Contribution Calculator

Enter your details

Please enter your age (between 16 and 75)
Please enter your income (between $0 and $299,999)
OR
  • Your Summary
  • $40,000Annual Income
  • $1,538Fortnightly total pay(after tax and contributions)
  • $30Total fortnightly contributions
=
$0
OR
=Extra Contribution
$0 per fortnight
=Total Contribution
$0 per fortnight

Here is how $30 per fortnight can get you the most employer dollars, government dollars and tax savings – plus steer clear of the contribution caps.

Here is how $30 per fortnight after tax can get you employer and government dollars. A small residual amount goes to before tax contributions.

As you are already making contributions on a % basis we rounded your extra down to the nearest %

  • $82

    In tax savings

    1%
    before tax
    (salary sacrifice)+ 4.5% compulsory before tax contributions $400 per year
  • $200

    In government co-contributions

    1%
    voluntary after tax
    + 4.5% compulsory after tax contributions $400 per year
  • $51,000

    Extra in your super at age 65

And this is where your money is going each fortnight:

$142Super Contributions
$196Tax
$1,342Take-home Pay

Current

$172Super Contributions
$191Tax
$1,317Take-home Pay

New

SEE DETAILED BREAKDOWN

Note: Graph shows estimate impact on your pay and your super account. This tool estimates tax deducted from your pay only, your tax return results may be higher or lower.

Your Action

Assumptions

  1. PAYG tax has been calculated using the marginal tax rates for the 2016/17 year.
  2. The 2% budget repair levy is applied to taxable incomes greater than $180,000 per annum.
  3. Medicare levy of 2.0% of your taxable income is used. No allowance has been made for the Medicare Levy Surcharge which is an additional 1% of taxable income in addition to the Medicare Levy and is payable by individuals and families on higher incomes who do not have private patient hospital cover. Therefore if the Medicare Levy Surcharge applies to you then your actual take home pay may be lower than shown in this calculation. The Medicare levy rate does not take into account low income for families.
  4. The PAYG tax calculation takes into the current Low Income Tax Offset (LITO) of $445. LITO applies to incomes less than $66,667 with a withdrawal rate of 1.5 cents per dollar of income over $37,000, such that it cuts out at $66,667.
  5. Employer and salary sacrifice contributions are taxable components and are taxed upon withdrawal of the entitlement from the Scheme. If any other taxes apply, the results will be incorrect and the member should disregard them.
  6. No allowance is made for the maximum Superannuation Contribution base.
  7. Default employer SG contributions of 9.5% up to 12% by 1 July 2025 unless the after tax contributions are 4.5% or higher in which case the greater of the SG contribution rate and 10% applies; the greater of the SG contribution rate and 10% also applies to Police Officers making compulsory personal contributions.
  8. The calculator does not compare the different tax treatment of taxable and non taxable contributions when benefits are paid.
  9. The Commonwealth Government Co-contribution is included in the calculation.

    If your annual income is less than $51,021 in a financial year and make after-tax contributions to your super in the same year, the Commonwealth Government will contribute up to $0.50 for every $1.00 you contribute, to a maximum of $500.

    To be eligible for a co-contribution you must:

    • be less than 71 years old

    • make at least one personal after-tax contribution to your super by 30 June each year

    • earn less than $51,021 in that financial year

    • have at least 10% of your total assessable income and reportable fringe benefits attributable to eligible employment (as determined by the Tax Office)

    • not hold an eligible temporary resident visa at any time during the year and

    • lodge an Australian income tax return.

    To receive the maximum co-contribution of $500 you need to contribute at least $1,000 after tax and earn less than $36,021 a year. The co-contribution you can receive reduces on a sliding scale, and phases out altogether when your income reaches $51,021.

    The co-contribution is based on the assessable income and after tax contributions that have been entered in the calculator. If you have reportable fringe benefits, this may affect the amount of co-contributions receivable.

