net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. The Sunsuper for Life product may appear in the table multiple times. Consider whether this advice is right for you. It makes it easy to estimate the value of extra contributions and what a difference they can make. Boost your super. of making in the future, whether from after tax income or from salary sacrifice contributions. and personal deductible contributions is $25,000. Consider whether you need financial advice from a qualified adviser. Canstar is not providing a recommendation for your individual circumstances. Fees payable by product providers for referrals and Sponsorship or Promotion may vary between providers. You must enter the amounts of your: personal super contributions Enter all your contributions as voluntary contributions. net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. Voluntary contributions … It is superannuation fund. 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. It's hard to imagine the future. Research provided by Canstar Research AFSL and Australian Credit Licence No. The primary purpose of these links is to help consumers continue their journey from the ‘research phase’ to the ‘purchasing’ phase. statement of opinion about super contributions. 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. The problem with comparing super returns and your interest rate The average return of your super fund over the past 5-10 years may give you an idea of what your final payout figure may look like when your retire. You can also see the difference additional super contributions could make. Because pre-tax superannuation amounts are taxed at only 15% (rather than at your marginal tax rate) your additional superannuation contributions will be 'cheaper' than if you paid them from your own pocket. Additional Superannuation Contribution (ASC) will be introduced with effect from 1 January 2019 and replace the Pension Related Deduction (PRD). For more detail in relation to the SunSuper for Life product please refer to the PDS issued by SunSuper for this product. Get started. To learn more about performance information, click. Where products are displayed in a comparison table, the display order is not influenced by commercial arrangements and the display sort order is disclosed at the top of the table. Terms of service, Not all superannuation funds in the market are listed, and the list above may not include all features relevant to you. assessable income less allowable deductions); plus, Adjusted Fringe Benefits Total (i.e. make up to $300,000 after-tax (non-concessional) contributions in one year (but the after-tax 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. See the provider’s Product Disclosure Statement and in particular applicable age groups for more information about how providers determine their investment profiles. 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), The results will be shown as annual figures. Try our online AWOTE tool. limits. emails and Home Loans newsletter. If you exceed the super contribution limits, additional tax and penalties may apply. Personal super contributions. How to use the Contribution Calculator. Tax may apply to your super contributions. Super co-contribution calculator. 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. Comparatively, extra super contributions are locked away until you retire. cap (currently $1.6 million). But did you know that by making extra contributions yourself, you can boost your super growth and you may be able to save money by lowering your taxable income? A basic assumption of the calculator is that you have supplied your Tax File Number to your contributions are limited in the next two years so that no more than $300,000 has been contributed Canstar may earn a fee for referrals from its website tables, and from Sponsorship or Promotion of certain products. Super tips: If you have difficulty finding the fee percentage your super fund charges you, your super fund will often specify the dollar amount of fees it charges you.You can work out the fee percentage by dividing the dollar amount quoted in fees by your account balance. Canstar Superannuation Star Ratings methodology. When you salary sacrifice into super, you make an arrangement with your employer to pay some of your salary or wages, before tax is deducted, into your super account instead of your bank account. See, SunSuper’s allocation of funds for investors aged 55-99 differ from Canstar’s methodology – see details. It is designed to help lower income earners build up their super before retirement. If you would like to see the weekly, fortnightly or monthly figures please select using the box. By signing in, I am subscribing to receive Canstar's Rate Checker Contributions. It doesn’t matter whether you’re working, not working or self-employed, anybody under the age of 67 can make extra contributions to super. plus, Reportable superannuation contributions (i.e. This advice is general and has not taken into account your objectives, financial situation or needs. Performance data may not be available for some products. enjoyment of a privilege or facility, eg when you are provided with a cheap Pay less tax as you save for your future by salary packaging pre-tax additional contributions to your superannuation. This calculator looks at the potential effect of any additional contributions you are thinking Most of the time right now keeps us busy! Generally, your employer has to pay an extra 9.5% 1 on top of your salary into your super fund. Sponsored or Promoted products are clearly disclosed as such on the website page. intended for educational and information purposes only and does not constitute a recommendation or It assumes that you have not made any contributions from after tax salary or any salary sacrifice contributions … Your current super balance and annual salary information. This clever calculator can show: Which type of personal contributions could