วีดีโอ

Firstly love your videos Luke. My question is : If you are in a Constitutional Protected Super Fund are you able to make personal contributions into the fund and then claim a tax deduction. Will be contributing around $100k into Fund through my salary this financial year , last year contributed around 60K. The reason i am asking is I have 2 investment properties that i intend to sell shortly one this financial year and the other next financial year. I am looking at a Capital gains this financial year of around $17k and next year of around 350k. The Super balance is only 800k at the moment so long way from the 1.9million cap. My understanding of the Constitutional Protected Super Fund is that there are no concessional contributions limits unless your balance is over 1.9 million so contributing my entire capital gains would be great to avoid paying income tax if this is allowed.

The liberal Morrison government did nothing for 10yrs in relation to public housing. The working class always get stung.

What if you only live for 5 years after the Pss pension kicks in and you've outlived your spouse, is there a lump sum for your children or is the money just wiped?

My partner and I own two investment properties, one in the ACT and one in Queanbeyan. We have to pay land tax on the ACT property which is more than the cost of rates. Investors get absolutely nothing for land tax, no services like they get for rates, it is simply a tax that the government (and the rest of the community) benefits from, but it is passed onto renters via an increase in rent, so thank renters for all this extra money to help support police and schools and hospitals and social housing and all the other expenses land tax pays for. Any poltical party could remove land tax, and the cost of rent would drop because the rental market is compeditive each time you go to rent out the property on a new lease, but the ACT government has land tax (or renters tax) built into their budget. Land tax is levied on investment properties regardless of the property value in the ACT. In NSW land tax is only payable for properties whose land is valued over $1M+. The Queanbeyan property has a land value of about $450K which means land tax is not payable and therefore the rent for the property is less than in the ACT for a comparable property. Owning and renting property is both an investment and a business. The only reason for supplying a rental property to the market is if there is a return on investment. If there is no return on investment then the money available for investment will be redirected elsewhere. The love affair people have with property is becuase they understand it and they can value add with sweat equity into it. You can't renovate a share portfolio, you add on an extra bathroom room to gold investments and you can't predict the value of EFT's anymore than you can predict if your ball will land on black in the casio. Ynless you are the owner of a business, do you as a silent investor really know anything about the business, or are you just relying on blind luck? I don't care what I invest my retirement saving in, as long as I don't lose those savings and then become a burden on society. We are self funded retirees who have worked hard all our lives to get what we have got, and now someone what's to take all that away from us?? Both the investment properties are owned outright, there are no loans and hence no expenses exceeding income, and hence no negative gearing, just income tax that we must pay. When we go to the sell the properties to fund our retirement we will have to pay another whack of tax if the capital gain discounts are abolished. So what's the alternative? Put money into superannuation? But there are caps on how much money can be put into superannuation. And how does this benefit renters? It won't because the limited housing supply will be soaked up by cash rich migrants and competition for fewer rental properties will put even more strain on the rental market. Renters can't just become owners, they don't have the cash or even interest to buy a property. Many renters rent because they don't want to buy even if they could afford to buy. Stamp duty and all those other costs like agents fee's could be more than a year or two's rent on a property and the renter may only want to stay six months in a certain location for whatever reason and not commit themselves to purchasing. We could end up like the US where private rentals are being sold to institutional investors like Blackrock. Report: Institutional Investors Will Own Over 40% of Single-Family Rental Homes by 2030. Our lives are already controlled by government and corporations who lobby government, do we really want to take away control of our finances even more? Superannuation funds are already bohemouths searching for oppertunities to invest your retirement funds, with slogans like, past returns are no guarantee of futuer returns and expect the returns to be negative every x number of years depending on how risky the investment is. When you are retired you don't have the ability or time to ride out negative returns without it severly impacting on your lifestyle, and besides, businesses "negatively gear"all the time, it's just writing off a loss form one business or investment against another investment or income that is making a profit. Negative gearing (for those in the early stage of an investment) effectively subsidises renters and gives them a roof over their head. The payback for investors is not seeing all of their capital gains taxed 10 or 20 years down the track. And remember, if you bought a 3 bedroom single bathroom house for $100K 30 years ago and then sell it today for $1M, the notional "capital gain" is $900K, you currently get a 50% discount on the capital gain so you are paying tax on $450k. Assuming you have no other income or offsets, your tax bill for that year will be around $250k. Meanwhile other 3 bedroom houses still cost $1M, so now you have $1M - $250K = $750k, so your house is not actually worth $1M but is worth $750K, all the rest has gone in tax and you can't rebuy your own house if you wanted to with the net proceeds. This isn't a capital gain, this in reality is a capital loss!! Capital gains tax is a con to make you pay more tax on something that you already own and have paid tax along the way to own as you paid if off over the years. You are paying real money for fictional paper gains. A three bedroom house is a three bedroom house regardless of whether ot not it has a dollar figure associated with it of $100 or $1M dollars. Buy and never sell until you have to, or untill you reach retirement and your tax rate is it's lowest and you have no intention of getting back into the business of owning and renting realestate.

