Dev Raga Personal Finance 441 superannuation part 1: accumulation phase
Oct 22, 2024
Scott Taylor, Director of Everest Wealth, shares insightful strategies for building wealth through superannuation. He explains the purpose of super and dives into various types of contributions, including limits and tax implications. Listeners learn about the First Home Super Saver scheme and how to navigate retail versus industry funds. Scott addresses crucial topics like conditions for early release, excess contributions tax, and the benefits of planning for retirement as a young professional. It's a treasure trove of financial wisdom!
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Carry-Forward Contributions
- Utilize carry-forward contributions if you have unused cap space from previous years.
- The ATO automatically allocates excess contributions to past unused caps.
Bring-Forward Contributions
- Bring forward up to three years of non-concessional contributions before retirement.
- This strategy maximizes the amount in the lower-tax super environment.
Equalizing Super Balances
- Aim to equalize superannuation balances between partners as retirement approaches.
- This optimization ensures both partners benefit from tax advantages.