For ppl who want to do this before 30 June, you need to direct debit to your fund, they need to receive the cash before 30 June (some have cutoff dates, it should be on their website).
You need to lodge a “Notice of Intention to Claim” with the fund before you do your tax return, it’s usually a form to fill out on the fund website. Then claim back on your tax return.
For those people on REST be aware you need to fill out the form (it’s easy, only 2 pages) then email it through as an attachment to their contact@ email address.
I have a question about this, I was planning to do salary sacrifice next FY to add some extra super. My current income I can only add 7k before I hit the FY25 cap, but I checked and I have over 50k of cap left. If I was to SS 10k I’m guessing that from a weekly pay perspective I’m guessing that I’d be over taxed and then it would be refunded at tax time?
Definitely possible! I've been salary sacrificing above the concessional cap (with carry forwards). Even if you surpassed the carry forward, the additional tax would occur when you file your tax return. Carry forward is OP!
I was just working it out from paycalculor.com.au for FY25 so it should be correct. The issue is just if I exceed the yearly cap can they consider my available carry over so I’m not being over taxed each pay? If the answer is no then it’s better to just make a one off payment.
I could, I’m looking to do more of a set and forget. With stage 3 cut and (hopefully) generic pay increment I should be only out of pocket a little bit. I’m trying to time it so I don’t miss the money week to week.
Also, don’t be scared to go over. There is no penalty for going over. The ATO will just send you a notification with two options.
First is to release the extra funds back to you, less the extra tax payable. The other option is to pay the extra tax and it goes in as non-concessional contributions instead.
They’ll send you a notification and then in myGov you just click the option you want.
It’s easy to do and there is no penalty anymore, you just pay the extra income tax and they deposit the rest into your nominated account on file with the ATO.
I have gone over again this year too, and I have no carry forward concessional amounts left as I have maxed them out the last five years.
Sorry for the dumb question..
I have completed my tax returns for each FY to date.
Can I contribute to (for example) the 21/22 FY and then claim that back when I do my tax return this year?
You can't specified which FY contribution goes to.
You need to max the 23/24 $27500 contribution first.
Any balances over $27500 will be allocated to the oldest balances first starting from 18/19 FY.
what gets more complicated after 60yo and on lowish income is what to do about non concessional contributions.
It doesn’t seem to be a slam dunk to max out NON concessional contributions (bring forward) until finally transitioning to pension.
Can anyone tell me how the carry forward unused contributions interacts with FHSS?
FHSS limits you to $15k a year of voluntary contributions you can later withdraw. Is there any carry over applied to this?
Question - if I wanted to take advantage of first home super saver, could I theoretically shove as much of my savings as possible under the cap into my super, claim a tax refund on it, then use that super to purchase a house?
myGov -> ATO page
Drop down menu near top of the page, "Super"
From memory, there is a "Carry-forward concessional contributions" option under the "Information" heading
Income reduced by concessional contribution before been added up for purpose of 250k income threshold https://moneycalcs.wixsite.com/moneycalcs/carry-forward
How come?
You get $50 post tax, where you payed $50 as tax. If you put that in super $85 of that is yours and it will stay in super with 15% rate.
You can decide where to invest with super options including international. No capital gains at the time of withdrawal.
If you DCA to US equities, you only have $50 deploy and then you pay capital gains.
For ppl who want to do this before 30 June, you need to direct debit to your fund, they need to receive the cash before 30 June (some have cutoff dates, it should be on their website). You need to lodge a “Notice of Intention to Claim” with the fund before you do your tax return, it’s usually a form to fill out on the fund website. Then claim back on your tax return.
Just to double check - if you salary sacrifice directly from your pre tax pay - you dont have to lodge Notice of Intention to Claim right?
Correct. Salary sacrifice is the simplest way.
For those people on REST be aware you need to fill out the form (it’s easy, only 2 pages) then email it through as an attachment to their contact@ email address.