We all should be public servants around the water cooler

Apologies if I have missed it. But do you need to notify the super fund of your intention every time you make a personal contribution? Let's say for instance, I wanted to do it every fortnight and pay in $1000, do I need to notify the Superfund every fortnight or can I just wait til near the end of tax year and say that I want the $26k to be taxed appropriately?

Interesting show

Interesting. Can the offset account be your personal money? Also a dedicated episode on SMSFs would be great.

Spend your money by enjoying your life. You might not have it much longer.

Thanks mate

Very interesting video,very informative.

Am I the only guy watching. Lukes got a lot of good information!

Not from 2032. Thanks APRA. Also don't forget the 90 day holding rule for the franking credit.

My partner made a concessional contribution into Super last financial year. A large tax return has just been processed. Do we now put the amount the Super fund took out in tax back in concessionally, or non concessionally?

a great video, very informative, thanks

So, if there are multiple children in a testamentary trust, and they want to sell the assets I.e. property, can they do that? And if the beneficiaries never actually own the assets, what happens if/when they die? Also, is there any info you can give about the process of accessing those assets? Does it differ between trusts? E.g. how does a mechanism like a testamentary trust allow beneficiaries to withdraw money/assets and also protect against financial abuse/control by the trustee?

Great info. 👍

Keep up the good work Luke. Love listening to you 👍⭐

great advice again thanks fellas !

This question is never really answered. 300,000 superannuation pension account plus government pension equals approximately how much per year for 20 years ?

Hi Luke. Great podcast. Can you do a concessional super catch up using inherited money or from family savings? 60 year old self employed, semi retired, income less than $40k, low super balance being self employed.

I retire at 66yrs and 8mths in July 2025. Can I use the concessional contributions before I turn 67yrs in Nov 2025 to claim a tax deduction even though I will be over 67yrs when I do my tax return in July 2026.

Tell those pensioners who find out after they privately invest their money that they have under "SCAM" concerning their pension. Where they find they have lose up to 40% of pension. At the same time they will still receive the full pension if they money is handled by their family. Both ways( investing) have the same meanings, except one will find themselves every fortnight with less pension while they're receive a full pension. Maybe a Queen Bannister should review this system while your neighbour receive full pension and you only less.

Hi Luke. Question - can you make contributions into your super fund and claim it as a concessional deduction when you’re not working?

In my opinion, it is foolish for the government to be crying about the national housing shortage and rental crisis, the skilled labor shortage! and no quick solution! …They should think deeply about providing a fairer system for the hard working retirees! After all, they have spent their whole lives to build this country, and they only have 20-30 years to live a decent final journey of life. The government and this country are eternally grateful to them, and the way you treat today's retirees is how you will be treated in the future. Respecting them today is respecting yourself. 1). The government should make the system very simple and easy for retirees, so that retirees will not have to heavily rely on professional financial advisors to take care of their life savings due to facing a very complex and difficult to understand retirement system, which has led to many retirees being scamed! 2). The government should adopt a universal pension system, and the maximum limit of government pension payments will remain unchanged, but the upper limit should be $100,000 per year, which is also based on the government's suggestion that hard working retirees should live a comfortable standard of living. In this way, the government will not lose any money, but will benefit the government, the country and retirees. If the government's upper limit is $100,000, by useing a couple as a example, for a couple, the government's current maximum age pension is $42,000 per couple. To get $100,000, that is, a gap of $58,000, these couples can return their rich assets to the economy in various forms, instead of spending them all (many retirees actully spent theie money on foreign economies, such as traveling there is little help to local Economy), or giving their assets to their children without flowing into the economy. Retirees can actually do the following if the government gives them a more relaxed age pension policy a) Reinvest assets into the economy instead of spending or giving them away. If they buy a house, they can immediately solve the current housing shortage problem. If they invest in a business, they can immediately help the country's employment... These actions do not require waiting for a long time for government red tape funding approval as they do now. b). If those older and most skilled retirees choose to return to work and earn extra income, they can return their skilled skills to the labor market and alleviate the current labor shortage that needs to be solved by a large number of immigrants.

