Do I ever get taxed on money in Super? If so, when?
Yes, you get taxed at 15% in super for everything you contribute and claim a tax deduction for.
This 15% is paid by your super fund when they lodged the tax return (if you own an SMSF); or the tax is taken straight from your balance when you deposit it if you are using a public super fund.
Is there a limit as to how much I can put into super?
Yes, there sure is.
The limit is $30,000 if you’re 48 years old or younger.
And $35,000 if you’re 49 years, plus.
The limits are a lot higher (up to $540,000) if you’re making the contributions from after tax money.
What happens if I don’t have the cashflow to put into super?
To get the tax deduction, the super needs to be paid by 30 June of the year.
Make Additional Super Contributions now before your opportunity is missed for another year.
If I have many family members, can we pool our Super limits?
A super limit is per person.
And yes, you can contribute the $30,000 or $35,000 for each person. It will end up in their own super account, though, so for instance, you cannot ‘borrow’ a super limit from another family member and pay yourself $40,000 instead of $35,000.
NEXT STEPS: You can book in a Quick 10 Min Chat here with an Inspire Chartered Accountant to talk about Tax Saving Strategies that will work for you.
Ben Walker of Inspire SMSFS Pty Ltd (1243433) is an authorised representative of Finance Wise Global Securities Pty Ltd ABN 60 146 708 045. Finance Wise Global Securities Pty Ltd holds an Australian Financial Services License (No. 397877).