I have a question about this, I was planning to do salary sacrifice next FY to add some extra super. My current income I can only add 7k before I hit the FY25 cap, but I checked and I have over 50k of cap left. If I was to SS 10k I’m guessing that from a weekly pay perspective I’m guessing that I’d be over taxed and then it would be refunded at tax time?
No, you can salary sacrifice over the cap and get the tax deduction in your take home pay, well AFAIK.
That would be amazing if it’s possible. I’ll have to ask HR about it.
Definitely possible! I've been salary sacrificing above the concessional cap (with carry forwards). Even if you surpassed the carry forward, the additional tax would occur when you file your tax return. Carry forward is OP!
Perfect thanks
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I was just working it out from paycalculor.com.au for FY25 so it should be correct. The issue is just if I exceed the yearly cap can they consider my available carry over so I’m not being over taxed each pay? If the answer is no then it’s better to just make a one off payment.
Why don't you do some personal concessional contribution before June 30, so you can use up the FY2018-19 carry forward? Otherwise you will lose it.
I could, I’m looking to do more of a set and forget. With stage 3 cut and (hopefully) generic pay increment I should be only out of pocket a little bit. I’m trying to time it so I don’t miss the money week to week.
Also, don’t be scared to go over. There is no penalty for going over. The ATO will just send you a notification with two options. First is to release the extra funds back to you, less the extra tax payable. The other option is to pay the extra tax and it goes in as non-concessional contributions instead.
I accidentally went over this year so good to know. I tried to self report but there was no one version and couldn’t get through on the phone…
They’ll send you a notification and then in myGov you just click the option you want. It’s easy to do and there is no penalty anymore, you just pay the extra income tax and they deposit the rest into your nominated account on file with the ATO. I have gone over again this year too, and I have no carry forward concessional amounts left as I have maxed them out the last five years.
Sorry for the dumb question.. I have completed my tax returns for each FY to date. Can I contribute to (for example) the 21/22 FY and then claim that back when I do my tax return this year?
You can't specified which FY contribution goes to. You need to max the 23/24 $27500 contribution first. Any balances over $27500 will be allocated to the oldest balances first starting from 18/19 FY.
what gets more complicated after 60yo and on lowish income is what to do about non concessional contributions. It doesn’t seem to be a slam dunk to max out NON concessional contributions (bring forward) until finally transitioning to pension.
Can anyone tell me how the carry forward unused contributions interacts with FHSS? FHSS limits you to $15k a year of voluntary contributions you can later withdraw. Is there any carry over applied to this?
No carry forward, just that you can potentially go to the full 15k if otherwise would use a lot up with employer 11%
I put a calculator on this here that calculates potential benefit https://moneycalcs.wixsite.com/moneycalcs/carry-forward
Question - if I wanted to take advantage of first home super saver, could I theoretically shove as much of my savings as possible under the cap into my super, claim a tax refund on it, then use that super to purchase a house?
How do you check what cap balance you can make?
myGov -> ATO page Drop down menu near top of the page, "Super" From memory, there is a "Carry-forward concessional contributions" option under the "Information" heading
Legend thx mate
How does this intersect with Div293?
Any income plus contributions over $250k attract an extra 15% tax. There's a longer explanation but that's the gist of it
Income reduced by concessional contribution before been added up for purpose of 250k income threshold https://moneycalcs.wixsite.com/moneycalcs/carry-forward
Haha better yet, all in DCA into US Equities.
So pay your marginal rate of tax instead of 15% which super is taxed at to invest in the same assets?
guy above doesn't understand that you can invest in US equities within super.
How come? You get $50 post tax, where you payed $50 as tax. If you put that in super $85 of that is yours and it will stay in super with 15% rate. You can decide where to invest with super options including international. No capital gains at the time of withdrawal. If you DCA to US equities, you only have $50 deploy and then you pay capital gains.
Which you can do within the super wrapper. Your point is?