Amazon AU up to 12% Cashback to Your Superannuation @ BoostYourSuper

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• 

  juxjux on 02/02/2021 - 11:38

  +1

  Do these count as voluntary contributions? Do I deduct income tax for it?

  • 

    AssociatedBoost Your Super @ Boost Your Super on 02/02/2021 - 11:40

    Cashback is paid to your super as after tax non-concessional contribution. There are no tax implications as it is your own money (cashback).

    • 

      salmon123 on 02/02/2021 - 11:43

      +4

      There are no tax implications as it is your own money (cashback).

      Surprised you didn't quote the standard "seek independent financial advice", because it certainly sounds like you're giving financial advice there.

      FYI - there might be tax implications for people that have already maxed out their non-concessional contribution limits.

      • 

        AssociatedBoost Your Super @ Boost Your Super on 02/02/2021 - 11:46

        +1

        Good point. According to the ATO you can pay up to $100,000 non-concessional payments without any tax implications. If you are making more than $100k non-concessional payments then you should be seeking independent financial advice. Unlikely there would be many people in this bucket.

        • 

          salmon123 on 02/02/2021 - 11:53

          +1

          @Boost Your Super: The 100k non-concessional limit isn't so straight forward, because there's carry forward rules to consider too. There's also considerations like whether you can still make contributions to your super.

          I never understood the point of cashback companies (there's a few around) contributing to super.

        • 

          jason101 on 02/02/2021 - 12:05

          +1

          @Boost Your Super: Be very careful about providing advice here - I made a voluntary contribution last year within what I thought was the allowable threshold and ended up getting a very scary bill from the ATO - the rules are complex and not as straight forward as you're outlining.

    • 

      hotmustardsauce on 02/02/2021 - 11:43

      +6

      So you are better off financially getting the cashback as cash and making a voluntary contribution for a tax benefit if you're under the contribution cap

      • 

        AssociatedBoost Your Super @ Boost Your Super on 02/02/2021 - 11:48

        We put the cashback straight into your super account. It is the equivalent of you making the contribution yourself. Just without the hassle.

        • 

          hotmustardsauce on 02/02/2021 - 11:56

          @Boost Your Super: You probably don't understand the point of this site - hassle is OK if we are maximising value.

          In this case, your proposition offers poor value if the user is under the contribution cap ($25k/year)

        • 

          countmein on 02/02/2021 - 11:56

          @Boost Your Super: I never contributed extra to my super (just a default 9.5% from employer and thats it). Does it mean I, at least, report it during tax return or it will automatically appears?

        • 

          Some Guy on 02/02/2021 - 19:39

          @Boost Your Super: Filling out a Notice of Intent to Claim form isn't really a hassle. Presumably the cashback is a personal contribution or else @hotmustardsauce is right. Only downside is having to wait till tax time to get the benefit, unlike salary sacrificing.

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  jjcf on 02/02/2021 - 11:58

  I like that you bold both video games and personal grooming. Gotta hit both circles in the venn diagram.

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  DemocracyManifest on 02/02/2021 - 12:06

  If you are on a low income, say you contribute up to $500 in a financial year and the government matches it, would these contributions contribute to that? https://www.ato.gov.au/individuals/super/growing-your-super/…

  • 

    AssociatedBoost Your Super @ Boost Your Super on 02/02/2021 - 12:13

    +2

    Yes according to the ato as long as you qualify for govt. super co-contributions then these payments do. When you join we also send you an email series called 'Hacks for Your Super' which covers tips and tricks which cover govt super co-contributions so you can earn more for your super too.