Employer Superannuation Guarantee (SG) contributions
%
Please note that from 1 July 2020 you may be able to increase your concessional contribution cap by applying unused concessional contributions from previous financial years.
For more information please contact us:
Call: 1300 655 002
Email: info@csf.com.au
Annual salary and tax details
After-tax contributions
Salary sacrifice contributions
Salary sacrifice contributions
Employer SG contributions
Salary sacrifice contributions
Government co-contribution
Low income superannuation tax offset
Total take home pay and net super
contributions
Further tax may be
payable when you leave a superannuation fund.
2.
I want to increase my contributions
Contact us on
the details below.
3.
I am uncertain about what to do next
You can contact the
office to discuss your options (see
details below) or contact
MyLife MyAdvice for advice on your contribution options with
.
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Assumptions
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The calculator only considers your annual, monthly, weekly or fortnightly taxable salary (superable) as the only source of income. Any income you may have received from other sources has been ignored.
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The SG contribution amount of 9.5% is calculated on the gross income amount entered only. No allowance has been made for the Maximum superannuation contribution base ($57,090 per quarter for the 20/21 financial year).
- The contributions are made within the same financial year.
- The 'Contribution level' refers to the sum of the salary sacrifice contributions plus the after-tax contributions less the contribution tax (15%) on the salary sacrifice contributions.
- PAYG tax is calculated using the personal marginal income tax rates plus Medicare levy effective from 1 July 2020 with a tax-free threshold and no leave loading.
The PAYG tax calculation takes into account the Low Income Tax Offset (LITO) and the Low and Middle Income Tax Offset (LMITO) calculations effective 1 July 2020. The Medicare levy rates used do not take into account low income for families.
The Medicare levy surcharge has not been included in this calculator.
- No allowance has been made for taxes (including taxation that applies to the payment of superannuation and retirement income benefits) with the exception of personal income tax and contributions tax. If any of these other taxes apply, the calculator's results will be incorrect.
- Co-contribution and Low Income Superannuation Tax Offset have been included in the calculation.
This has been based on the Gross salary and After-tax contributions that have been entered into the calculator. The Co-contribution rate is current from 1 July 2020.
- Low Income Superannuation Tax Offset has been included in the calculation.
- It is assumed that the Government co-contribution for the after tax contributions made during the relevant year is paid at the end of that year.
- Concessional contributions (employer contributions including SG and salary sacrifice contributions) are capped at a maximum of $25,000 and are subject to contributions tax of 15%.
- Since comparatives are based on the same contribution the after-tax contribution cap is limited to the concessional contributions cap.
- You are greater than 18 years of age.
- No allowance has been made for spouse contributions.
- No allowance has been made in this calculation for inflation or other changes in the cost of living.
If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.
Disclaimer
Issued by Togethr Trustees Pty Ltd (ABN 64 006 964 049; AFSL 246383), the Trustee of the MyLifeMyMoney Superannuation Fund (ABN 50 237 896 957; SPIN CSF0100AU). The information contained herein is general information only. It has been prepared without taking into account your personal investment objectives, financial situation, or needs. It is not intended to be, and should not be, construed in any way as investment, legal or financial advice. Please consider your personal position, objectives, and requirements before taking any action.