Monday 1 July 2024

Net Worth - JUN 2024

Chart updated to end of June in sidebar.

Stocks/cash increased $2,505 (+0.96%) to $262,336.

Retirement savings (SMSF etc) increased by $24,638 (+1.39%) to $1,791,141. My total SGL contributions into my employer's super fund was $14,862 for the FY, leaving $12,638 remaining concessional contributions 'cap space' based on the $27,500 cap for CC last FY. I had made $13,300 personal after-tax contributions into my QSuper fund account (a small regular monthly contribution plus re-contributing the $12,000 TRIS pension payment I withdrew from our SMSF in June), so I have put in the notification to QSuper that I will be claiming a tax deduction for $12,638 of the contributions. This will result in the super account paying 15% contributions tax on $12,638 (ie. $1,895 tax) but I will not have to pay personal income tax (at around 32.5% marginal tax rate) on that amount (ie $4,107), so this will save a net total of about $2,212 in tax overall. Not a huge amount, but also not a bad return on just spending an hour or so doing the necessary 'paperwork' and transactions.

Est. valuation of our home (my half) increased by $5,700 (+0.49%) to $1,172,996. The 'Other real estate' (my 'lake house' and the investment apartment) increased by $10,206 (+0.48%) to $2,148,987. A rise in the estimated valuation of my lakeside rural property offset a decline in the estimated valuation of my investment apartment in Sydney.

The outstanding balance of the investment property mortgage remains at $999,993 during the 'interest only' period of the mortgage. Another ~4 years remain of the 'interest only' period. During that time I will accumulate as much cash as possible in the offset account to reduce the effective loan balance.

Other assets (my online depository bullion account at Perth Mint, and the bullion value of my gold and silver proof coin collection) decreased by $768 (-1.76%) to $42,901.

I received confirmation of my withholding tax rate variation from the ATO last week and forwarded it on to the HR department to pass on to the outsourced payroll service. The payroll service *should* receive a direct notification from the ATO, but last year they had to be chased up and sent a copy of my notification from the ATO before taking action. Hopefully this year they will update the withholding rate straight away.

Overall, NW increased by $42,281 (+0.96%) to $4,426,368 during June.

For the full financial year, NW increased by $562,948 (+14.5%) which was quite impressive. This was around 5X my annual gross salary. It will be interesting to see what the next 12 months brings...

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