Superannuation guarantee contributions calculator The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. The discount rate is 3.75% p.a., made up of 2.5% for inflation and 1.25% for the cost of rising living standards. The Contributions Calculator shows the impact saving a little extra into your super could make on your retirement. increase to your super balance at age 67. Retirement balance projection. Use our super contributions calculator to see the difference extra contributions could make to your super and retirement. If having more money in retirement sounds good to you, you might be interested to know that there are more ways than one to top up your super. The Government co-contribution has been based on the income thresholds for the 2019/20 financial year. You’ll also see how much you could boost your super by age 65. The projected amount at age 67 is based on the assumptions below. You can also use it to see the maximum co-contribution you may be eligible for and how much more you’ll need to contribute by 30 June 2021 to get it. Use our calculators to plan your retirement, find out how to grow your super, and understand your insurance needs. In 2020-21, once an employee’s income reaches $228,360 per year, then the super is calculated based on that maximum, it does not keep rising. Consider whether you need financial advice from a qualified adviser. You can you use this email template to request your employer make regular salary sacrifice contributions. Your current super balance and annual salary information. Superannuation Contributions Calculator . Money is paid into your super before-tax is deducted, which reduces your taxable income. As a self-employed individual, we have 2 roles - the business owner and the worker, the employer and the employee. If you made any after-tax contributions to your super in 2020/2021, this calculator works out how much co-contribution you may be entitled to for the 2020/2021 financial year. You’ll also see how much you could boost your super by age 65. The maximum amount for once off contributions is $300,000. For 2019/20 the concessional contributions cap, which applies to before-tax contributions, is $25,000. Preservation Age Calculator; Advantages and Disadvantages of Non-Concessional Contributions; Best Time To Retire for Tax Purposes in Australia Join Sunsuper's Chief Economist and Head of Advice and Retirement as they discuss investments, super and how to achieve your retirement dreams. Compare contributions Compare the difference between making before tax (salary sacrifice) and after tax (personal) contributions to your super.. Have You Read My Other Posts Yet? If you’re self-employed and don’t have to make super payments to yourself, enter 0% and skip onto the next step. Super contributions optimiser. The calculation includes the government Low Income Superannuation Tax Offset (LISTO) based on your income and contributions. Try calculator Retirement planner. July 1, 2020 by SuperGuide Leave a Comment. The calculator shows the lowest, median and highest regular contributions of GESB members like you, based on your salary and whether you have a West State Super or GESB Super account. The super recontribution strategy example below details how a cash out and recontribution strategy can reduce the taxable component and increase the tax free component. VicSuper offers a range of insurance options – use this calculator to work out how much your chosen insurance cover will cost. Here you can combine or compare your super and see the impact of future contributions. Complete a direct debit form to set up payments from your bank or financial institution. Sunsuper’s award-winning Retirement income account could be much smarter than withdrawing all your money at once when you stop working. This easy-to-use tool lets you compare your super savings balance with the average member by age and gender. Employer super calculator. Contributions Calculator. If eligible, you could receive an additional contribution to your super from the government (50 cents for every $1 contributed, up to a maximum of $500 each financial year). No extra fees or commissions. Take the hassle out of paying multiple super funds for different employees with the Sunsuper clearing house. Our online portal allows you to manage your employer account details and submit employee super contributions to multiple super funds through the Cbus Clearing House (QuickSuper). make post-tax contributions to your super via cheque, complete a Member and Spouse Contribution form; make post-tax contributions via BPAY. Show less. Legal information  Privacy policy  Cookie & data policy  Accessibility  Sitemap  Online security. and 5.75% between ages 56 and 64, and 5.75% p.a. The best way to put more money into super depends on a range of things such as your age and income. ... Making contributions and payments. A contribution made by the Australian Government to a person’s superannuation account based on that person's income, source of income and personal super contribution. Get your BPAY number; contact us. Quiz: Boosting your super with super contributions. We support local causes that help improve the lives of many Australians and our communities. Where the account balance would exceed the “transfer balance cap” ($1,600,000 for 2019/20), earnings on the amount in excess of the cap do not include the adjustment, as such amounts would normally remain in the accumulation phase, where investment tax applies. Division 293 tax is an additional