This calculator compares the difference between making a salary sacrifice contribution to superannuation and a post tax contribution to superannuation.
| Assumptions |
| 1. |
Gross salary is the salary for superannuation contribution purposes. |
| 2. |
Employer contributions are based on the superannuation guarantee contribution rate of 9% of gross salary. |
| 3. |
Income tax used is the personal marginal income tax rates plus Medicare levy effective from 1 July 2006 with a tax-free threshold and no leave loading. The income tax calculation takes into account the Low Income Tax Offset calculation effective 1/7/2006. The Medicare levy rate used is 1.5% for salaries greater then $16,284. No Medicare levy is calculated for salaries entered below this limit. The Medicare levy surcharge has not been included in this calculator. |
| 4. |
Contribution tax of 15% is applied to all employer and salary sacrifice contributions. |
| 5. |
Government co-contribution rate is effective from 1 July 2005. This has been based on the Gross income and post tax contributions entered. |
| 6. |
No allowance has been made for tax on lump sum payments from the superannuation and retirement benefits. |
| 7. |
The Medicare levy rates used does not take into account low income for singles or families. The Medicare levy surcharge has not been included in this calculator. |
| 8. |
Taxable income is your total assessable income less any allowable deductions. |
| 9. |
No consideration has been given to your eligibility for the Pensioner Tax Offset, Senior Australian Tax Offset or Low Income Tax Offset. |
| 10. |
The comparison is between post-tax and salary sacrifice contributions which are made to a complying superannuation fund. |
| 11. |
No consideration has been given to the age based limits for deductibility of superannuation contributions. |
| If these assumptions are different to your situation the calculations will not be correct. |
| Disclaimer |
| 1. |
This "Salary sacrifice" calculator is based on our interpretation of tax laws as at 1 July 2006. |
| 2. |
This "Salary sacrifice" calculator does not replace personal financial product advice and you should seek specific professional advice prior to acting on any information. |
| 3. |
ClearView gives no assurance that this "Salary sacrifice" calculator is free of errors or suitable for any user's intended purposes. |
| 4. |
To the extent permitted by law, ClearView will not be liable for any damages or loss suffered by the user or anyone else from use of this "Salary sacrifice" calculator. |
| 5. |
Any advice in this "Salary sacrifice" calculator is general advice only and does not take into account your individual objectives, financial situation or needs ("personal circumstances"). Before acting on it you should consider the appropriateness of it, taking into account your personal circumstances. ClearView Financial Advisers are representatives of ClearView Financial Management Limited. |
