🎁🎁🎁 GRAB SOME FREEBIES 🎁🎁🎁 💰 Use Moomoo App (chess sponsored) to buy Shares/ETFs to begin your investing journey today and receive these free bonuses: 1. Get up to 10 FREE Stocks. 2. $2,000 Brokerage free cards each for AU & US Shares (free brokerage fees for 30 days). 3. Auto Invest Function. 4. Premium research tools and learning guides. ✅ Use this link to sign up: j.moomoo.com/00A1xQ 💰 ING: Get $125 FREE if you sign up using this link & follow the steps: bit.ly/40azPuq 💰 Ubank: Get $30 FREE if you sign up with my code & make 5 small purchases: bit.ly/3L0duZM or Use Code: MDPYUAG
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.
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.
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?
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!
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...🎉
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
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%?
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.
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?
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
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.
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
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?
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.
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/
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
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!! 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?
Hi, what will be the additional taxes on expats with basic salary more than 100k per annum working in MNC? can we reroute our saving by starting our own business not related to current working MNC to save tax?
No, you can salary sacrifice (concessional contributions) up to 27.5K to get the full benefits (15% tax). You can also make up to $110,000 non concessional contribution. Check out this article: www.industrysuper.com/understand-super/tax-and-super/contributions-cap/
Is it possible to max out both salary sacrifice & concessional contribution at $27,500/year and the first home super saver at $15,000/year? Are we allowed to contribute up to $42,500 / year because of the 2 schemes with the salary of 78,000 / year down to the $35,500 / year tax bracket?
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
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.
'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.
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.
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 😊
If I invite my parents to travel to Australia and live with me for a year, can I tax deduct on a portion of grocery cost? I saw many families did it (They just collecting all receipts from coles and woolies) and I asked them around, they said it can be tax deduct. What option does it call?
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.
Besides some of the small business deductions I talked about, I would strongly recommend seeing a tax accountant to set up your business structure properly. It will be worth it in the long term.
![Superannuation Tax Changes at Age 60: What You Need To Know [Australia]](http://i.ytimg.com/vi/h7F7Fc_ZpnE/mqdefault.jpg)
🎁🎁🎁 GRAB SOME FREEBIES 🎁🎁🎁
💰 Use Moomoo App (chess sponsored) to buy Shares/ETFs to begin your investing journey today and receive these free bonuses:
1. Get up to 10 FREE Stocks.
2. $2,000 Brokerage free cards each for AU & US Shares (free brokerage fees for 30 days).
3. Auto Invest Function.
4. Premium research tools and learning guides.
✅ Use this link to sign up: j.moomoo.com/00A1xQ
💰 ING: Get $125 FREE if you sign up using this link & follow the steps: bit.ly/40azPuq
💰 Ubank: Get $30 FREE if you sign up with my code & make 5 small purchases: bit.ly/3L0duZM or Use Code: MDPYUAG
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 TH-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 TH-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 TH-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 👊
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.
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! ❤
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!
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
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.
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 💨
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?
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 👍
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 👍
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 👊
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 😊
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
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!
SAUCE. Found you a week ago. Love the videos and good vibes mate! Subscribed.
Thanks Jeff. Hope my videos can help you 👊
Nice and quick easy learning ... thumbs up from Karachi, Pakistan
Thanks! Appreciate the support 🇵🇰
nice vids bro, your gonna blow up any time soon.
keep up the hard work 👍
Thanks mate. I appreciate that 👊
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 🌭
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 😉
Your teaching skills are great. I understood everything. Learnt alot cheers.
Thanks for the positive feedback 😊
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.
5:55 I just need a better lawyer hahahaha
Thank you Bryan for all your videos. It’s really helpful. Keep up the good work :)
Thank you! I appreciate the support ☺️
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 💙
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.
Mustard is my favourite sauce. Work expense deductions are my favourite tax saver.
