Hi MD, be careful,how much you contribute to super as there are ‘caps’ on how much and if you go over the capped amount you can be penalized and have to pay more tax.
Generally the cap is $25,000 per year (this includes the amount your employer has contributed and any salary sacrifice amounts you have made).
Look up ‘carry forward rule’. You can see on your ‘mygov’ account if you have linked it to the ATO how much concessional contributions you can carry forward and hence can go over the $25,000 cap this way (because you can carry forward the amounts you haven’t utilized). This is also a way for you to minimize capital gains tax on the property you are selling.
Glad to see you got your BRN in your super. I have decided to follow your lead and do the same thing in my AustralianSuper, have to wait until Wednesday before the funds transfer.
Not financial advice,
DYOR.
Good luck to all Brainers, exciting times ahead for us
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