super saver, only counts your personal contributions not employer guarantee contributions and caps at $15k per year upto the max cap of $50k so you kind of can get your super back before 60yo I've got until Christmas next year to have the $50k to take out, hoping we get a crash by then lol
My best tax plan was paying mortgage off ASAP then as I received more equity I purchased shares outside super and receive a tax deduction and franking credits. Now 30 years latter I have retired I can sell $60,000 worth of capital gains (which is more than my old employment wage) put $10,000.00 into super claim a deduction. So with the 50% discount my taxable income is $20,000.00 so I pay no tax. And with the dividends I receive I get a tax refund
Great video as always Bryan. I'm currently making use of the FHSS scheme, it's providing me with some super safe and saucy tax savings. A great alternative to investing the money outside of super or using a term deposit. Keep up the great content!
Two different things that serves a similar purpose. To help you afford your first home. FHOG doesn’t have anything to do with tax, rather a government initiative to encourage you to buy a house.
Thank you for the info about First Home Buyer Super Saver Scheme! I’ll look into it for my kids 🥰 Just wondering, would the money be best invested in shares though?
@@winniejo2206 The FHSSS allows you to invest in shares through your Super. The difference is, you'll only pay 15% tax versus your marginal tax rate which is usually higher. Just keep in mind Shares are volatile so you'll need to think in decades rather than years. If you think you'll end up withdrawing the money from Super for a house deposit within a couple of years then it's probably better to just keep it outside Super to avoid market risks.
Thank your for the info. So i dodnt lodge my tax return 22/23. I was a working holiday visa and new to Australia. Its still on my ATO should i still lodge that too?
You should be able to if you have an ABN. Check this eligibility test: www.ato.gov.au/Business/Income-and-deductions-for-business/In-detail/Small-business-income-tax-offset/
You can work out if you're an Australian resident for tax purposes here: www.ato.gov.au/calculators-and-tools/tax-return-work-out-your-tax-residency If so, you will have to pay. If not, you won't have to.
Hi Bryan, Thank you for your informative video. You have just won another subscriber. would you be able to explain in more details of how the depreciation is calculated? I just wanted to better understand this specific topic. Let just say I purchased a brand new two-bedroom apartment for an investment. Does the depreciation is calculated based on the purchased price? Or on the individual items that you have mentioned in your video.?
Hi Paul, thank you for the kind words! I can definitely do a video where I go more into depth about depreciation with some case examples. I’ll put it on the list for next year. Hope you have a happy new year.
5:12 i feel like I am misunderstanding this.. I purchased some land for $70,000 in 2021, I am looking at selling it for 200k shortly. If I accept that offer, I thought I was up for a capital gain of $130,000, of which I would owe 30%. However, because has been held for two years, I thought you got a 50% discount on the 30%, making it 15% of $130,000. Therefore, I thought I would pay $19,500 in capital gain tax?
I misinterpreted it.. I thought you were implying that I had to pay CGT on the entire 200k, but if I held it for over 12 months I would pay CGT on 100k.
Sauce, thanks for the vid. I've got a question. Is it still worth considering salary sacrifice if I've got an offset account on my home loan? noting the offset returns value based on the sum that sits there everyday whereas salary sacrificing reduces my total income. Cheers.
Great question. It’s a tough one. History says salary sacrifice will give you a higher return in the long run. However, it depends if you want to pay off your mortgage asap (before the 30 year loan). Putting money into offset is also a guaranteed tax free return. Ask yourself if you could pay off your mortgage faster vs invest excess cash in shares outside of super, what would you pick? The answer becomes more obvious based on your choice.
@@BryanInvest thanks for your reply. That’s a good question. I’m generally a risk averse person so I’ll probably go for finishing my home loan earlier rather than investing the money somewhere else.
The best strategy is when you get a Div293 in the post and you go so berserk you join the UFC and clean up in the octagon due to your incendiary rage at the ATO. Plenty of good sauce to cover any tax bill when you're making mad stacks like McGregor
They will normally mention it on the package when you apply online. But usually the most basic hospital cover should be enough. You can also tell them directly that you want health insurance that will be enough to avoid the levy surcharge.
