First post in this forum...a great idea. Hopefully more people find out about it.
some good news may be around the corner for Jenny. Based on my understanding of the Budget proposals, the 'personal deduction' eligibility in relation to personal contributions is to be made consistent with the eligibility to receive the government co-contribution (other than the income limits hopefully).
This could mean that 'employed' people will be able to claim a deduction for personal contributions from next financial year without having to meet the 10% rule. So if your employer doesn't allow you to SS, you might be able to achieve the same result in tax return.
Although it seems an apparent loophole, given the removal of age based limits and replacing it with a cap which covers personal deductible and employer conts combine, people cannot double dip (common strategy used by those that can salary sacrifice) so it makes sense.
The bad news is that it could stop unemployed people from claiming deductions for personal contributions, since one of the criteria for the co-cont is that at least 10% of income comes from employment (and/or self employment from next FY).
However, we need to wait for the legislation is released to see whether the above is accurate.
Unfortunately, you will find that your super entitlements under governed under either the Award or EBA that your employer is governed by. This also means that for you it will also mean Choice of Super does not apply.
Finally, it will also mean that under the current taxation rules that unless you derive most of your income as a self employed person, and meet the "10% rule" you will not be able to get pre tax dollars into super.
The "10% rule" basically means that the maximum you can earn from employed sources is 10% of your total income. If this was satisfied then you could use the self employed deduction criteria, which currently stands at the first $5,000 is deductible and then 75% thereafter up to your Age Based Limit (ABL). Please refer to our "Quick Reference Guide" on the HOME PAGE under INFORMATION
Hello, I work as a casual employee and therefore my employer will not allow salary sacrifice. It seems to me that if this is the norm then all Australian casual employees are losing out. Is there any other method for to gain access to pre tax money from my salary to put into my SMSF?. I have spoken to the ATO but to no avail.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum
Topic Options
top
