Compare before-tax contributions (salary sacrifice) and after-tax contributions to see which one will give your super the bigger boost. It is simple to follow and shows how you can benefit from doing this. See more about contribution caps. personal income tax and contributions tax. It does not constitute a recommendation or statement of opinion about superannuation and is not intended to be relied upon for the purpose of making a decision in relation to a financial product. Quick numbers on contributing more to your super. Salary sacrifice calculator This calculator can help you work out whether making before-tax (salary sacrifice) or after-tax contributions will give your super a bigger boost. You can use our online tool - Beeline, to work out the right amount for you. Salary sacrifice lets you make contributions to your pension and helps to save on National Insurance at the same time. Your estimated future balance is based on your current super savings, future contributions and an estimate of investment return over time. Salary packaging calculator *Terms and conditions . Step 01. OK, now we need a little more detailed information about you. MyFuture Calculator is an industry-leading retirement income calculator, which enables you to estimate your projected super balance and how long it may last in retirement. No contributions tax is payable on your after-tax contributions. Actual outcomes will depend on a range of factors which are not necessarily taken into account by the calculator. If you’re thinking about making extra contributions to your super, our superannuation calculator can also help you decide between before-tax contributions such as salary sacrifice or after-tax contributions. This calculator assesses your eligibility by comparing your calculated assessable income amount plus salary sacrifice contributions to the estimated LISTO income threshold. Rollover your super. Your current super balance and annual salary information. Calculators Take some time to play around with our calculators to better understand your super. 1300 476 278. There are limits on how much you can contribute to your super. You may not be eligible to package all items included in the calculator. We assume you are under age 71 and are eligible to make personal contributions. Tax rates applied are for the 2019-20 financial year. Calculating your concessional contributions. swaps) part of their cash pay, to receive remuneration in another form more suited to their needs, such as higher employer contributions to a superannuation scheme. This is a personal contribution you make on top of your employer’s compulsory Superannuation Guarantee (SG) payment, which is 9.5% of your salary. Calculator Your insurance needs. SASS salary sacrifice calculator If you make super contributions through a salary sacrifice agreement, these contributions are taxed in the super fund at a maximum rate of 15%. Find your super. The Australian Taxation Office sets annual pre-tax contribution limits each financial year (1 July to 30 June). Employer toolkits; Find a form; How do I? It’s worth noting, however, that any money you salary sacrifice into your super account is taxed at a rate of 15% and because it’s going into your super, you more than likely won’t see this money until you retire. No allowance has been made for any other tax offsets or deductions. This calculator is only a guide. Salary sacrificing is just one strategy that can be used to invest with some tax advantages. A contribution tax of 15% applies to pre-tax super and is normally collected by the superannuation fund directly from the contribution amount. Our Customer Service Centre is open Monday to Friday 8:30am to 7pm (AEST) (8pm during daylight saving AEDT). It applies if you: earn at least 10% of your total income from carrying on a business or eligible employment as defined for co-contribution purposes or a combination of both. No LISTO is payable if your assessable income plus salary sacrifice contributions are higher than the threshold. Show less. The results from the calculator rely on your inputs, and the assumptions which are outlined below. However, if there is any inconsistency between the assumptions for the Calculator and the law, the law will prevail. Medicare surcharge has not been included in the calculation. As a QSuper member, you can get advice about making extra contributions to your super, over the phone, at no additional cost.1. Even small … Salary Sacrifice Calculator. You should consider obtaining advice from a licenced financial adviser before making any financial decisions. Super guarantee. The amount to enter for your income should be the 1 July superannuation salary reported by your employer at the start of the financial year. How it works. This calculator assumes an effective rate of 15% contributions tax. Our Customer Service Centre is open Monday to Friday 8:30am to 7pm (AEST) (8pm during daylight saving AEDT Get started. The calculator is designed to estimate your total retirement income, including benefits you may receive from the Age Pension and non-super investments. Beeline takes the guesswork out of deciding what’s best for you and your super, and shows you simple and effective ways to … If you already have a Triple S account: Salary Sacrifice Form - Employees With a Triple S Account (Executives in Triple S - do not complete a form but instead update Schedule 2 … Who can package additional super contributions? Setting up salary sacrifice Contact us to find out more. The upper threshold is not indexed. Salary sacrifice (sometimes called salary exchange) provides an ideal opportunity to make pension contributions and save on National Insurance. Income Stream Calculator. Salary sacrifice. Income tax payable is calculated on the income minus concessional superannuation contributions (if applicable) using the current year’s personal income tax rates. Personal Super Contributions Calculator. The calculator only allows total SG and additional contributions (referred to as member contribution) of up to $25,000 to be entered. Site Information. Salary sacrifice can make your money work harder - you pay less tax and boost your super. A charity, medical research institute or aged care facility. Show less. Salary sacrifice is where an employee packages (i.e. Watch this short video to find out more. Therefore, salary sacrificed super contributions are generally taxed concessionally at 15% in the super fund. The calculator assumes that you are a member of an accumulation fund. Time needed. Use our top up calculator to see how much more you could contribute. Deciding how to make contributions to super can be difficult. Thirty-year-old Kelly earns $72,500 per year (excluding super), and has arranged for her employer to salary sacrifice $50 per week into her super. Use our pension salary sacrifice calculator to see how you could benefit. You can calculate results based on either a fixed cash value or a certain proportion of your salary. Medicare levy is included using individual thresholds, which is different for couples. Salary sacrificing super. MyFuture calculator Welcome! The results shown are based on the information you provide, but don’t consider personal financial circumstances such as your living costs and debts. The calculator only allows for employer contribution rates between 9.5% and 20%. ... Salary sacrifice calculator. Calculator are provided for educational and information purposes and are eligible to package all included... 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