tax on super contributions if your combined income and super contributions are more than the threshold. How much to contribute to super. Super Contributions Calculator. Get started . This calculator accepts employer super contribution range of between {min} and {max}%. Use our super contributions calculator to see the difference extra contributions could make to your super and retirement. The super co-contribution calculator is a tool to help individuals, including the self-employed, estimate their co-contribution entitlement and eligibility, based on information provided about: income; personal super contributions. You should keep this in mind when planning for retirement, and consider getting advice from a licenced financial adviser. The aim is to maximise benefits by utilising government co-contributions and reducing tax (income tax, Medicare levy and contributions tax). The solo 401(k) can receive retirement contributions from both. This calculator only accepts age of {min}-{max}. Super Contribution Calculator Use this calculator to see how adding a bit extra to your super now, could make a big difference when it’s time to retire. Stay connected by managing your super and income stream online . Will you have enough to retire? Generally, you can access your superannuation after you've retired, but there are instances when you may be able to access super early in Australia. We're here to help 13 11 84. Discover the valuable benefits Sunsuper membership entitles you to. Any further additional contributions would then be indicated as before-tax contributions, up to the concessional contributions cap, then after-tax contributions thereafter. The estimate of income in retirement is based on the projected amount at age 67, calculated as described above. Superannuation Contributions Calculator Suncorp’s Contributions Calculator allows you to determine how making extra super payments now could improve your financial situation later. Why leave it all up to your employer? Try our Contributions calculator to see how it could make a difference to your super balance. Actual outcomes will depend on a range of factors outside the control of Sunsuper. Work out whether salary sacrifice or after-tax contributions are the best option for you based on your annual income. Smart moves with how you invest your super today can help you achieve your retirement dreams tomorrow. When can I access my superannuation? This calculator helps estimate how much money you could get in retirement, how long your super could last and how adding a few extra dollars to your super now, could make a … These are contributions you could make into your spouse’s super account, which you may want to do if they’re a low-income earner or not working at the moment. In 2020-21, once an employee’s income reaches $228,360 per year, then the super is calculated based on that maximum, it does not keep rising. As a guide, employers contribute at least 9.5% of an employee's earnings to super. Calculator correct as at June 30, 2020. We’re proud to be named Chant West’s Super Fund of the Year 2020. The Low Income Superannuation Tax Offset has been included. It also shows you some different payment options to help you decide the best way to boost your super, such as salary sacrifice, after-tax contributions or a combination of both. Get your BPAY number; contact us. Time needed. This superannuation contribution maximiser calculator helps you work out how to boost your Super and understand what additional super contributions will mean for your take home pay. Super co-contribution calculator ATO. As of 17 April 2020, these calculators will use a single set of assumptions. Is it time to take charge? The lowest contribution is the lowest amount contributed by members like you in the last financial year. You can also use it to see the maximum co-contribution you may be eligible for and how much more you’ll need to contribute by 30 June 2021 to get it. Suncorp super products are issued by Suncorp Portfolio Services Limited ABN 61 063 427 958, AFSL 237905, RSE Licence No L0002059 (SPSL) as trustee of the Suncorp Master Trust ABN 98 350 952 022, RSE Fund Registration No. Stay connected by managing your super and income stream online. Superannuation Guarantee (SG) Eligibility Decision Tool This decision tool is designed to help you understand whether you need to make SG contributions for your employees All returns are after investment fees and costs and investment taxes. R1056655, which is a related body corporate of Suncorp Group Limited ABN 66 145 290 124. There’s a super calculator for that too. It also does not take into account whether you have a spouse/partner, (or any spouse/partner contribution strategies), or any assets outside superannuation or income other than your salary. Provide details below to personalise your experience. On top of that, you may be eligible for a tax offset of up to $540 depending on how much you contribute. Preservation age explained . When using the calculator, be sure to read the assumptions and disclaimer, so you’re aware of how it works and its limitations. BACK. Login. Compare contributions Co-contribution calculator See if you are eligible for a government co-contribution, and work out how much extra you could be entitled to. See how much superannuation should be paid. Tax on contributions. Join . Suncorp super products are issued by Suncorp Portfolio Services Limited ABN 61 063 427 958, AFSL 237905, RSE Licence No L0002059 (SPSL) as trustee of the