I think the downside is that employers don't have to salary sacrifice your wage. Or at least my last employer wouldn't which was frustrating and couldn't find any leg way to make them
Hi Bryan! Could you make a video on how to do one's taxes with respect to US Options Trading but as an Australian resident if you have any knowledge on the topic?
Hey mate, there's a ton of deductions you may qualify for if you have high PSI: www.ato.gov.au/Business/Personal-services-income/What-to-do-when-the-PSI-rules-apply/Claiming-deductions-when-receiving-PSI/#:~:text=As%20a%20sole%20trader%2C%20you,the%20amount%20of%20the%20deductions.
I'm a bartender, would I be able to claim tax on my books about whiskey and its history and also my distilling course, would I be able to claim those under work-related self-education
If I do salary sacrifice to my supa can I take out the extra if I want to buy my first home or do I need to contribute my net income to the supa to wdl for my first home deposit? Sauce 😊
What's salary sacrifice ? So when I fill out tax forms, what do I need to choose, and if I choose that option, that means I will get less pay every fortnight ?
'Sauce'... My question is let's say I invested in VGA or another EFT and let's say I want to sell my ETF after 3 years as I believe that firm is doing badly and might be applying for Chapter 11/bankruptcy. Can I liquidate my ETFs and buy/invest for the same amount (dollar to dollar) in some other EFT? Will I have to pay capital Gains, even though I will invest all the amount in another eFT
Yes, there is no escaping capital gains tax once you sell a stock/ETF. Same as receiving a dividend. Even if you intend to reinvest the profit, you still need to pay tax on it first.
SAUCE!! thank you for this video! i do have a question though, is the salary sacrifice applicable to international students studying in Australia while working part-time?
You are only charged the Medicare Levy Surcharge if you earn more than 93K as a single. You don't have to pay the surcharge (usually an extra 1%) if you have the right level of private hospital cover. Most people still have to pay the standard 2% Medicare Levy regardless of health insurance.
Hello @bryan , great informative video. However just a quick question In regards to the two table comparison of john regarding super , If john puts $20150 after tax does he gets back 17.5% from tax because he paid tax on 70k at 32.5% and now if he is contributes $20150 he should be taxed at 15% only whereas he paid 32.5% , so he should get back the difference. Pls advise if i am correct or wrong
Hey got a question can you make a video on how to fix your credit score in Australia. I try getting a loan for the bank for a car but I got declined apparently I got a loan or something that is affecting my credit score Once again thanks for videos 🎉
Hey Sauce….Problem with Salary Sacrifice into super is it favours those closer to the end of their careers , they generally have the higher incomes and more assets and have less need for liquidity.Another part of the tax system that favours the boomers
That is true. However, if you are younger, it means you’re giving your money in super more time to compound especially with the low tax rate. You’ll get heaps more when it’s time to retire.
Also you’re comparing someone who salary sacrifices to someone who contributes $20k annually to their super without salary sacrificing? Who on earth would do that? You should be comparing it to someone who does not additionally contribute to their super. In which situation they would take home ~$55k, more than the salary sacrificer. I also think adding the actual take home pay with the additional amounts that you gain in super that equates to $65k, and then calling that total take him pay is deceiving. Sure it’s true, but you don’t get to ‘take home’ that additional amount that’s in your super, I won’t be able to ‘take it home’ for another 35 years.
@@harrygilbertson6734 No, I'm comparing someone who salary sacrifices vs someone who invests outside of super (not non-concessional contributions). And yes, you're right on the second part. I used poor wording calling it 'take home' even if they will eventually take it home. However, I think most people understand the point I'm trying to make.
Perfect! Like me there are many I believe would be happy with that. Can you also explain with some scenarios like what if the person has leased house and wfh where he shares his unit with friends,what percentage can he claim from rent , electricity, internet ? The work is full time wfh
![Superannuation Tax Changes at Age 60: What You Need To Know [Australia]](/img/n.gif)
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I like that you speak fast and clearly. I don't have to speed the video up! Now that's good sauce!
