Tax & Super Fund Enquiry

[hoangtran2104]

Dear Tax Expert

I would like to enquiry about business set up and super fund. I got 2 source of income, one from Company A and one from Restaurant. Company A is paying me $100K a year and Restaurant can make for me $100K year. Company A is currently paying me 9% into my super fund.
Can I sacrify 100% my salary from the Restaurant, if not, what is the max I can contribute to my super?
If I put 100% of my salary ($100K/yr) into my super, how much do gov will contribute into my super fund?
Can I use my super to buy my investment house?
Should I set up the restaurant as a company or parnership, as we employ 12 people (7 waiter & 5 kitchen hand)?
My parents are about 50 years old, and they are working in the restaurant with me, and their salary $100K each, is it best to pay 60% of their salary into their super?
Can they use their super to buy their investment house?
Please help me to answer these questions ASAP
Thanks & Regards,
Hoang Tran

[alexlee]

If your parents are 50, you can't be much more than 30, right? Is putting all your income into super really such a good idea? You won't be able to access it in a tax effective way for 30+ years.

You really need to talk to a good accountant and lawyer ASAP. You need a LOT more advice than you would get on an internet forum.
Alex

[Programmer]

Welcome to the forum hoangtran2104.

You really need to talk to a good accountant and lawyer ASAP. You need a LOT more advice than you would get on an internet forum.
Alex

2nd the above.

hoangtran2104, these questions belong directed to a financial planner and/or accountant directly across a table. You need personal advice, not via a property investment forum. There is no way anyone could competently answer these questions without much, much more detail.

Sorry! Cheers,

[Mry]

Can I sacrify 100% my salary from the Restaurant, if not, what is the max I can contribute to my super?
Only up to your age based limit, 50k for under 50s, 100k for over 50s (until (30/6/2012)
If I put 100% of my salary ($100K/yr) into my super, how much do gov will contribute into my super fund?
They will contribute -15%. Negative? Oh thats right, they TAX it!
Can I use my super to buy my investment house?
Only if
(a) it was purchased in a unit trust to begin with or
(b) if it is business real property.
Should I set up the restaurant as a company or parnership, as we employ 12 people (7 waiter & 5 kitchen hand)?
See your accountant.
My parents are about 50 years old, and they are working in the restaurant with me, and their salary $100K each, is it best to pay 60% of their salary into their super?
This is where financial planning and tax planning intercede, see your financial planner / accountant.
Can they use their super to buy their investment house?
See above.