Hi All,
Harking back to the super debate and to put, for me, a more positive slant on things. I have found a way to create more cashflow by putting all of my salary in excess of $28,000 into super via salary sacrifice wef 01/07/2007. This has the effect of reducing my tax rate to 15% and I can withdraw the money from the fund as soon as it goes in. There is even a hint that I may get a $1500 co contribution from the Govt because I earn such a low wage. I am still gathering info on this to see how it will affect my situation. Anyone in the know as to the full implications, please feel free to enlighten us.
I worry that all this is too good to be true and there is bound to be some constraints.
I also wonder how the lenders will deal with this, will they treat the income from the super the same way as the income from a cash bond and therefore credited at 100% in dsr calcs or will they now reckon I only earn $28K??
Will I be able to also pay rental income into the super and what would be the tax implications.
So many questions.
Cheers Chrisv
Harking back to the super debate and to put, for me, a more positive slant on things. I have found a way to create more cashflow by putting all of my salary in excess of $28,000 into super via salary sacrifice wef 01/07/2007. This has the effect of reducing my tax rate to 15% and I can withdraw the money from the fund as soon as it goes in. There is even a hint that I may get a $1500 co contribution from the Govt because I earn such a low wage. I am still gathering info on this to see how it will affect my situation. Anyone in the know as to the full implications, please feel free to enlighten us.
I worry that all this is too good to be true and there is bound to be some constraints.
I also wonder how the lenders will deal with this, will they treat the income from the super the same way as the income from a cash bond and therefore credited at 100% in dsr calcs or will they now reckon I only earn $28K??
Will I be able to also pay rental income into the super and what would be the tax implications.
So many questions.
Cheers Chrisv