How to salary sacrifice and make personal deductible contributions at same time to lower your tax

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 20 September 2024. The topic this week is how to salary sacrifice into super and make personal deductible contributions at the same time to lower your personal income tax. Australian's love a tax deduction, but many people don't understand the different ways to do it. This episode aims to provide some general financial information about how to contribute to your super for your retirement. Thank you for joining us live on 2CC or your favorite podcast streaming service with 'The Strategy Stacker - Luke Talks Money'.
Key topics covered include:
What is the different between a personal contribution to super and a salary sacrifice contribution?
Don't forget to complete your 'notice of intent to claim a tax deduction form', send it to your super fund if you make a personal contribution
If you're making a personal contribution, could you use money from an offset account?
Are there any differences between the two options?
Can you use both strategies at the same time?
The limits you can put into apply to both ways to make contributions
When might salary sacrifice be the right option for you?
When might you use personal contributions?
When might you use both contributions methods?
Luke shares his top tips to help you start thinking about contributing to super and getting a tax deduction.
Do you need help with superannuation or retirement planning?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
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[@tonydinardo2943]

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.

[@mattrt12]

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?

[@thestrategystacker]

@@mattrt12 you can do a single notice at the end of the year showing your total contribution where it’s not through an employer. You can also send a form each month but that will do your head in haha!!!!!😝

[@mattrt12]

@@thestrategystacker, bloody oath it would, many thanks for the info its a journey we're about to embark on to try and must do that report all the time would of made me crazy 🙂. But have to say that we are both doing the salary sacrifice up to the new limit of 30k through payroll. The personal contributions looking to use up the previous year's cap as a way of debt recycling into mortgage 1st, then out into super as a personal.