Haha, thanks mate. Nice to someone else who prefers fast paced videos. I, too, speed up most videos on UA-cam 🏃🏻♂💨
And I don't like
lol, i still watched it on 2.25 speed
Sauce - your videos are so informative! I came across your UA-cam channel few days ago and already feel like I’m learning a lot. Thank you!
Thank you mate. Glad to have you with us. 👍
Been looking a video like this on UA-cam for a while. Great work mate. And yea, I stayed till the end . Sauce.
Hey, I appreciate that my man. All the best with your tax return 👊
Salary sacrificing and salary packaging as a nurse is awesome , sauce. Great video
Absolutely Kimberly. I love that our nurses are looked after well. They deserve it! ❤
Just came across your channel and I’m so grateful! I am new to the country and understanding the system has been a bit challenging. You make it so easy! Thanks for your secret sauce!
Welcome to Australia mate! 🇦🇺
Glad to have you here and appreciate the support.
Sauce - you just earned a subscriber. Great information, and I must mention, perfect speed for me, I dint have to adjust your speed :😄
Hahaha thank you for the comment! I’m glad there are a few people out there that don’t think I speak too fast 💨
Saucy stuff as always Bryan! Glad you touched on the FHSSS - as someone currently trying to save for my first property, I'd be really interested in a more in-depth video about the best strategies for achieving that!
Thanks mate! That’s a great video idea. I’ll definitely put it on the list. Have you checked out if you qualify for first home owner grant?
I second this^! I'm a Kiwi and I've been over here saving my deposit, but I wish I knew about FHSS sooner! Luckily I think the new pathways to citizenship for us Kiwis will mean I'm now eligible for the First Home Owner Grant, so that's what I will look into 👍
@@gearspider Welcome mate. Hope you have an enjoyable and prosperous time in Australia!
I had no idea the FHSS existed. Thank you!
Great video Bryan. Would love to see a video explaining how to avoid or reduce the chances of being taxed from Div 293 for high income earners
Please don't stop posting content it is so informative and entertaining
I'm here for the long term. Heaps more videos to come!
Regarding your Salary Sacrifice example.
For those who are not planning on adding extra contribution to their super with post tax income, you would be reducing your take home pay if you were to salary sacrifice to your super from your pre tax income.
A lot of these comparisons that companies give you are like this
You’re right mate. I should have made it more clear.
Your take home pay is only higher when you salary sacrifice assuming you’re planning to invest the same amount outside of super.
Any chance you can explain this in more detail? @@BryanInvest
Super sacrifice: AMP have a good Salary Sacrifice calculator you can use to work this out.. it stops you from inputting anything higher than the cap of $27.5K and shows the sweet spot.
Nice. Thanks for sharing mate.
www.amp.com.au/calculators/sal_sac_calculator/salary_sacrifice.htm
It doesn't work if your yearly imcome is including overtime. it uses 11% of your total income and you can't change it.
Also, you gave advice on salary sacrifice for employed people but what about for self employed? Do the same rules apply or do you need to go about it differently?
Watching your video first time.. genuinely impressed with detail and ease of understanding...
Already shared your Saucy techniques to Facebook and insta...
Keep up the great work mate...🎉
Just saw this a year later. Thank you mate, I really appreciate it 👊
Sauce. Love your vids. I suggest a video specifically on tax tips for small business owners.
Thank you, I appreciate it! That's a good idea. I'll put it on my video idea list.
Sauce, like always, tasty. I appreciate your presenting these simply and clearly.
Thank you for the nice comment ☺️
i appreciate you catching me up on this knowledge. Subscribed :)
Welcome to the family!
Excellent video. Well researched, presented, and easy for the everyday Aussie to understand. I've watched a lot of your videos and they have inspired me to start my investing journey, so thank you!
I was wondering if you would be able to do a video comparing the best ETFs vs the best LICs on a long term (20-30 years) DCA DRP strategy?
Again, thank you.