bring the biggest boost to your super This calculator generates factual information illustrating the effect of salary sacrifice and Government On our ratings results, comparison tables and some other advertising, we may provide links to third party websites. Reportable Employer Superannuation Consider the product disclosure statement before making a purchase decision. contributions on take home pay and superannuation contributions based on certain assumptions. Consider whether this general financial advice is right for your personal circumstances. Compare before-tax contributions (salary sacrifice) and after-tax contributions to see which one will give your super the bigger boost. If this is the case, please confirm the following statement (the calculator Personal super contributions are the amounts you contribute to your super fund from your after-tax income (that is, from your take-home pay). Canstar may earn a fee for referrals from its website tables and from Promotion or Sponsorship of certain products. But your super is a big investment in what matters most - you. Co-contribution Calculator Find out how much the government will contribute to your super, based on your income level. Click here to learn more. In broad terms these limits for the 2018/2019 financial year are: Do you want the calculator to assume that your total annual adjusted taxable income is $37,000 or less? Privacy Policy It allows for the Federal Budget tax cut that came into effect 1 July 2018, but does not consider any new or existing income tax offsets. Additional Voluntary Contribution Calculator by AXA Mansard Pensions. Please refer to the Australian Tax Office websitefor more information on co-contributions and contribution caps. 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. the use of something, for example, a car, house or equipment, ownership of something, for example, items of clothing, or. You can also see the impact additional contributions could have on your retirement income, why not try it out today? Please refer to www.ato.gov.au for up to date information. The table position of the Sponsored or Promoted product does not indicate any ranking or rating by Canstar. We encourage you to explore the new tool, the excel version of the calculator will be updated and accessible until mid 2021. For this reason you should not make any decision on The limit for after-tax (non-concessional) contributions is $100,000. By signing up, I agree to Canstar's contributions in the current financial year. We intend you to use this calculator as a guide only. People under age 65 can Whereas PRD was a temporary emergency measure, ASC is a permanent contribution in respect of pensionable pay. We’ve created a calculator that can estimate how much money you will have by the time you retire. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Before making extra contributions, make sure you understand and are comfortable with any potential risks. They may appear in a number of areas of the website, such as in comparison tables, on hub pages, and in articles. Enter the email address associated with your account, and we'll email you a link to reset your password. The maximum catch-up contribution available is $6,500 for 2020. You may need financial advice from a qualified adviser. Login to PS… To use the calculator: Change the employer contributions to 0% in 'You and your super fund'. The value of your investment in super can go up and down. Consider whether you need financial advice from a qualified adviser. Click here for additional important notes and liability disclaimer. Government benefits and does not include superannuation pensions or benefits); ASC is provided for under Part 4 of the Public Service Pay and Pensions Act 2017. click here. This is indicated in the tables by a note referring the user to the product provider, or by no performance information being shown. Performance information shown is for the historical periods up to 31/10/2020 and investment options noted in the table information. loan, free private health insurance or enter into a salary sacrifice arrangement. The performance and fee information shown in the table is for the investment option used by Canstar in rating of the superannuation product. the information provided without first consulting a licensed, or appropriately authorised, financial Curious to know how far your super could take you? Importantly, this calculator is for the 2018/2019 year only. Please note that all information about performance returns is historical. Performance and Investment Allocation Differences, © Copyright 2020 CANSTAR Pty Limited AR 443019All Rights Reserved, *We are Australia’s Biggest Financial Comparison Site. Sponsorship or Promotion fees may be higher than referral fees. Fees payable by product providers for referrals and Sponsorship or Promotion may vary between providers, website position, and revenue model. Canstar may earn a fee for referrals from its website tables and from Promotion or Sponsorship of certain products. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Sponsored or Promotion products are clearly disclosed as such on website pages. Here you can combine & compare super funds with calculators & tools, take the first steps toward better spending habits & start planning for a better retirement. Sponsored or promoted products that are in a table separate to the comparison tables in this article are displayed from lowest to highest annual cost. Boost your super. 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. ... You may now make an additional pre-tax contribution to your plan if you reach age 50 during the calendar year and have reached either the plan's or the IRS pre-tax contribution limit. Our new AWOTE tool is designed to make salary reviews easier to process and simpler to understand. We assume that your employer contributes an amount equal to 9.5% of your ordinary time earnings (you can change this in 'You and your super fund'). Suncorp’s Contributions Calculator allows you to determine how making extra super payments now could improve your financial situation later. While you will not be offered any single investment option, this is to take into account the different combinations of investment options SunSuper may apply to your account based on your age. Any advice on this page is general and has not taken into account your objectives, financial situation or needs. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. Fees payable by product providers for referrals and Sponsorship or Promotion may vary between providers, website position, and revenue model. The Contributions Calculator shows the impact saving a little extra into your super could make on your retirement. 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. Where applicable an estimate of the Division 293 additional contribution tax for those on incomes over the relevant threshold has been included. The limit for before-tax (concessional) contributions, including employer, salary sacrifice if your total super balance as at 30 June the previous year exceeded the transfer balance Superannuation Contributions Calculator. Deductible child maintenance for the year. reportable fringe benefits / 0.51); plus, Any tax free pension or benefit (this includes certain Social Security and other You can boost your super by adding your own contributions to your super fund. 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. 437917. Performance figures shown for Sponsored or Promoted products reflect net investment performance, i.e. Contributions Calculator Taxable Income (i.e. Contributions Calculator; Extra contributions; contributions calculator. Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. Please note the results provided by this calculator are an estimate only. Information you need. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall as well as rise. The Super co-contribution amount won’t include cents. If customers purchase a product after clicking a certain link, Canstar may be paid a commission or fee by the referral partner. Would you like to complete a contribution form? For more information please see, Fee, performance and asset allocation information shown in the table above have been determined according to the investment profile in the, Some providers use different age groups for their investment profiles which may result in you being offered or being eligible for a different product to what is displayed in the table. Sponsorship or Promotion fees may be higher than referral fees. Please note the results provided by this calculator are an estimate only. Canstar is not providing a recommendation for your individual circumstances. over the three years) unless they have exceeded the $100,000 limit in either of the previous two years. Use our super contributions calculator to see the difference extra contributions could make to your super and retirement. Find out the big difference even small changes can make by using this calculator. These are contributions made from your after tax income. and to receive Canstar's Rate Checker emails and Home Loans newsletter. Notes. 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. BPAY is good for contributing lump sums or adding extra to your super every now and then. ... Use this tool to see a breakdown of your estimated superannuation contributions, take home pay and related taxes. Additional personal contributions may be eligible for a co contribution. Please note that contribution caps apply - if you exceed the cap, you may have to pay extra tax. Tax levied by a government directly on income, especially an annual tax on personal income. Performance, fee and other information displayed in the table has been updated from time to time since the rating date and may not reflect the products as rated. Performance figures shown reflect net investment performance, i.e. adviser. Investment profiles applied initially may change over time in line with an investor’s age. The amount shown is based on information provided by the Australian Taxation Office and is the amount payable for the 2020/2021 financial year, providing you … Contributions plus deductible personal contributions); less. QSuper sets different balance ranges, resulting in a different investment mix in some cases to that resulting from Canstar’s methodology – see details. Under new rules, in any year you won't be able to make any after-tax (non-concessional) contributions Even if you’re already receiving Superannuation Guarantee contributions from your employer, topping up your super through extra contributions can make a big difference to your final benefit. Canstar provides an information service. Non-concessional contributions cap There are limits to the amount of after-tax contributions you can make into your super. Who can package additional super contributions? It is assumed that the Super Co-contribution for any after-tax contributions made during the relevant year is paid at the end of that year. There are four ways you can make additional personal contributions. It assumes that you have not made any contributions from after tax salary or any salary sacrifice Many people make after-tax contributions once they have reached their yearly concessional contributions limit (see personal pre-tax contributions for details). 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. will not proceed, otherwise): There are significant taxation penalties if your contributions to superannuation exceed certain 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. Will you do this through your employer? This calculator looks at the potential effect of any additional contributions you are thinking of making in the future, whether from after tax income or from salary sacrifice contributions. As of 1 July 2017, the annual cap for concessional contributions cap was reduced to $25,000 per annum for all individuals, regardless of age.