Super contribution calculator
How best to add to my super?
Keen to add extra to your super? That’s always a great idea if you want to do more than just rely on your employer’s contributions alone.
But with before-tax, after-tax and a combination of these options possible, you might be wondering which payment is best for you.
Head to the super contribution calculator to find out how a few small payments now can make a huge difference to your retirement.
Tips on contributing
Here are a few handy tips that could allow you to make valuable contributions to your future income, without making big changes to your lifestyle right now.
- Salary sacrificing is a popular option because your employer takes the money out before you receive your pay, so you don’t feel like you’re paying for something you can’t see.
- Ask your employer to salary sacrifice your next pay increase to super, this means your current take home pay is not affected.
- Divert a windfall such as an inheritance, an end-of-year bonus, share dividends, or the proceeds of a sale into your super as a voluntary contribution.
- Alternatively, you might prefer to live off the inheritance and do a large salary sacrifice – the calculator can help you decide which is better for you.
Here’s an alternative – try contributing to your partner’s account, see spouse contributions.
The assumptions used to estimate the potential impact of changes to the Superannuation Guarantee are, in our opinion, reasonable for the purposes of working out the estimates. The assumptions are based on objective evidence on long-term net returns, fees, relevant economic forecasts and analysis on wages, prices and productivity.
- This model works for accumulation funds only. It will not work for defined benefit funds.
- This model does not allow self-employed people to project their retirement balance
- Outcomes are based on contributions being made annually, at the mid-year point, on your fees being deducted annually and your investment returns being credited to your account annually
- We assume that your super is invested in a balanced option
- Superannuation Guarantee Contribution is currently 10% of ordinary time earnings and is presently legislated to incrementally increase to 12% by 2025
- The LISTO applies from 1 July 2017
- No tax is payable on fees
- We assume that you have provided your Tax File Number to your superannuation fund
- All amounts are in today's dollars, which means they are adjusted for inflation
- The assumed salary increase of 3% per annum has been adopted as an average figure based on a 37-year projection — that is, from the age of 30 to the retirement age of 67
- We assume that an annual inflation rate of 2%. In addition, a further annual increase of 1% is included to take into account the cost of meeting increases in community living standards. This means a total assumed inflation rate of 3% is allowed for. Employer and voluntary contributions, fees and the concessional contribution cap increase with inflation.
- We assume that you will satisfy the Work test at older ages and so are able to contribute to superannuation
- We assume that when you exceed the concessional contributions cap ($27,500 in 2021/22), you pay contributions tax according to your adjusted taxable income on any additional superannuation contributions
- Assumes retirement at the preservation age of 67
Your retirement outcome will be affected by many things including the amount of contributions you make, fees, investment returns and regulatory changes. Some factors that may affect your retirement outcomes may not have been taken into account.
Outcome is based on your contributions being made annually, at the mid-year point, on your fees being deducted annually and your investment returns being credited to your account annually.
This is a Model, not a Prediction
The tool is not intended to be relied upon for the purposes of making a financial decision. Consider a fund’s PDS and your objectives, financial situation and needs, which are not accounted for in this information before making an investment decision. You are responsible for your own investment decisions and should obtain specific, individual advice from a financial services licensee before making any financial decisions.