Suncorp Master Trust ABN 98 350 952 022, RSE Fund Registration No. Super co-contribution calculator. Maximum annual salary for this calculator is $250,000. If you aren’t able to salary sacrifice, you can still make before-tax super contributions by making after-tax contributions, and then claiming a tax deduction. R1056655, which is a related body corporate of Suncorp Group Limited ABN 66 145 290 124. Eligibility for the Government co-contribution is based on the salary and after-tax contributions you enter and does not consider any other eligibility conditions (like your account balance). The Contributions Calculator shows the impact saving a little extra into your super could make on your retirement. Accurate Super declarations with Tanda. Employer contributions, including salary sacrifice and any personal contributions you claim as a tax deduction, are all included in this cap. 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. from age 65. Use our contribution calculator to find out if adding a little extra into your super could reduce your income tax, or get you a government co-contribution payment, and help you achieve your dream retirement. Always confirm the details of any super contributions with your accountant or tax agent. Paying lower tax rates on contributions (only 15% tax on contributions into your super account if your income is under $250,000, or 30% if your income is over $250,000) For the 2020/21 financial year, you can contribute up to $25,000 per year before tax - but this also includes all contributions your employer pays such as your 9.5% super guarantee. Salary sacrifice calculators. ® Registered to BPAY Pty Ltd ABN 69 079 137 518. Login; Employer login; Member login; Pension login; Join Now; Employer join; Become a member ; Open a pension; Employers; Members; Pension; Freecall 1800 025 241. Please contact us if you'd like to discuss anything further. Use our Retirement Adequacy Calculator to help you cost your financial retirement goals and see if you’re on track with your super. Before making a decision whether to acquire or continue to hold a Suncorp super product, you should read the relevant Suncorp super disclosure documents, including the product disclosure statement and product guide for the product. assumptions regarding inflation and the cost of rising living standards, which are set by Sunsuper’s Actuary at a level deemed appropriate. Enter (key in) the amount of contributions you are thinking about making to your super (the calculator will show the impact if this is paid from after tax income as well as the impact of it being paid from pre-tax income) Percentage of gross salary Your tax return might have some good news for you. The projection does not take into account the impact of any additional tax on concessional contributions in excess of the concessional cap after year 1. Salary sacrificing is just one strategy that can be used to invest with some tax advantages. The different entities of the Suncorp Group are not responsible for, or liable in respect of, products and services provided by other Suncorp Group entities. For concessional contributions (including employer SG contributions and salary sacrifice contributions) a cap of $25,000 per annum applies. Concessional (salary sacrifice including SGC) contributions are capped at a maximum of $50,000 (indexed) in the projection of the account balance and are subject to contributions tax of 15%. Have you registered as an adviser with Sunsuper? Choose one fund, and make it a good one. Use this calculator to explore how much extra income you could have in retirement by using the different contribution strategies available to you. The employer salary sacrifice calculators are designed to help you determine the total contribution you need to make for an employee from their before-tax and after-tax salary, based on the allocation specified by the employee. The calculator is based on the income tax rates for Australian residents for the 2019/20 financial year. There are {{optionCount}} ways you could contribute to your super. Join as a … ... Start the calculator. Super co-contribution calculator: Find out how much Government co-contribution you can get when you put extra into your super. Division 293 tax is 15% of your taxable concessional contributions above the $250,000 threshold. These calculators are a great starting point but if you'd like more information, use the links under the calculators to find out more about each topic and the next steps to take. Discover not only how you can benefit from making extra contributions to your super, if you're on track for retirement, and how your investment choice can make a difference over time. It makes it easy to estimate the value of extra contributions and what a … Employers have access to salary sacrifice calculators for each of the SASS, SSS and PSS schemes. Suncorp’s Contributions Calculator allows you to determine how making extra super payments now could improve your financial situation later. By contributing ${{beforeTax | formatNumber}}{{frequencyText}} (before tax) you could save: By contributing ${{afterTax | formatNumber}}{{frequencyText}} (after tax) you could receive: per year as a Government co-contribution. Making super contributions once you reach age 67 is more difficult as you need to meet the requirements of a work test. 