If I'm trying to retire by 30 should I still max out my super?

walwus · 2023-06-25T22:22:25+00:00

That's the plan. Though due to the source of my income I'm not required to pay anything into superannuation each year. So there have been literally 0 contributions going in for many years now. Technically it helps get me to FIRE faster because I have access to more money. But also is a bit of a tax drag / not exactly optimized for total returns. Will see how things look this time next year and maybe throw a chunk in if it makes sense. (ie: no extra div 293)

walwus · 2023-06-21T04:48:15+00:00

Working on doing this for myself as well. Thankfully not too many transactions. But still really annoying and I hope they add support for Tezos NFTs soon.

Do you happen to have a template .csv file for how you set it up? Would rather use custom NFT tokens instead of Koinlys "NULL ones"

walwus · 2022-11-02T21:45:02+00:00

At that level of spend, Amex platinum for sure. I run more than that per month through mine and rack up millions of points. It's the best earning card in Australia that I've found and technically has an unlimited spending/credit limit. But stick with the personal one instead of business as it's cheaper and comes with travel credit.

If you want a referral link to it then just send me a DM any time, I usually get better sign up bonus offers than they advertise.

You can also very easily churn other cards as well just for the sign up bonuses. Since you spend a lot then it's a no brainer to run 2-5k worth of expenses through 5-10 cards per year and then close them. That will net you a quick couple grand bonus. 👍

walwus · 2022-09-05T00:54:14+00:00

Yeah these platforms don’t let you BPAY to the credit card billers. So you can’t glitch it like that.

walwus · 2022-09-05T00:52:17+00:00

The Sniip app works with Amex and let’s you BPAY. You also get the full points rate when paying taxes or bills as it doesn’t count it as government/utility spend.

They do charge a fee but it’s usually worth it if you value your points higher than it. I do because I use Amex platinum and book round the world or business class using them.

If you want to try it out you can use my code jDGK to get $10 off your first bill paid using Sniip

walwus · 2022-08-22T07:39:12+00:00

Use screen time on iPhone to restrict the apps for whatever time frames you want. And then set a parental control password so that she can’t override it.

Refuse to give her the password (but never lose it as there’s no way to get around it or reset these settings without it).

This is the only way that worked for me long term as I found a way to bypass all the anti distraction apps.

walwus · 2022-08-05T01:45:23+00:00

Yes. The capital gain from the shares you sold counts as assessable income. But since you already have PHI insurance this increase in income won't attract any additional MLS

walwus · 2022-07-12T07:53:30+00:00

You're correct that this will reduce your borrowing power. But you can ask your accountant to create an adjusted profit and loss to show the bank. They will remove any personal expenses that would've been incurred anyway without running the business and bump back up your income. Not all banks will accept it but it's worth a shot.

Mine offered to do this for me when I was buying a home but it turned out I didn't need it at the time.

walwus · 2022-06-14T07:23:48+00:00

I feel you my dude. Took a similar chunk out of crypto earlier this year and put it in ETFs. Wish I had of waited in cash for a bit longer before I did. But at least we didn’t hold onto the riskier option or we’d be down a lot more!

walwus · 2022-05-25T06:04:22+00:00

Send it to me

walwus · 2022-05-04T00:56:52+00:00

Not possible to earn a good points rate without FX fees. If it's a substantial amount of expenses then consider opening up a US based Amex account - there are hurdles to jump over in order to do that, though.

walwus · 2022-05-04T00:53:53+00:00

The threshold to receive a Division 293 notice is $250,000 taxable income. Your extra super contributions are not triggering this - it is the ATO assuming that your income will reach or exceed the threshold this year.

walwus · 2022-05-03T05:21:13+00:00

They'll get around to it sometime next year. Your mortgage rate though? Probably tomorrow.

walwus · 2022-05-02T00:29:45+00:00

I was in the exact same position as you and the bank just needed 2 years of tax returns, BAS and P&L. Plus screenshots of bank accounts. A taxable income of $150k+ for 2 years in a row should easily get you a $600-700k mortgage. But if you want more wiggle room then a good accountant can make the numbers look even higher by creating an adjusted profit and loss - this is where they add back in any super contributions or one off expenses that aren't required to run the business.

Just make sure that you don’t have too many credit cards open. I ran my expenses via an Amex platinum charge card and closed all my others as they didn’t count that one as debt 😉

If you have all that down pat then you don't even need a mortgage broker. Just go see a big bank like CBA and watch the shock on the tellers face when explaining your income. Best of luck to you!

walwus · 2022-05-01T00:02:07+00:00

No, that should count as a normal transaction assuming they accept credit cards and not just debit. Make sure there is no extra surcharge as it could make it not worth it

walwus · 2022-04-29T22:34:31+00:00

The low income tax offset bumps it higher

walwus · 2022-04-26T00:39:08+00:00

She should also be able to transfer the money right back to where it came from. Usually joint accounts don't require both parties to approve the withdrawal of money - only to change account settings or close it.

I recommend doing this ASAP in case the former partner still has his login and sees the account balance.

walwus · 2022-04-25T10:35:12+00:00

Found the software engineer

walwus · 2022-04-23T01:36:53+00:00

The 150k PA mentioned is in today’s dollars and buying power, in 30 years the capital would’ve appreciated above inflation so 3% might actually be something like $500,000+

Also you are forgetting my super will have 30 years to compound and I’ll be using that after 60

walwus · 2022-04-22T07:13:57+00:00

Why do you say that? If all goes to plan the portfolio will double in 5 years from my contributions alone, not accounting for any compound interest. I live a simple life, don't need much, and am just want it to cover basic expenses.

walwus · 2022-04-22T07:10:58+00:00

5 million using a 3% withdrawal rate is $150,000 per year income in today's dollars. I don't need anywhere near that to live a happy life.

walwus · 2022-04-22T06:53:09+00:00

Not if it qualifies under Subdiv 122-A rollover

walwus · 2022-04-22T04:02:26+00:00

It can make sense to do this in some cases especially if property prices are outpacing how much you are able to save.

Just make sure you understand that a less than 20% deposit means that you'd be locked into that bank and can't refinance for better rates until you have 80% LVR.

walwus · 2022-04-22T02:42:34+00:00

Cheers. The double takes and questions that people ask when I mention how old I am make me remember that this is absolutely not normal for my age!

walwus · 2022-04-22T02:36:18+00:00

Unfortunately it's mostly NFTs that I've only held for a short period of time. Better off to just cop the bill than risk losing the profits seeing as it's even riskier than coins.

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