I know this is a question to my accountant but he is unreachable atm. If I direct my bonus payment for this FY into SMSF, does anyone know what % of tax I will be charged?
If I dont redirect, I will be taxed at the marginal ~35% but if I redirect it into super what is the benefit?
Bonus Payment into SMSF
Jaff on 17/06/2022 - 13:17
Comments
AFAIK bonuses are treated as regular income.
So you'll be taxed at 15% unless you have exceeded your concessional cap (currently $25k/year + up to 5 years of rollover of unused cap capacity), after which you'll be taxed to all heck and back.
Cap from july 1 2021 is $27,500 not 25k anymore
depending on how much is going in, your SMSF gets taxed at the end of the year so contributions go in gross.
At some point your contributions get big enough such that you pay on a quarterly basis.
thanks for the response. say if the bonus is 20k, would that go as-is into SMSF and be taxed at 15% end of the year?
Correct. 15% It will be classed as an Employer Super contribution. You can contribute 5 years worth (5x $27,500) in the one year. ie $137,500 total over 5 years.
If it is a concessional contribution within the cap, it will be 15% (assuming you aren't getting slugged with the Division 293 surcharge).
Otherwise it is an after-tax (i.e. you pay full marginal) contribution.
The new gov should lift the limit and make it unlimited top-ups.
Assuming you're within your caps and your bonus is going in pre-tax, then it'll be taxed at 15% when it goes into your super fund.