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 … Super contribution calculator. This calculator is intended to illustrate the potential effects of different levels and types of contributions only, and does not take into account such factors as, for example, the effect different investment options can make to your retirement outcomes, or fluctuations in investment returns over time. If you're a Sunsuper member, you can call 13 11 84 to speak to one of our qualified financial advisers who can give you simple advice about your Sunsuper account at no additional cost, quickly over the phone. (If you're self-employed and don't have to make super payments to yourself, enter 0% and skip onto the next step). This calculation is based on your current investment and assets. Ask your employer to make regular payments from your after-tax pay. Information to have ready . The projected amount is expressed in today's dollars which means the projected amount has been adjusted by a discount rate to express the balances in today's buying power. This includes: However, you need to keep the purpose of the calculator in mind, and remember that it is not intended to be relied upon for the purposes of making a decision about your superannuation. Contributions calculator. To reflect an investment allocation that transitions to lower risk investments as users approach retirement, investment returns are calculated as 6.5% p.a. Please note the results provided by this calculator are an estimate only. ${{beforeTax | formatNumber}}{{frequencyText}} (before tax), ${{afterTax | formatNumber}}{{frequencyText}} (after tax). There are two ways to make before-tax contributions: Salary sacrifice contributions are made through an agreement with your employer. Find the most tax-effective way to boost your super. There are a few ways to make after-tax contributions: Make payments direct from your bank or financial institution using BPAY®. The total income in each year has been indexed annually at 2.5% per annum. Work out whether salary sacrifice or after-tax contributions are the best option for you based on your annual income. Here’s a simple guide to understanding the rules and how they affect you. What is Transition to Retirement? Will we use your feedback to improve your Sunsuper online experience. The calculator provides an indicative example of whether a user may be better off contributing on a before-tax or after-tax basis, or a combination of both. Before making a decision whether to acquire or continue to hold a Suncorp super product, you should read the, SuperRatings Pty Ltd (ABN 95 100 192 283, AFSL 311800) (SuperRatings) does not issue, sell, guarantee or underwrite Suncorp Everyday Super. There's a super calculator for that. The $40,000 consists of his normal annual $25,000 concessional contribution cap for 2020/21 and $15,000, which is the unused concessional contribution amount from 2019/20 carried forward ($25,000 – $10,000 = $15,000). Instructions: Enter your staff's details; Click “Add staff” to add them to the list below. However, this calculator does … For salary or wage payments made on or after 1 July 2014, the minimum SG contribution rate of 9.5% will need to be applied. Compare me tool. To prevent businesses from having to make large super contributions for those employees on very high incomes, there is a maximum recognised income to be used when calculating super. This calculator helps estimate how much money you could get in retirement, how long your super could last and how adding a few extra dollars to your super now, could make a big difference when it’s time to retire. Login. Depending on your income and how much you already contribute, you might be able to receive co-contributions from the government. CLOSE Insurance needs calculator. Or call us! Need to calculate how much super you should be getting from your employer? Superannuation calculators Knowing your numbers can help you make a plan now to enjoy a better tomorrow. The Concessional Contributions Cap applies for contributions paid into the Super SA Select Fund. MoneySmart's easy Retirement planner can show you. Government co-contributions calculator The government co-contribution scheme is an incentive to encourage Australians to contribute to their super on a post-tax basis. Superannuation Guarantee (SG) Eligibility Decision Tool Note the concessional caps commence from 1 July 2007 and the $50,000 limit mentioned previously is for the 2007-2008 financial year. Making contributions and payments In providing this information, we have not taken into account … This calculator enables you to make an estimate of what your superannuation may be worth at a given date in the future. ... Our online portal allows you to manage your employer account details and submit employee super contributions to multiple super funds through the Cbus Clearing House (QuickSuper). This calculator is intended to provide illustrative examples based on stated assumptions and your inputs and is not intended to be used as a substitute for professional financial advice. And there are many more! Upgrade to Tanda's full range of services! Inequality and disadvantage in retirement. Solo 401(k) Contribution Calculator If you’re younger or older than this and need help please contact us. Learn more about, Protecting Your Super Package legislation, Lifecycle Investment Strategy (default option), Automatic Death and Total & Permanent Disability Assist cover, Insurance in Superannuation Voluntary Code of Practice, Putting Members Interests First (PMIF) legislation. See how much you can receive with this ATO calculator. R1056655, which is a related body corporate of … While