Hi All,
Recently I asked my accountant about salary sacrificing my bonuses into my SMSF, keeping contributions below the $30k total limit for the year.
He advised against it, explaining it cumulatively gets taxed more than 15% (as much as 30%).
He said my contributions would be taxed 15% when my employer pays into my super and that as the contribution is considered earnings/income for my super it is taxed 15% again.
Is this right or wrong? Can anybody explain how exactly contributions into super are taxed?
Thanks in advance.
Recently I asked my accountant about salary sacrificing my bonuses into my SMSF, keeping contributions below the $30k total limit for the year.
He advised against it, explaining it cumulatively gets taxed more than 15% (as much as 30%).
He said my contributions would be taxed 15% when my employer pays into my super and that as the contribution is considered earnings/income for my super it is taxed 15% again.
Is this right or wrong? Can anybody explain how exactly contributions into super are taxed?
Thanks in advance.
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