Disclaimer

The purpose of this calculator is to provide an estimate of the benefits you may receive from making additional contributions to your superannuation. The calculator uses your income, age and extra money available for super to estimate:

• your eligibility for the government co-contribution based on your age and income.
• the type of superannuation contributions (before tax or after tax contribution, or a combination of both) you can make to give your super a boost.

The estimate is based on the legislation and tax rates applicable for the current financial year. This information generally changes from 1 July each year.

The estimate is based on several general assumptions which are listed below. If one or more of these assumptions does not reflect your circumstances, the estimate generated by the calculator may be incorrect.

The calculator does not take into account your specific needs and is not intended to be relied upon for the purposes of making any financial decision or a decision in relation to a financial product. You should consider your own financial position, objectives and requirements before making any financial decisions. Read the relevant Product Disclosure Statement, Target Market Determination and consider obtaining financial advice before making any financial decisions.

You should also consider that money invested in super generally cannot be accessed until you retire.

If there is a change to your circumstances or a change to taxation or superannuation laws, the estimate generated by the calculator may not be accurate. We therefore recommend that you regularly (at a minimum, annually or when your circumstances change) revisit this calculator.

Assumptions

The outcomes and estimates in this calculator are based on the limited information that you have provided and the following assumptions. These assumptions are based on the legislation and tax rates applicable for the current financial year and are, in our opinion, reasonable for the purposes of working out the estimates. You should review them to match your own expectations/circumstances and not take them as the most appropriate assumption in all cases.

Annual Income

Your Annual Income is:

For the purposes of this calculator, Annual Income is your annual income from employment before tax and should exclude any Compulsory Superannuation Contributions made by your employer.

Taxable Income

For the purposes of this calculator, Taxable Income is your Annual Income less any before tax contributions.

Employer super contribution

This should reflect the amount your employer is currently contributing to super on your behalf. Generally, an employer is required to contribute 11% of your annual income.

If you are self-employed enter 0% for Employer super contributions.

Super contribution per year

This amount consists of your before tax contributions and after tax contributions. This is in addition to your compulsory super contributions.

Co-Contribution

We have assumed the following:

• at least 10% of your Annual Income comes from your employment or from carrying on a business, or a combination of both.
• you are an Australian resident or citizen for tax purposes.
• you will lodge a tax return for the financial year.
• you have a total super balance of less than $1.9 million at the end of the previous financial year.

Before tax (salary sacrifice) contributions

• in determining your before tax (salary sacrifice) contribution, we take into account your nominated Compulsory Super Contribution.
• we adjust the before tax (salary sacrifice) contribution so you don't exceed the concessional contribution cap, which is the total of your Compulsory Super Contributions and the proposed before tax contribution.
• as at 1 July 2023, the concessional contribution cap is $27,500 for all individuals.

Contributions tax

We have assumed that you have provided your tax file number to your super fund and therefore, a tax rate of 15% is applied to your before tax (salary sacrifice) contribution to determine the net benefit to you.

Tax on Income

In calculating the tax on your income, we have assumed the following:

• you have no other income from other sources (e.g. investment income).
• you are an Australian resident or citizen for tax purposes.
• the Medicare Levy rate is based on individual rates and is calculated at 2% of taxable income for taxpayers who earn over $30,346 per year. A Medicare Levy reduction is automatically applied if your taxable income is between $24,276 and $30,346. No levy is applied if your taxable income is below $24,276. It does not consider spouse income or dependent children.
• other than the Low Income Tax Offset, no allowance has been made for any other tax offsets or deductions.

Limitations

This calculator does not cater for the following:

• anyone with a combined annual income and superannuation contributions in excess of $250,000.
• individuals who are 75 years or older.
• any reportable fringe benefits.
• individuals using the first home saver initiative.
• the applicable Medicare levy or Medicare Levy reductions for seniors and pensioners.
• the Medicare Levy Surcharge (a tax applied to individual earnings more than $93,000 per year ($186,000 per year for a couple) without private health cover).

If any one of these factors are relevant to you, the estimate generated by the calculator is likely to be incorrect.