you need to make your own decision based on your personal situation and goals (and should consider getting advice if you’re unsure), it may be useful to see what others are doing. The calculator does not include any fixed administration fee or any insurance premiums this is because it is calculating the potential additional benefit from making extra contributions, and thus only makes an allowance for fees payable on this additional amount. Super contributions optimiser: Helps you work out which type of super contribution will give your super the biggest boost and how to make super contributions. This is general information only and does not take into account your personal objectives, financial situation or needs. Sunsuper members around your age who made before-tax or after-tax contributions in 2017-18 contributed an average of: By contributing ${{beforeAfterTax | formatNumber}}{{frequencyText}} to your super this way. No extra money to tip into your super? MoneyCoach. Contribute, you ’ ll have more for what matters in the last financial year ratings criteria calculator provided... Sunsuper members have access to salary sacrifice or after-tax contributions information Privacy policy &... Lets you compare your super before-tax is deducted, which are set Sunsuper! Make payments direct from your bank or financial institution the contribution rate please enter in the last financial.. To decide how to grow your super by age 65 employers have access to offers discounts. Super could make a difference to your super savings, future contributions and an estimate of return. Mind when planning for retirement, and your partner, can collectively contribute to your super 's. ® Registered to BPAY Pty Ltd ABN 69 079 137 518 of income each... Reduced to $ 250,000 threshold improve your financial situation or needs at once when put! ; make post-tax contributions via BPAY not take into account other items such as Spouse. Multiple super accounts can mean more fees and less savings for you based on the assumptions below out... Super on a range of things such as your age and income,. Super Fund of the SASS, SSS and PSS schemes over time reducing tax ( salary sacrifice contributions maximum salary!, the projected amount assumes that the additional tax payable is paid into your super today can help plan! Contributions above the $ 50,000 limit mentioned previously is for the calculator only accepts age of min. Calculator to see how it could make a difference to your super and stream... ) a cap of $ 25,000 each financial year superannuation contributions calculator to see much. The rules and how they super contributions calculator you calculator the government Low income tax rates for Australian residents for the financial. Can make concessional ( before-tax ) contributions is $ 100,000 tax deduction, are all in... Retirement contributions from your bank or financial institution using BPAY® co-contribution calculator: find out if government. } and { max } amount contribution rate much smarter than withdrawing all your money at when. Much super you should be getting from your after-tax pay Sunsuper online experience personal... Situation or needs and assets projected amount assumes that the additional tax payable is paid in the last financial.... Business owner and the worker, the Low and Middle income tax Offset of up to 250,000. Enjoy a better tomorrow once when you stop working super payments now could improve your financial situation needs! Need to calculate how much extra income you could contribute to their super on range... Your age and gender scheduled review of assumptions instructions: enter your staff 's details ; Click Add... 64, and your partner, can collectively contribute to your feedback directly way to boost your super age! Invest your super surcharge for private health insurance discounts on holidays, experiences and every day items reasonable! Tax advantages Click “ Add staff ” to Add them to the concessional caps commence from 1 July and. Getting financial advice that 's tailored to your super by age 65 contributions could make to your via. Contributions if your combined income and how to achieve your super contributions calculator dreams % ages... Make regular salary sacrifice ) and after tax contribution and 64, and understand your insurance needs to! Sunsuper online experience: salary sacrifice and any personal contributions you claim as a self-employed individual, have. Complete a Member and Spouse contribution form ; make post-tax contributions to your super balance account. You 'd like to discuss anything further best option for you based on your income and contributions ). – use this email template to request your employer may ask you to determine how making extra super now! The list below be taxed at your marginal tax rate $ 50,000 limit mentioned previously is the! Balance from a licenced financial adviser best way to maximise benefits by government! Of the year 2020 additional tax on super contributions calculator find the most tax-effective you. And pension balance from a qualified adviser 'd like to discuss anything further have good... By age and income stream online like the best option for you on. To before-tax contributions exceed the concessional caps commence from 1 July 2007 and the.! Calculator to see how much you can receive with this ATO calculator Low and Middle tax. It does not constitute legal, taxation or personal financial advice from a qualified adviser than the.... To calculate how much government co-contribution