I too am a mustard lover. Good stuff 👍
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. Great video and tips as always
Appreciate you, as always 👊
Excellent 👌
thanks the super saver might be the way i can get a house in a few years
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.
Very informative, thank you
Thanks mate 🙏
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 🤩
Thanks hun 💓
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.
Another great vid mate! Very saucy. 😂 the background music was just a bit disruptive. Nonetheless, very straightforward vid. Thanks
SAUCE. Great video mate, keep up the great work!
Appreciate it Carl 👊
Sauce - great video! 👍🏼
Thanks mate 👍
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?
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 sauce 😃
Hope you enjoyed 😎
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
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.
I just found you!!!! Great videos mate!
Thanks for watching! Hope you enjoy your stay 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?!
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
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!
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.
Great video man
Thank you sir ✊
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!
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/
Great Video and much more information !
Thanks!
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 Brian, can you do a video of real estate crowd funding please. If you can.
I'll put it on the list :)
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!
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.
Well done ! Quick one, Overseas mortgage payment(non rented property), can it be claimed as deduction?
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.
Thanks for the video! Excellent advice!
Thanks for watching 😉
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.
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).
Hey Bryan, is the medicare levy surcharge calculated after deductions? Cheers, love the vids
Hey Travis! Yes, they are 😃
Great vedio 👍
Sauce. useful info as always 👍🏻👍🏻
Thank you Ashley 🙏
haha Sauce- great video subscribed :D
I appreciate it mate. Welcome to the family! 😊
Hi, what will be the additional taxes on expats with basic salary more than 100k per annum working in MNC? can we reroute our saving by starting our own business not related to current working MNC to save tax?
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.
Great video - sauce
Cheers!
@bryaninvest so if I am on 300k income, I cant salary sacrifice as it execeeds 27k? please confirm
No, you can salary sacrifice (concessional contributions) up to 27.5K to get the full benefits (15% tax). You can also make up to $110,000 non concessional contribution. Check out this article:
www.industrysuper.com/understand-super/tax-and-super/contributions-cap/
Nice one sauce 👍🏼
🥫
Is it possible to max out both salary sacrifice & concessional contribution at $27,500/year and the first home super saver at $15,000/year? Are we allowed to contribute up to $42,500 / year because of the 2 schemes with the salary of 78,000 / year down to the $35,500 / year tax bracket?
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
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.
SAUCE. Thanks for your tips, much appreciated.
Awesome! Glad you enjoyed 😊
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.
Great video mate, well done :-)
Thanks mate 🙏
i want to learn more about the taxation on investment and financial planning
'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.
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.
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 😊
This video is brilliant
Thank Warren 👊
Great stuff.
Thanks Praveen! 💙
Great Video, Keep posting good content. You will grow.
Thanks mate!
Sauce brother thanks for the Info
Cheers bro 😎
i do one job in salary sacrifice, and other is not which job should i keep as my first job to get tax benefit
nice video mate. Well done
Thanks mate.
If I invite my parents to travel to Australia and live with me for a year, can I tax deduct on a portion of grocery cost? I saw many families did it (They just collecting all receipts from coles and woolies) and I asked them around, they said it can be tax deduct. What option does it call?
Definitely not. There is no connection to looking after your parents (very good of you BTW) and earning your income.
I don't think so mate. You might want to ask your friends where they saw this as a legal tax deduction.
😂 there are many ‘creative’ ppl in Australia. Let me guess: your friends own a restaurant ?
Can international students use these to save tax?
Sauce - love the detail information! Are you taking any new clients? Looking for a good accountant to help with my tax returns and tax planning
Hey Alex, unfortunately I don’t offer my services to clients. There’s many good tax accountants out there that can help you :)
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.
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.
Thanks!
No worries 👍
how can I claim for an ecommerce business i brought please
Besides some of the small business deductions I talked about, I would strongly recommend seeing a tax accountant to set up your business structure properly. It will be worth it in the long term.