Hey Sam, thanks for wonderful comment. I’m definitely planning to make a video about LICs soon! Keep a look out.
Thanks Bryan you have a new subscriber here... This video was better than a bunnings sausage with sauce!
Welcome to the family, Brett. Man, I looooove Bunning sausages with extra ketchup & mustard 🌭
Thanks for the great sauce, Bryan! Appreciate that your videos are info-packed in a clear and succinct way. Subscribed.
Thanks for the nice comment! I’m glad you enjoyed it 😊
Sauce, I am continuing to learn more and more about investing, finance, etc. Thank you Bryan🌸
Thank you, Tracey. That's lovely to hear. I wish you all the best on your journey 💙
Nice and quick easy learning ... thumbs up from Karachi, Pakistan
Thanks! Appreciate the support 🇵🇰
thanks the super saver might be the way i can get a house in a few years
Sauce - thanks for this video, i am relatively new to Australia and it's tax scheme. Very educational.
Thanks for the comment! Welcome to Australia 🇦🇺 💙
Thank-you Bryan. Pretty useful.
Thanks Agustin!
SAUCE. Found you a week ago. Love the videos and good vibes mate! Subscribed.
Thanks Jeff. Hope my videos can help you 👊
First time watching your video
Since you explained all things clearly
I hope to maximise then minimise on my future tax returns 🤑
Awesome Kylie! I hope you can get a huge tax refund next year 🤩
nice vids bro, your gonna blow up any time soon.
keep up the hard work 👍
Thanks mate. I appreciate that 👊
Another great vid mate! Very saucy. 😂 the background music was just a bit disruptive. Nonetheless, very straightforward vid. Thanks
Not sure if I'm completely misunderstanding the salary sacrifice idea.
If you put extra money into your super, yes it's taxed at 15% but the government also taxes your super gains whereas if you were to invest the money separately and use DRP on your shares you won't be taxed anything until you cash out.
In the long term which is actually better? Being taxed yearly for gains you don't realise until you retire or going tax free until you sell.
It's taxed at 15% vs the marginal tax you would have had to pay if you didn't salary sacrifice.
So they contribute the money BEFORE you are taxed your normal tax rate. That's where the savings come in.
Where did you hear that the govt taxes your super gains yearly?
@@BryanInvest Oh, I see. That makes sense. Doesn't the government tax your super earnings at 15% also?
Maybe I'm wrong about the timeline but my yearly super statements always show thousands in tax. This is where my confusion comes in. If you're taxed 15% on earnings you haven't realised, is it not better to invest it yourself and avoid the 15%?
@@dc4539 the 15% is probably for dividends in your super. You won't be taxed 15% just for holding shares inside or outside super.
Excellent 👌
Your teaching skills are great. I understood everything. Learnt alot cheers.
Thanks for the positive feedback 😊
Edit: you got there I just commented too soon haha...With salary sacrificing you can also take out a max of $50k towards your first home for the FHSS with the ATO first home super saver, only counts your personal contributions not employer guarantee contributions and caps at $15k per year upto the max cap of $50k so you kind of can get your super back before 60yo I've got until Christmas next year to have the $50k to take out, hoping we get a crash by then lol
Nice one mate 😉
Mustard is my favourite sauce. Work expense deductions are my favourite tax saver.
I too am a mustard lover. Good stuff 👍
Hey Bryan, is the medicare levy surcharge calculated after deductions? Cheers, love the vids
Hey Travis! Yes, they are 😃
Thanks for the sauce 😃
Hope you enjoyed 😎
Thanks hun 💓
Very informative, thank you
Thanks mate 🙏
Thankyou for this video! Learnt a lot. So you cant use capital losses too offset taxable income, only to offset capital gains?
Yes, that is correct! If you don’t have any capital gains in the current year then you can carry over the capital loss to future years.
I just found you!!!! Great videos mate!
Thanks for watching! Hope you enjoy your stay mate 😃
Sauce! Thanks Bryan! Can you do a video re saving tax for cleaners and tradies?
Hey Sylvia, I'll put it on my idea list and try to squeeze it in!