  10. You are greater than 18 years of age and under age 76.

  11. The maximum Gross income that can be entered is $299,999 per year.

  12. No allowance is made for spouse contributions.

  13. The "extra in your super at age 65" has been calculated based on the fees and tax rules of the Triple S Scheme as follows:

    • a default investment rate of return for the Balanced option of 6.1% per annum

    • a price inflation rate of 2.5% per annum and a salary inflation rate of 3.5% per annum

    • default employer SG contributions of 9.5% up to 12% by 1 July 2025 unless the after tax contributions are 4.5% or higher in which case the greater of the SG contribution rate and 10% applies; the greater of the SG contribution rate and 10% also applies to Police Officers making compulsory personal contributions

    • death and total and permanent disablement insurance premiums of $78 per annum based on a default of 2 units of standard cover

    • income protection insurance premiums of 0.2% of annual income per annum

    • annual administration fees of $70.20

    This calculator estimates an amount payable at a future time and has been adjusted to include price inflation to assume changes in the cost of living.

    The assumptions used in this calculator are based on the rules of the relevant fund, the applicable schemes' legislation including current tax legislation, appropriately determined rates of return, salary inflation and price inflation. These assumptions are considered reasonable for the purposes of working out the estimate.

  14. If you have selected "let the calculator work out the best way" to add more contributions then the calculator will use your income and contribution amount selected to determine the result. The aim is to maximise benefits by utilising government co-contributions and reducing tax (income tax, Medicare levy and contributions tax). Also, as the scheme is untaxed, there is a benefits cap instead of a concessional contributions cap.

If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.

  1. PAYG tax has been calculated using the marginal tax rates for the 2016/17 year.

  2. The 2% budget repair levy is applied to taxable incomes greater than $180,000 per annum.

  3. Medicare levy of 2% of your taxable income is used. No allowance has been made for the Medicare Levy Surcharge which is an additional 1% of taxable income in addition to the Medicare Levy and is payable by individuals and families on higher incomes who do not have private patient hospital cover. Therefore if the Medicare Levy Surcharge applies to you then your actual take home pay may be lower than shown in this calculation. The Medicare levy rate does not take into account low income for families.

  4. The PAYG tax calculation takes into the current Low Income Tax Offset (LITO) of $445. LITO applies to incomes less than $66,667 with a withdrawal rate of 1.5 cents per dollar of income over $37,000, such that it cuts out at $66,667.

  5. Employer and salary sacrifice contributions are taxable components and taxation of 15% is applied to all future employer and salary sacrifice components. If any other taxes apply, the results will be incorrect and the member should disregard them.

  6. No allowance is made for the maximum Superannuation Contribution base.

  7. Default employer SG contributions of 9.5% up to 12% by 1 July 2025 unless the after tax contributions are 4.5% or higher in which case the greater of the SG contribution rate and 10% applies; the greater of the SG contribution rate and 10% also applies to Police Officers making compulsory personal contributions.

  8. The calculator does not compare the different tax treatment of taxable and non-taxable contributions when benefits are paid.

  9. The Low Income Super Contribution (LISC) of $500 is included in this calculator and is payable until 2017. LISC applies to incomes below $37,000 and is calculated as 15% of the concessional contributions made for the 2016/17 year (employer SG contributions and salary sacrifice contributions).

  10. The Commonwealth Government Co-contribution is included in the calculation.

    If your annual income is less than $51,021 in a financial year and make after-tax contributions to your super in the same year, the Commonwealth Government will contribute up to $0.50 for every $1.00 you contribute, to a maximum of $500.

    To be eligible for a co-contribution you must:

    • be less than 71 years old

    • make at least one personal after-tax contribution to your super by 30 June each year

    • earn less than $51,021 in that financial year

    • have at least 10% of your total assessable income and reportable fringe benefits attributable to eligible employment (as determined by the Tax Office)

    • not hold an eligible temporary resident visa at any time during the year and

    • lodge an Australian income tax return.

