Limitations

The Government co-contribution and LISTO has been calculated using rules in place as at 1 July 2024.

1. The information and calculations provided by the calculator are provided for educational and information purposes and are intended as a general guide only. This calculator is prepared by AWM Services Pty Ltd ABN 15 139 353 496 AFSL 366121 to assist you in considering your superannuation contribution arrangements. It generates factual information illustrating the potential effect of different types and amounts of contributions on your take-home pay. You should not rely on the results for the purpose of making a decision in relation to a financial product or strategy and you should seek professional financial advice before making such a decision.


2. Tax and superannuation laws are complex. This calculator is based on our current understanding of those tax and superannuation laws effective as at July 2024. These laws may change.


3. The results from the calculator rely on your inputs, and the assumptions which are outlined below. While AWM Services Pty Ltd believes these assumptions to be reasonable based on statutory assumptions and industry knowledge, some may not apply to you. Actual outcomes will depend on a range of factors which are not necessarily taken into account by the calculator.


4. Reasonable care has been taken in preparing this calculator. However, if there is any inconsistency between the assumptions for the Calculator and the law, the law will prevail.


5. The calculator only allows for salaries between $10,000 and $250,000 to be entered.


6. The calculator only allows total SG and additional contributions (referred to as member contribution) of up to $30,000 to be entered.


7. The calculator does not allow additional contributions in excess of salary to be entered.


8. Superannuation guarantee contributions are payable on salary or wages up the maximum contributions base, which is $65,070 per quarter for the 2024/25 year. Your employer can choose whether to pay SG on earnings above this limit. However, as this calculator does not consider the maximum contributions base it should not be used if your Before-tax salary (before any salary sacrifice contributions) is greater than $260,280 in the 2024/25 year.


9. The calculator assumes that you are a member of an accumulation fund. It should not be used if you are a member of a defined benefit fund.

Assumptions

1. You should check with your employer to determine if you are eligible to salary sacrifice superannuation contributions. Further, certain conditions must be satisfied in order to enter into an effective salary sacrifice arrangement with your employer. This calculator assumes that you have satisfied the conditions for an effective salary sacrifice arrangement from 1 July 2024.


2. Taxable income has been calculated assuming that your only assessable income is your annual salary, and assuming that you have no tax offsets or deductions.


3. Income Tax is calculated using the personal marginal income tax rates plus Medicare levy effective from 1 July 2024, assuming the tax-free threshold is claimed and no leave loading applies. The Income Tax calculation takes into account the Low Income Tax Offset (LITO) calculation effective 1 July 2024. Other tax factors such as the Medicare levy surcharge and Senior Australians Tax Offset have not been included in this calculator.


4. The calculator only considers salary. Any income you may have received from other sources is not considered.


5. Your Tax File Number has been provided to the superannuation fund. If this is not the case, an additional 32% tax is payable on your Employer SG contributions, personal contributions (for which you claim a tax deduction) and salary sacrifice contributions (although this may be able to be refunded if you supply your TFN to your fund within the following three financial years). If no TFN has been provided, the super fund will not be able to accept your after-tax contributions (which will effect your entitlement to Government co contributions).


6. The Employer SG contributions amount is calculated as 11.5% of your Before-Tax salary (ignoring any salary sacrifice contributions). If your employer contributes more than 11.5% you can adjust the percentage accordingly.


7. The assessable income of a superannuation fund includes employer contributions, personal contributions (for which you claim a tax deduction) and salary sacrifice contributions. These contributions are taxed at the rate that applies to complying superannuation funds (currently up to 15%). This calculator assumes an effective rate of 15% contributions tax. No contributions tax is payable on your after-tax contributions.


8. The Federal Government provides a matching co-contribution of up to $0.50 for every $1 of personal member after-tax contribution (subject to a maximum co-contribution limit of $500 per income year) if your total income (assessable income plus reportable fringe benefits and reportable employer superannuation contributions less excess concessional contributions and deductions for carrying on a business) plus salary sacrifice contributions is less than $60,400 for the 2024/25 financial year. The upper threshold is not indexed. However, the lower threshold is indexed to AWOTE (Average Weekly Ordinary Time Earnings) and the upper threshold is $15,000 more than the lower threshold. It applies if you:
   • earn at least 10% of your total income from carrying on a business or eligible employment as defined for co-contribution purposes or a combination of both,
   • are less than 71 years of age at the end of the income year,
   • have a total super balance of less than $1.9m on 30 June of the previous financial year, and
   • did not hold an eligible temporary resident visa at any time during the financial year, and
   • lodge an income tax return with the Tax Office.
   The co-contribution amount has been calculated based on the rates and limits applicable to the 2024/25 year. Remember that your entitlement to any amount of Government co-contributions shown above will be dependent on you satisfying all the co-contribution eligibility criteria.


9. Your eligibility for the Low Income Superannuation Tax Offset (LISTO) is assessed and a LISTO is added if applicable. This calculator assesses your eligibility by comparing your calculated assessable income amount plus salary sacrifice contributions to the estimated LISTO income threshold. If this amount is lower than the threshold, the LISTO is calculated as 15% of the concessional contributions up to a maximum of $500. No LISTO is payable if your assessable income plus salary sacrifice contributions are higher than the threshold. It is assumed you meet the other LISTO eligibility criteria.
10. There are significant tax penalties if your contributions to superannuation exceed certain limits. There is an annual limit on concessional contributions (eg. Employer SG contributions, personal contributions (for which you claim a tax deduction) and salary sacrifice contributions) and a separate annual limit on non-concessional contributions (eg. After-tax contributions). In broad terms, the limits for the 2024/25 financial year include:
    • a cap on concessional contributions of $30,000 pa ,
    • a limit of $120,000 on non-concessional contributions in 2024/25, and
    • certain people under age 65 may be able to bring forward entitlements to non-concessional contributions to allow larger contributions to be made.
    This calculator assumes that your contributions have not exceeded either the concessional contributions cap or the non-concessional contributions cap and does not consider the bring forward arrangements.


11. 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.


12. Concessional (Salary Sacrifice, personal (for which you claim a tax deduction) and SG) contributions are capped at a maximum of $30,000 pa and are subject to contributions tax of 15%.


13. Since the comparison is based on the same contribution amount, the calculator assumes that any after-tax contributions made are equal to the amount of salary sacrifice contributions.


14. No allowance has been made for any tax offset you may be eligible to claim for contributions to your spouse’s superannuation account.


15. 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.

No substitute for professional advice

This calculator does not constitute a recommendation or statement of opinion about superannuation and should not be relied upon for the purpose of making a decision in relation to a superannuation product. It does not replace personal financial advice. You should not make any decision on the information provided without first seeking advice from a financial services licensee. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

Disclaimers

To the maximum extent permitted by law, neither AWM Services Pty Ltd nor any of its related bodies corporate or their officers, employees or agents (the AMP Group) warrant the accuracy or reliability of the calculator and, to the maximum extent permitted by law, each member of the AMP Group disclaims all liability to any person in respect of anything done or omitted to be done, and the consequences of such action or omission, by any person in reliance upon all or any part of the information obtained using this calculator.