Access Super to buy Precious Metals!

316ag

316ag

Active Member
Ive always been dismayed that my Super doesn’t invest in Gold. Maybe I’ll take my $10,000 and add to the stack. Should be a better and safer investment!
 
Bear in mind that you only paid 15% tax on your super that you will get out tax free. Gold bought at your nominal tax rate is at 35%. You are then 20% in front on your transaction.
 
sammysilver said:
Bear in mind that you only paid 15% tax on your super that you will get out tax free. Gold bought at your nominal tax rate is at 35%. You are then 20% in front on your transaction.
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I’m not remotely close to understanding nominal tax rates. Is what you’ve said good or bad Re investing in PM? 20% in front sounds good.
 
316ag said:
I’m not remotely close to understanding nominal tax rates. Is what you’ve said good or bad Re investing in PM? 20% in front sounds good.
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Bad.

You get a tax "discount" on capital gains in super compared to the capital gain if held outside of a super fund.
 
sammysilver said:
Bear in mind that you only paid 15% tax on your super that you will get out tax free. Gold bought at your nominal tax rate is at 35%. You are then 20% in front on your transaction.
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Good point but raises a question with me. With the Govt saying they will allow an individual to withdraw up to AUD20k from their super if they meet the criteria, I haven't heard if the Govt will sting anyone who does withdraw from their super, the balance of tax owing as tax free withdrawals are for retirement....has anyone got a view or information on how the Govt will tax / not tax any such withdrawals?
 
COVID-19 (novel coronavirus) – early release of superannuation
Applications for early release of superannuation (super) will be accepted through myGov from 20 April.

You can register your interest now by logging in to your myGov accountExternal Link and following the Intention to access coronavirus support instructions. If you don’t already have a myGov account, you can set one up by selecting 'create an account'.

We will notify you by email or SMS when applications open. You do not need to phone us.

About the measure
The government is allowing individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. Individuals will not need to pay tax on amounts released – coronavirus amounts are not taken into account under any income or means tests.

Eligible individuals will be able to apply to access up to:

  • $10,000 of their super before 1 July 2020
  • a further $10,000 from 1 July 2020 until 24 September 2020.
To apply for early release, you must satisfy one or more of the following requirements:

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
  • On or after 1 January 2020, either
    • you were made redundant
    • your working hours were reduced by 20% or more
    • if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.
You will not be required to attach evidence to support your application; however, you should retain records and documents to confirm your eligibility.

https://www.ato.gov.au/Individuals/...-using-your-super/Early-access-to-your-super/
 
316ag said:
Ive always been dismayed that my Super doesn’t invest in Gold. Maybe I’ll take my $10,000 and add to the stack. Should be a better and safer investment!
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You can't just magically take $10k out of your super. Like previous "hardship" requirements for taking super early you have to meet certain requirements, in this case you have to have been laid off or had your income drop drastically.
 
First the reference to cgt was within the super fund, and secondly I can’t imagine any stacker not being able to engineer a hardship story.
 
SilverDJ said:
You can't just magically take $10k out of your super. Like previous "hardship" requirements for taking super early you have to meet certain requirements, in this case you have to have been laid off or had your income drop drastically.
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I’m a sole trader and my business has dropped the necessary 20% in both income and working hours.
Seems easy for me :)
 
Just imagine if the virus had of hit in 2011 and you decided to extract some of your super and buy silver. You would now have to change your retirement plans from travelling the world to travelling to the nearest Vinnies soup kitchen.
 
Stoic Phoenix said:
You don't need magic, just an IQ above 40 points to work out how to get this.
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If you have your own company then sure, you could just drop your own personal wages by 20% or whatever is required and then claim the "hardship" allowance. Could probably get away with it if they don't audit you and your business as a whole.
But what if you have a 9-5 job and you haven't lost any income?
 
Slimey said:
Just imagine if the virus had of hit in 2011 and you decided to extract some of your super and buy silver. You would now have to change your retirement plans from travelling the world to travelling to the nearest Vinnies soup kitchen.
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yeah were not allowed to travel now.;)
 
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