How To Save Tax with Super Contributions?

If you’re going to contribute extra money to your super, you will likely want to know how this will effect your taxes. In today’s video, I am going to be going through the tax implications of superannuation contributions. I discuss Concessional and Non-Concessional Contributions, tax rates and the government co contribution.
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⌚️Timestamps
0:00 Tax Implications of Super Contributions
1:02 Concessional Contributions
4:36 Non-Concessional Contributions
6:56 Government Co Contribution
7:47 Summary
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this YouTube channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#superannuation #supertax #superannuationcontribution

[EthanRooshock]

As we come into tax time, what topics do you want to see me cover?

[sfincher]

Best video on super I have seen yet
Super clear compared to most other info out there

[leonbeale]

Really great explanation Ethan. When you make the non-concessional bring forward contribution (in my case $330k) - are there forms to be completed with the super fund? Assuming also that if you add the $330, 000 before June 30, you can then add another $110k from July 1 - making it $440k in a very short time.

[ParryteemosQ]

Hi Ethan, would you be able to make a video detailing the First Home Super Saver Scheme in more detail? Detailing the tax benefits from FY24 onwards? Love your videos

[stephendavis]

Thanks Ethan, very good video!
How are carry forward concessional amounts integrated into your future tax? Say for example I have $85, 000 unused concessional contributions from the previous 5 years. Can I only add portions of the $85K to increase my concessional amount for the current and future years, or can I dump the whole $85K into the current year...and go past the concessional limit? I'm guessing the first one but I'd love to see what you know about this. Cheers.

[RheineCanlas]

Hi Ethan! Thanks for this great, informative video! Just wanted to ask a question. Do you need to lodge a notice of intent to claim for salary sacrifice contributions, as well?

[jonnypappas_]

Would be very interested in your take on services like HNRY. Would also be interested in hearing advice on using a trust effectively when looking to employ my partner through my side hustle etc. if that makes sense 😅

Appreciate your content.

[philiprachtman]

Can you discuss the spouse offset If a Spouse deposits up to $3000.00 into partners super fund what are the rules?

[tbcha]

Thanks for the video. Just wondering if we wanted to make additional concessional contributions directly to your super fund do you need to contact and let ATO know as well? Speaking to my superfund online they said i do but i cant find anything online about this. Only thing i see is fill in Notice of intent form.
Is it correct in thinking the following step is what is needed:
1. Put in the amount you want to contribute into your Super Fund
2. Fill out the Notice of Intent form and send to your super fund

is that it? thanks!

[mrandmrsbearau]

I'm a little confused. I had asked my employer to make an extra pre-tax contribution and have claimed it back upon tax time but don't remember ever filling out any form?

[airbnbwollongong]

Can you take the money out before retirement?

[markopolca]

How do people avoid super 30% tax on 300k aud per year salary? Cheers

[gerardhoracemares]

Hi Ethan, I am a sole proprietor, paying $300 super/week. paying as a non-concessional, personal contribution, can I claim tax deduction on this contribution?

[markopolca]

Also my wife didnt work for a year and her balance on super was below 6k and ATO took it. Now she is employed again and uses the same super fund does she need to do anything because I can't see any recent contribution from the employer. Cheers

[drobeofwar]

You contradict yourself. You say that you can claim non concessional super contributions on tax and later you say you can't claim non concessional super contributions on tax.