Super Duper
#1
Forum Regular
Thread Starter
Joined: Nov 2008
Posts: 230
Super Duper
I'm looking for some advice on Superannuation.
When the ATO talks about my 'Assessable Income', DAK if that in my gross income or my gross income after expenses?
I'm trying to work out whether I'll be better off doing a salary sacrifice next year or looking at co-contribution.
When the ATO talks about my 'Assessable Income', DAK if that in my gross income or my gross income after expenses?
I'm trying to work out whether I'll be better off doing a salary sacrifice next year or looking at co-contribution.
#2
Account Closed
Joined: May 2009
Posts: 2,708
Re: Super Duper
The thing about Super is that it should be voluntary and not compulsory.
#3
Forum Regular
Thread Starter
Joined: Nov 2008
Posts: 230
Re: Super Duper
Thanks DeanCM.
I'm trying to work out the most cost effective way for me to increase the amount in my Super pot.
I'm trying to work out the most cost effective way for me to increase the amount in my Super pot.
#4
Banned
Joined: Apr 2009
Posts: 1,054
Re: Super Duper
I'm looking for some advice on Superannuation.
When the ATO talks about my 'Assessable Income', DAK if that in my gross income or my gross income after expenses?
I'm trying to work out whether I'll be better off doing a salary sacrifice next year or looking at co-contribution.
When the ATO talks about my 'Assessable Income', DAK if that in my gross income or my gross income after expenses?
I'm trying to work out whether I'll be better off doing a salary sacrifice next year or looking at co-contribution.
Gross income is wages, interest, capital gains and the like. Super is a deductable expense up to your age limit as is half of most capital gains occurring over a year or more.
If your employer pays your super (you may be your own employer) then your gross income is your after tax income plus your tax plus your super. From which you deduct your super to arrive back at your assessible income which is used to determine the amount of income tax you should have paid for the year as against the amount your employer actually paid.
#5
Banned
Joined: Apr 2009
Posts: 1,054
Re: Super Duper
Being self employed, I deduct my super contribution from my gross to give my assessable income.
The tax I must pay is calculated using my assessable income.
If the tax credit is more than I must pay then I get a refund from the ATO. Otherwise I must pay the ATO the difference between the amount I must pay and the tax credit.
Last edited by WillBlack; Jun 25th 2009 at 5:24 am. Reason: To clarify.