Superannuation Discussion + market volatility

[hydrabyss]

Neat thing about deductions is that it comes off individual's top marginal rate. As we know.
Usually doing tax stuff, for me, comes down to reward for effort, I don't bother with stuff like spouse contributions, (and I don't deliver my bottles to get 10c back). I do assist MissB with gov co-contribution (to also help teach financial literacy).

In this eg is the paperwork of transferring $11,000 from non-concessional to concessional worth $330? YMMV but knowledge is nice to have.

I put less energy into deciding how to pick the path to financial freedom as all i had to do was be patient. Now I am putting more energy into restructuring and deciding which way to go forward. I have enough income from assets to have a decent retirement but it would be smart to consider alternate options like super for my partner who is 64 to reduce my taxable income.

 

[Quickstatus]

like super for my partner who is 64 to reduce my taxable income.

That would involve making concessional contributions up to concessional cap then spouse split.

 

[hydrabyss]

That would involve making concessional contributions up to concessional cap then spouse split.

So concessional would be me giving her 120k to put into her super and can be done each year.

I think the spouse split would have been good to reduce my taxable income but like most things wont be an option going forward.

 

[Quickstatus]

So concessional would be me giving her 120k to put into her super and can be done each year.

No the concessional cap is $36000/year per person. Meaning you can claim a tax deduction on $36,000 super contributions per year but no more. On the other side of the coin , concessional contributions are taxed at entry into super account at 15%.

The $120,000 per year refers to non concessional contributions - you can't claim a tax deduction (effectively using after tax income) but the contribution is not taxed on entry into super fund.

The spouse split will be good while the spouse is 65 yrs or less.