AusFinance

I'm getting a bit confused about how this works even after reading the ATO website.

https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Super-contributions---too-much-can-mean-extra-tax/?page=4#Ifyoudontwithdrawyourexcessconcessionalc

They provide heaps of examples where people have over $1.6 million in their super with warnings about you possibly getting taxed 95% on the extra contributions. But nothing about what happens if you have less than $1.6 million in super.

My situation

• Super total value less than $350k
• Paid $30.5k in employer and Voluntary Before-Tax Contribution (excess of about $3k over $27.5k cap)
• Wage in the top tax bracket

From what I gather from reading my previous tax return the excess ($3k that year) they just added to my taxable income and then adjusted my owed tax. So I'm guessing I paid the top tax bracket of 45% on that extra.

I have the option to release 85% of this excess based on the above link. From what I can tell it's mainly to help people pay the additional tax they incur or for people with more than $1.6 million in their super wanting to avoid a huge tax hit on the extra.

Am I paying less tax by leaving it where it is in super or releasing the 85% back to myself?

Oh good, I'm sure now the government will do something...

Sorry for the Murdoch rag, but I thought we could do with a trashy article to lighten things up a bit. Anyone else claimed depreciation on a boob job or the family pet?

Got an email from payroll on Friday. Legislated super increase will be decreasing my take home pay come July. PSA to all the rest of you on TFR contracts.

Would be nice if there was legislation that prevented companies from doing this, so price increases couldn't be concealed so easily.

Tldr: Westpac has cut over 100 jobs in its premier banking division and other areas, adding to the 300 positions already eliminated from its head office. These reductions are part of an effort to simplify operations, improve accountability, and decrease costs. The premier banking division was targeted due to its customers' preference for digital services. Westpac aims to decrease its workforce by 20% from 2020 levels by 2024 and has ended contracts with numerous contractors as part of this cost-cutting initiative. https://www.afr.com/companies/financial-services/westpac-axes-100-more-jobs-inside-bank-20230616-p5dh8d

Cross-post / stolen from r/AusFinance

Curious to hear how the current situation in Australia has impacted your daily habits, if at all.

I'm definitely ordering takeout and dining out less - not because I can't afford it, but because it just doesn't feel like good value any more.