It would be great if you could do a seperate video on deductions for remote workers, eg rent deductions for home office, phone, power, etc.
Good day bryan can you made a video preparing your tax return with a asx stock investment. Thank you.
Good idea. I'll put it on the list!
Hi Bryan, brother do you have any videos for depreciation for example tools?
My best tax plan was paying mortgage off ASAP then as I received more equity I purchased shares outside super and receive a tax deduction and franking credits. Now 30 years latter I have retired I can sell $60,000 worth of capital gains (which is more than my old employment wage) put $10,000.00 into super claim a deduction. So with the 50% discount my taxable income is $20,000.00 so I pay no tax. And with the dividends I receive I get a tax refund
Good stuff mate. Killing it 👍
Thank you Bryan for all your videos. It’s really helpful. Keep up the good work :)
Thank you! I appreciate the support ☺️
Great video as always Bryan. I'm currently making use of the FHSS scheme, it's providing me with some super safe and saucy tax savings. A great alternative to investing the money outside of super or using a term deposit. Keep up the great content!
Good stuff mate. It’s actually a clever scheme that incentivises saving for a good reason. I hope it brings you a big saucy house in future 👍
Sauce - great video! 👍🏼
Thanks mate 👍
I had a rewind a few times to pay attention to the good sauce
Are you sure it’s not because I talk super fast? 😂 I appreciate it mate!
Sauce. Great video and tips as always
Appreciate you, as always 👊
You sound more professional than most accountants i know.
Which state you're from if you don't mind me asking.
Thanks Kevin. I'm from Perth, WA!
Nice one sauce 👍🏼
🥫
I didn't know about the first home super saver! is this the same the first home owner's grant? Thanks for the sauce, Bryan.
Two different things that serves a similar purpose. To help you afford your first home. FHOG doesn’t have anything to do with tax, rather a government initiative to encourage you to buy a house.
Thank you for the info about First Home Buyer Super Saver Scheme! I’ll look into it for my kids 🥰
Just wondering, would the money be best invested in shares though?
@@winniejo2206 The FHSSS allows you to invest in shares through your Super. The difference is, you'll only pay 15% tax versus your marginal tax rate which is usually higher. Just keep in mind Shares are volatile so you'll need to think in decades rather than years. If you think you'll end up withdrawing the money from Super for a house deposit within a couple of years then it's probably better to just keep it outside Super to avoid market risks.
5:55 I just need a better lawyer hahahaha
Hey sir
I Connected my pocket with CDIA account and now I can’t buy share. Can I create different CDIA account and connect with commsec?😅
No you should only need one CDIA for both Commsec and Pocket. No need to create a second one. Contact them if you’re having trouble connecting them.
Thank your for the info. So i dodnt lodge my tax return 22/23. I was a working holiday visa and new to Australia. Its still on my ATO should i still lodge that too?
Thanks for the Video!! It's excellent. I am a delivery driver, and I work cleaning as a contractor. Can I claim the small business income tax offset??
You should be able to if you have an ABN. Check this eligibility test: www.ato.gov.au/Business/Income-and-deductions-for-business/In-detail/Small-business-income-tax-offset/
i want to learn more about the taxation on investment and financial planning
I am an International student, this is my first tax return, do I need to pay for 2% medicare levy?
You can work out if you're an Australian resident for tax purposes here: www.ato.gov.au/calculators-and-tools/tax-return-work-out-your-tax-residency
If so, you will have to pay. If not, you won't have to.
Hi Bryan,
Thank you for your informative video. You have just won another subscriber.
would you be able to explain in more details of how the depreciation is calculated? I just wanted to better understand this specific topic.
Let just say I purchased a brand new two-bedroom apartment for an investment.
Does the depreciation is calculated based on the purchased price?
Or on the individual items that you have mentioned in your video.?
Hi Paul, thank you for the kind words! I can definitely do a video where I go more into depth about depreciation with some case examples. I’ll put it on the list for next year. Hope you have a happy new year.