    To receive the maximum co-contribution of $500 you need to contribute at least $1,000 after tax and earn less than $36,021 a year. The co-contribution you can receive reduces on a sliding scale, and phases out altogether when your income reaches $51,021.

    The co-contribution is based on the assessable income and after tax contributions that have been entered in the calculator. If you have reportable fringe benefits, this may affect the amount of co-contributions receivable.

  11. The Concessional Contributions Cap applies for contributions paid into the Super SA Select Fund. For concessional contributions (including employer SG contributions and salary sacrifice contributions) a cap of $30,000 per annum applies if you are aged under 50 or $35,000 per annum if you are aged 50 or older. Contributions in excess of these amounts will be taxed at your marginal tax rate.

  12. The maximum Gross income that can be entered is $299,999 per year.

  13. You are greater than 18 years of age and under age 76

  14. No allowance is made for spouse contributions.

  15. The "extra in your super at age 65" has been calculated based on the fees and tax rules of the Select Scheme as follows:

    • a default investment rate of return for the Balanced option of 5.5% per annum after tax

    • a price inflation rate of 2.5% per annum and a salary inflation rate of 3.5% per annum

    • default employer SG contributions of 9.5% up to 12% by 1 July 2025 unless the after tax contributions are 4.5% or higher in which case the greater of the SG contribution rate and 10% applies; the greater of the SG contribution rate and 10% also applies to Police Officers making compulsory personal contributions

    • death and total and permanent disablement insurance premiums of $78 per annum based on a default of 2 units of standard cover

    • income protection insurance premiums of 0.2% of annual income per annum

    • annual administration fees of $70.20

    This calculator estimates an amount payable at a future time and has been adjusted to include price inflation to assume changes in the cost of living.

    The assumptions used in this calculator are based on the rules of the relevant fund, the applicable legislative schemes including current tax legislation, appropriately determined rates of return, salary inflation and price inflation and are therefore considered reasonable for the purposes of working out the estimate.

  16. If you have selected "let the calculator work out the best way" to add more contributions then the calculator will use your income and contribution amount selected to determine the result. The aim is to maximise benefits by utilising government co-contributions and reducing tax (income tax, Medicare levy and contributions tax). Also, as the scheme is untaxed, there is a benefits caps instead of a concessional contributions cap.

If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.

 

Detailed Breakdown

Salary and tax details

  Existing Contributions With Extra Contributions
  Per Year Per Month Per Year Per Month
Gross Salary $55,000 $4,500 $55,000 $4,500
Compulsory Before Tax Contributions $55,000 $4,500 $55,000 $4,500
Voluntary Before Tax Contributions $55,000 $4,500 $55,000 $4,500
Taxable Income $55,000 $4,500 $55,000 $4,500
PAYG Tax $55,000 $4,500 $55,000 $4,500
Compulsory After Tax Contributions $55,000 $4,500 $55,000 $4,500
Voluntary After Tax Contributions $55,000 $4,500 $55,000 $4,500
Take Home Pay $55,000 $4,500 $55,000 $4,500

Super Contributions

  Existing Contributions With Extra Contributions
  Per Year Per Month Per Year Per Month
Employer SG Contributions $55,000 $4,500 $55,000 $4,500
Additional Employer Contributions $55,000 $4,500 $55,000 $4,500
Compulsory Before Tax Contributions $55,000 $4,500 $55,000 $4,500
Voluntary Before Tax Contributions $55,000 $4,500 $55,000 $4,500
Compulsory After Tax Contributions $55,000 $4,500 $55,000 $4,500
Voluntary After Tax Contributions $55,000 $4,500 $55,000 $4,500
Government Co-Contributions $55,000 $4,500 $55,000 $4,500
Low Income Superannuation Contribution $500 $42 $500 $42
Tax on Super Contributions $55,000 $4,500 $55,000 $4,500
Total Super Contributions $55,000 $4,500 $55,000 $4,500