The Strategy Stacker - Luke Talks Money - Luke on 2CC – Super contributions, are they all the same?

Luke on 2CC – Super contributions, are they all the same?

08/28/22 • -1 min

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 26 August 2022. This week’s topic for discussion however is: How do things differ between the different types of super contributions?

Key topics covered include:

The rules change over time in regard to super
Do you want to claim a tax deduction or not?
What are the limits for the different contribution types?
Remember the limits apply on a per person basis (not across couples as many people think)
Don’t forget about the down-sizer rules too if you’ve sold your home – available to people over 60 years of age (from 1 July 2022)
What is the transfer balance cap? It applies to defined benefit funds too.
Additionally, don’t forget about the tax implications for your adult children too with reference to your estate planning. Remember to start with your ‘why’ or your goals upfront.
Luke shares his top tips to consider around making contributions to super.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2022/08/The-Strategy-Stacker-Luke-Talks-Money-26082022.mp3 Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need advice on super contributions?

Super contributions are a great way to boost your super. There are however strategies for taxation and estate planning you may consider upfront too, before you take action. Seek advice if you need to.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss investment, super, insurance and retirement planning. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcasts on our website too.

We look forward to your company again.

Key topics covered include:

The rules change over time in regard to super
Do you want to claim a tax deduction or not?
What are the limits for the different contribution types?
Remember the limits apply on a per person basis (not across couples as many people think)
Don’t forget about the down-sizer rules too if you’ve sold your home – available to people over 60 years of age (from 1 July 2022)
What is the transfer balance cap? It applies to defined benefit funds too.
Additionally, don’t forget about the tax implications for your adult children too with reference to your estate planning. Remember to start with your ‘why’ or your goals upfront.
Luke shares his top tips to consider around making contributions to super.

Listen to the Podcast right now

Do you need advice on super contributions?

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcasts on our website too.

We look forward to your company again.

Previous Episode

Luke on 2CC – How do you switch super funds?

Thinking about changing your super fund provider? How do you switch super funds?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 19 August 2022. Leon and Luke start the show by talking about what average annual earnings are right now – $92,000 a year for full time employees. This week’s topic for discussion however is: How do you move your super from one fund to another fund?

Key topics covered include:

The way you switch super funds has changed over time
How you switch funds will depend on the type of fund you have
What’s the process for switching super funds?
Do I have to roll over the entire account balance?
Why might you want to switch super funds? There’s a lot of reasons why you might make a change.
Don’t forget about insurance – your new fund might not cover you or offer differ terms and conditions.
Luke shares his top tips to consider around switching super funds.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2022/08/The-Strategy-Stacker-Lule-Talks-Money-19082022.mp3 Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need advice on switching super funds?

There are many reasons why you might switch super funds. It’s not just about poor performance. Make sure you understand what you’re moving to and seek advice if you need assistance.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcasts on our website too.

We look forward to your company again.

Next Episode

Luke on 2CC – Borrowing to invest, is it all tax deductible?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 2 September 2022. They start the show however by talking about the Jobs and Skills Summit. It was proposed that pensioners can continue to work without loosing any entitlements, up to an amount of $4000. This however is only proposed as short-term measure. It might however help with Australia’s present skill shortage, if passed by Government. This week’s topic for discussion however is: Borrowing to invest, is it all tax deductible?

Key topics covered include:

Many people make investment decisions using borrowings without tax planning
This can lead to disappointing outcomes
Your accountant is your primary source of personal tax information
The interest on borrowing money to buy your home is not tax deductible
However, the interest on borrowing money however to buy a property and rent it is tax deductible
The interest on borrowing money to buy a share or investment portfolio is also tax deductible
The purpose of the borrowing determines if the interest is tax deductible or not
A redraw facility and an offset account are not the same thing when it comes to tax deductibility
Ensure the right purpose and the right structure from the start
Luke shares his tops tips in regard to thinking about investments and borrowings

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2022/09/The-Strategy-Stacker-Luke-Talks-Money-02092022.mp3 Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need advice on investments?

It’s really important to seek advice on tax planning before you make borrowing decisions. Your accountant is a valuable source of information on personal tax matters.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcasts on our website too.

We look forward to your company again.