5:12 i feel like I am misunderstanding this.. I purchased some land for $70,000 in 2021, I am looking at selling it for 200k shortly.
If I accept that offer, I thought I was up for a capital gain of $130,000, of which I would owe 30%. However, because has been held for two years, I thought you got a 50% discount on the 30%, making it 15% of $130,000.
Therefore, I thought I would pay $19,500 in capital gain tax?
Hey Matt, it ends up being the same thing however you calculate it.
30% of 65K = 19.5K
15% of 130K = 19.5K
I misinterpreted it.. I thought you were implying that I had to pay CGT on the entire 200k, but if I held it for over 12 months I would pay CGT on 100k.
Sauce, thanks for the vid. I've got a question. Is it still worth considering salary sacrifice if I've got an offset account on my home loan? noting the offset returns value based on the sum that sits there everyday whereas salary sacrificing reduces my total income. Cheers.
Great question. It’s a tough one. History says salary sacrifice will give you a higher return in the long run. However, it depends if you want to pay off your mortgage asap (before the 30 year loan). Putting money into offset is also a guaranteed tax free return. Ask yourself if you could pay off your mortgage faster vs invest excess cash in shares outside of super, what would you pick? The answer becomes more obvious based on your choice.
@@BryanInvest thanks for your reply. That’s a good question. I’m generally a risk averse person so I’ll probably go for finishing my home loan earlier rather than investing the money somewhere else.
SAUCE. Great video mate, keep up the great work!
Appreciate it Carl 👊
Can I buy 1 seperate month of Private Health Cover in June
Haha, that’s very creative but unfortunately won’t cut it. They ask on your tax return from what dates your private health insurance covers.
Wash Sales is Legal in paper right?
I don't think wash sale is legal anywhere mate 😅
The best strategy is when you get a Div293 in the post and you go so berserk you join the UFC and clean up in the octagon due to your incendiary rage at the ATO. Plenty of good sauce to cover any tax bill when you're making mad stacks like McGregor
😂 who the fook sent me this tax bill?!
Sauce. useful info as always 👍🏻👍🏻
Thank you Ashley 🙏
How do I know I have the appropriate level of health insurance, so I don’t need to pay the levy?
They will normally mention it on the package when you apply online. But usually the most basic hospital cover should be enough. You can also tell them directly that you want health insurance that will be enough to avoid the levy surcharge.
I think the downside is that employers don't have to salary sacrifice your wage. Or at least my last employer wouldn't which was frustrating and couldn't find any leg way to make them
Great video - sauce
Cheers!
Some good saucy tips in there. I did enjoy the casual, oh p.s you don't have to provide proof for 300 woth of tools
Hi Bryan! Could you make a video on how to do one's taxes with respect to US Options Trading but as an Australian resident if you have any knowledge on the topic?
Interesting video topic. I'll put it on my list. Thanks
Is there any ways or secret sauce to reduce high psi sole trader tax ¿
Hey mate, there's a ton of deductions you may qualify for if you have high PSI: www.ato.gov.au/Business/Personal-services-income/What-to-do-when-the-PSI-rules-apply/Claiming-deductions-when-receiving-PSI/#:~:text=As%20a%20sole%20trader%2C%20you,the%20amount%20of%20the%20deductions.
Great video man
Thank you sir ✊
I'm a bartender, would I be able to claim tax on my books about whiskey and its history and also my distilling course, would I be able to claim those under work-related self-education
If I do salary sacrifice to my supa can I take out the extra if I want to buy my first home or do I need to contribute my net income to the supa to wdl for my first home deposit? Sauce 😊
Sauce brother thanks for the Info
Cheers bro 😎
Great vedio 👍
Well done ! Quick one, Overseas mortgage payment(non rented property), can it be claimed as deduction?
This video is brilliant
Thank Warren 👊
What's salary sacrifice ? So when I fill out tax forms, what do I need to choose, and if I choose that option, that means I will get less pay every fortnight ?
It means you voluntarily contribute more to your super than the compulsory 11%. Talk to your payroll or admin officer at work about it.