Great messages👍, couple of comments. The host of the show is really switched on in respect of personal finance. Our last purchase was the first time we used a mortgage broker. Agree 100% that it is the way to go. You learn. Cash flow and liquidity. Liqidity and cash flow. Interest only and Offset. Offset and interest only. The above may not be perfect for everyone but not a bad place to start and refine from there to our own circumstances. Treat the Offset balance as an emergency fund, liquidity, sleep at night fund, etc. It is gold.....don't be a maniac with it😂 Great show

12:39 although 3 years late for me to comment, thank you for saying this.

Th asset test is a TAX on any pensioners who invest independently. What it does it is estimate money you invest and then they reduce your pension , so low that you are going to use your savings,it is similar as the ROBODEBTS. The pensioners benefits with a full pension are the ones that, with the family make out that don't have any money because they transfer money to the family. The money became FAMILY TRUST FUND, this started for the well heel but over time other decided to do same

Shouldn't the age pension be for people who have nothing, not for the rich, If you have 450 thousand or a million in assets or in your bank account you are rich.

Who tells you when you reach the transfer balance cap or do you have to know for yourself?

hi guys great interview. just a heads up is the microphone sound is really poor, echoey n hard to hear

Thank you Luke. There is so much information out there on superannuation, but it's all about accumulation super funds. It's difficult to find information or to ask questions about defined benefit schemes / PSS. Contacting PSS or using their I-estimater isn't always helpful. Your information is simple, direct, easy to understand and invaluable. Keep up the great work. 👍⭐

Moving from a cumilative phase to pension phase is the remaining money still invested in the super fund. E.g you take 5% of $100000 = $5000 per annum and the remaining $95000 is still invested getting an average 8% growth.

If a couple has an SMSF with a property being the biggest asset, how can the adult children be shielded from taxation on the death of both parents? Would it be better to divest the property when both are retired, take the lump sum, and then re-contribute into accumulation? Or would the testamentary trust help avoid tax for adult children?

Doing this for the algorithm because you can’t find these topics done so well anywhere else.

One note: Superannuation trustee company is a SPECIAL purpose company. I.E. it can only be the corporate trustee ONLY. Cost is greatly reduced as it's a special purpose company, not a normal private company. Annual fee's are also charged at a greatly reduced rates 😅. One to four directors may be appointed.😮 Nb 2: Having watched part 4, Luke covered all what I said and much much more excellently. I only have experience with special purpose company trustee 😂.

Great information as always Question : by us using the downsizer rule depositing 300k into your super ,could that lock you out of putting extra money in you super,say applying the bring forward rule ,if you are getting close to you transfer balance cap.

This was informative, but how do you make audio so incredibly bad, especially when recorded in a studio???

Luke and the team at Envision Financial wish our TH-cam supporters a happy financial new year. Set some new financial habits and chase your goals!

Than you so much for these informative interviews with Luke.

Thanks guys. Your the reason I actually put in extra contributions this year. Of all the people talking about super on TH-cam you guys sound like sound advisers and not salesmen. Logical and well explained.

Very good content, thank you! You guys deserve way more subscribers!

Glad I stumbled across this channel. So many good videos to watch back. I have a question about the Notice of Intent form. If you are wanting to utilise unused contributions from multiple years, do you need to submit multiple forms, or will the one form cover it and the ATO will work out what you have left and where to take it from? I am wanting to make a contribution and have a large amount of unused concessional cap available once I go back 5 years. My contribution will encompass the remainders from the 23/24 cap and the 18/19 year. Do I need to send in two forms?

Hi Luke love the content mate. I’ve started squirrelling away money each week for my 8 year old daughter, would you recommend the etf vdhg for a investment? I would like to help her with a house deposit when she is older . Thanks for the info mate.

Watching from Perth. Love your work Luke. Keep it up 👍⭐💰

which super fund is the best and has the lowest fees that gets you to trade in EFTs? Is Vanguard Super the best for this since Vanguard Australia has the lowest fees on personal investor? thanks

10:40 - Don't most Super funds have the forms online when you log in to your own super account? So even though you can download and complete the forms from the ATO's website and then lodge with your super fund, in most cases, you can probably do everything from within your own super account once you have logged in.