Australia's largest stock trading and investment forum Australia's #1 stock forum

Are you talking in this financial year or the 1 ending 30th june...

First 5 Last

Share
Profile

Follow
rookstar

5,104 Posts.

806

19/07/23

23:03

Post #: 68876413
Share

Originally posted by rebel1 ↑

A couple questions. If a person puts their own money from earnings, is the money classified as a tax deduction? This is for additional earnings not associated with main PAYG job. Therefore making the $$ non taxable . looking at this new fin year not the previous one.
Then the money put in, I understand is taxed at 15% ?
The next question, is that money then tied up in the super fund (A SMSF) until the person retires?
Or can the person make withdrawals on the money they put in as extra. If it can be withdrawn, what then would tax implications be?
As a scenario: A person this current financial year earns $100k from extra business activities in their own name . they put the whole $100k into their own super fund. At this point $15k needs to be paid in tax.

2 years time they want to withdraw $85k if they can. What are the tax implications ? Is it then classed as earnings?

Or is it better they Salary sacrifice from their PAYG income the $100k ?

I have read the amount that can be put in can be averaged over 5 years, so they can group the previous 4 years plus the current amount value in 1 year

Expand

Are you talking in this financial year or the 1 ending 30th june 23?

You can fill out a form to claim a personal deduction if it is concessional contributions
And the super fund deducts the 15% tax.

You need to watch the criteria as well, quite involved.

Last edited by rookstar: 19/07/23
1 Upvote

Reply

Top Stories

LRV

Larvotto hits "go" on Hillgrove Project

ASX Market Open: Local bourse tipped to trade red after same on S&P500

WC8

Investors shrug as Wildcat's latest lithium drill hits fail to excite

SS1

Sun Silver unveils Maverick Springs assay results

MHK

Metal Hawk shares sink -50% as gold drill results disappoint

Investor education equals superior returns

I88

Infini Resources appoints Rohan Bone as CEO ahead of Phase 2 campaign

ASX Market Close: Index rebounds as investors buoyant | July 30, 2025

SGQ

Traders watch with interest as St George Mining reveals REE hit

HotCopper Trends: Final day of quarterlies; Larvotto FID & more