Hey Brian, can you do a video of real estate crowd funding please. If you can.
I'll put it on the list :)
Great Video and much more information !
Thanks!
Great stuff.
Thanks Praveen! 💙
Can international students use these to save tax?
'Sauce'... My question is let's say I invested in VGA or another EFT and let's say I want to sell my ETF after 3 years as I believe that firm is doing badly and might be applying for Chapter 11/bankruptcy.
Can I liquidate my ETFs and buy/invest for the same amount (dollar to dollar) in some other EFT?
Will I have to pay capital Gains, even though I will invest all the amount in another eFT
Yes, there is no escaping capital gains tax once you sell a stock/ETF. Same as receiving a dividend. Even if you intend to reinvest the profit, you still need to pay tax on it first.
SAUCE!! thank you for this video! i do have a question though, is the salary sacrifice applicable to international students studying in Australia while working part-time?
Thank you Ariana! I believe you can. You can also apply to have super paid out if you leave the country (and not an Australian resident).
Thanks!
No worries 👍
i really liked the investment propety
Thanks for the video! Excellent advice!
Thanks for watching 😉
Hi Bryan can you upload a video on how Uber driver Tax and GST work please tnx ???
I’ll put it on my video idea list. Thanks!
Are you sure that if we buy the health insurance then we don’t need to pay the Medicare levy?
You are only charged the Medicare Levy Surcharge if you earn more than 93K as a single. You don't have to pay the surcharge (usually an extra 1%) if you have the right level of private hospital cover.
Most people still have to pay the standard 2% Medicare Levy regardless of health insurance.
Hello @bryan , great informative video. However just a quick question
In regards to the two table comparison of john regarding super ,
If john puts $20150 after tax does he gets back 17.5% from tax because he paid tax on 70k at 32.5% and now if he is contributes $20150 he should be taxed at 15% only whereas he paid 32.5% , so he should get back the difference.
Pls advise if i am correct or wrong
The average wage is now 100k in Australia from what I read.
Yeah, I read that recently and found it a bit hard to believe. There must be something skewing the data.
haha Sauce- great video subscribed :D
I appreciate it mate. Welcome to the family! 😊
SAUCE. Thanks for your tips, much appreciated.
Awesome! Glad you enjoyed 😊
Hey got a question can you make a video on how to fix your credit score in Australia. I try getting a loan for the bank for a car but I got declined apparently I got a loan or something that is affecting my credit score
Once again thanks for videos 🎉
Hey Sauce….Problem with Salary Sacrifice into super is it favours those closer to the end of their careers , they generally have the higher incomes and more assets and have less need for liquidity.Another part of the tax system that favours the boomers
That is true. However, if you are younger, it means you’re giving your money in super more time to compound especially with the low tax rate. You’ll get heaps more when it’s time to retire.
Also you’re comparing someone who salary sacrifices to someone who contributes $20k annually to their super without salary sacrificing? Who on earth would do that? You should be comparing it to someone who does not additionally contribute to their super. In which situation they would take home ~$55k, more than the salary sacrificer.
I also think adding the actual take home pay with the additional amounts that you gain in super that equates to $65k, and then calling that total take him pay is deceiving. Sure it’s true, but you don’t get to ‘take home’ that additional amount that’s in your super, I won’t be able to ‘take it home’ for another 35 years.
@@harrygilbertson6734 No, I'm comparing someone who salary sacrifices vs someone who invests outside of super (not non-concessional contributions).
And yes, you're right on the second part. I used poor wording calling it 'take home' even if they will eventually take it home. However, I think most people understand the point I'm trying to make.
Can you make video for work from home tax return
I'll cover it in my next video!
Perfect! Like me there are many I believe would be happy with that. Can you also explain with some scenarios like what if the person has leased house and wfh where he shares his unit with friends,what percentage can he claim from rent , electricity, internet ?
The work is full time wfh
can working holiday visa do the tax return and have back something ?
If the ATO taxed your pay, then yes there is a chance you get get something back if they took too much.
nice video mate. Well done
Thanks mate.