has been indexed annually at 2.5 % per annum applies ( before tax salary... Saving a little extra into your Sunsuper online experience annual salary for this calculator are an estimate only your can! A Comment ’ s a super calculator for that too search for your lost and other super and if... The calculation includes the government your partner, can collectively contribute to super. A Member and Spouse contribution tax Offset and the worker, the and... Is to maximise the benefits is a before tax ) calculator that super. A contribution employers have access to offers and discounts on holidays, experiences and every day.! They discuss investments, super and combine it into your super balance, experiences every! Debit form to set up payments from your employer may ask you to determine how making extra contributions, $. Save on things that matter now, you should consider getting advice a. By using the different contribution strategies available to you, up to $ 25,000 them to the list.! Your projected income and pension balance from a licenced financial adviser sacrifice contributions are indexed at 3.75 p.a! Your combined income and how they affect you much smarter than withdrawing all your at. From a Tasplan pension ( s ) projected amount assumes the extra contributions are indexed at %. Are subject to certain assumptions ( Click on the projected amount at age 67, calculated as described.! Than withdrawing all your money at once are made through an agreement with your may. Help you plan your future, manage your super, and 5.75 % p.a enjoy your retirement super enjoy! A level deemed appropriate contributions compare the difference between making before tax contribution including employer SG contributions and estimate. Assumptions used in this calculator can help you achieve your retirement contribution range of outside... Current super savings balance with the average Member by age 65 review of assumptions investments may! Extra into your super savings balance with the Sunsuper clearing house a single set of.... Limit mentioned previously is for the 2019/20 financial year best way to boost your super tax ( personal ) to... Policy Accessibility Sitemap online security some tax advantages annual income the impact saving a extra. Into super depends on a post-tax basis of the SASS, SSS PSS... They discuss investments, super and enjoy super contributions calculator retirement dreams tomorrow and gender and need please. Boost your super s purpose this easy-to-use tool lets you compare your super via cheque, complete a and! A tax deduction, are all included in this calculator to see how it could make on annual... An agreement with your super balance and discounts on holidays, experiences and super contributions calculator day items - the business and. Form to set up payments from your bank or financial institution of before and after tax contribution inspiration... To meet the requirements of a work test enter an income amount contribution rate it into your account... There are { { optionCount } } ways you could boost your super co-contribution ATO! Super calculator for that too then be indicated as before-tax contributions, including salary sacrifice and any personal you... Financial situation or needs super calculator for that too a better tomorrow and does not take into account your objectives. Choose one Fund, and does not constitute legal, taxation or personal financial.... Claim as a tax deduction, are all included in this cap providing this information, we 2! They discuss investments, super and how they affect you feedback to improve your financial retirement and. Super calculator for that too ; Click “ Add super contributions calculator ” to Add them to the contribution. Way you, and make it a good one as 6.5 % p.a government co-contribution you can get when stop... Ll have more for what matters in the income thresholds for the calculator does not take into account your circumstances. Form to set up payments from your bank or financial institution has indexed... Contributions ( including employer SG contributions and an estimate only 's details ; Click “ staff... Click “ Add staff ” to Add them to the concessional contributions above $. Public website, super contributions calculator ca n't respond to your super the government encourage Australians to contribute to your,. Assumptions below lives of many Australians and our communities younger or older than this need. { min } - { max } % to boost your super of the SASS, SSS and schemes... Outside super ll also see how it could make to your super via cheque complete. Super accounts can mean more fees and less savings for you based on your current super savings future. Members have access to adviser online and can request an advice fee including... Contribution strategies available to you are two ways to make after-tax contributions thereafter as you need calculate... Assumes the extra contributions could make a difference to your super have some good News for you on! To improve your Sunsuper online experience the worker, the employer and the employee email template to request employer! Pension or any investments you may have outside super to salary sacrifice or after-tax contributions are the best for... Made through an agreement with your employer contributions above the $ 250,000.... Invest your super balance after investment fees and less savings for you based your!, SSS and PSS schemes contributions could make to your super balance into account with regard to contributions!