Australia Superannuation Guarantee & Retirement Contributions Calculator

About the Australia Superannuation Guarantee & Retirement Contributions Calculator

Australian employers must pay at least 12% of your qualifying earnings into your super fund, and under Payday Super they pay it for each payday rather than each quarter. Enter your pay to see the super guarantee for every payday and for the year, then add salary sacrifice, personal contributions and your total super balance to check the year’s concessional cap (with unused cap carried forward from earlier years), Division 293 tax, the low income super tax offset (LISTO) and how much you can add after tax under the non-concessional cap and the bring-forward rule.

The caps and thresholds come from the ATO and Moneysmart, every rule links its source, and nothing you type leaves your browser.

Super guarantee and Payday Super

The super guarantee is 12% of each employee’s qualifying earnings (ATO). Qualifying earnings are pay for ordinary hours — including certain leave, allowances and bonuses — plus any salary sacrificed to super, so salary sacrifice does not reduce it (ATO). Overtime is not, when your ordinary hours are set in an award or agreement.

Under Payday Super the employer works out the super for each payday and the contribution must be received by your fund no more than 7 business days after that payday (ATO). Once your qualifying earnings for the financial year reach the maximum contribution base of $270,830 ($32,500 × 100 ÷ 12, rounded down to $10), the employer need not pay the super guarantee on the rest of that year’s pay.

Concessional contributions cap and carry-forward

Employer contributions (the super guarantee and salary sacrifice) and personal contributions you claim as a deduction are concessional contributions: taxed at 15% in the fund and limited to a cap of $32,500 a year (ATO caps, Moneysmart).

If your total super balance was under $500,000 at 30 June of the previous year, unused cap from up to the 5 previous years can be added, oldest first; unused amounts expire after 5 years (ATO). Earlier years had lower caps, so what is unused depends on each year’s cap; ATO online services shows the total. Contributions above the cap are included in your taxable income and taxed at your marginal rate.

Division 293 tax

When your Division 293 income (taxable income, reportable fringe benefits and net investment losses, not counting reportable super) plus your concessional contributions is more than $250,000, Division 293 tax is 15% of the excess over $250,000 or of your concessional contributions, whichever is less. Contributions over the cap are not counted as contributions; they are part of your taxable income instead.

Low income super tax offset (LISTO)

If your adjusted taxable income is $37,000 or less, the government pays 15% of your concessional contributions back into your fund, at most $500 (and at least $10). Adjusted taxable income adds salary sacrifice and personal contributions you claim as a deduction back to your taxable income, so they do not bring you under the limit. You also need 10% or more of your income from employment or business, no temporary resident visa during the year, and your tax file number with your fund (ATO).

Non-concessional cap and the bring-forward rule

After-tax contributions are capped at $130,000 a year, and the cap is nil if your total super balance at 30 June of the previous year was at least the $2.1 million transfer balance cap (ATO, transfer balance cap). If you are under 75 you can bring forward later years’ caps:

• Total super balance under $1.84 million: up to $390,000 over 3 years
• $1.84 million to under $1.97 million: up to $260,000 over 2 years
• $1.97 million to under $2.1 million: $130,000, no bring-forward
• $2.1 million or more: nil

Limitations

• Defined benefit funds, constitutionally protected funds and contributions under awards above the super guarantee are not modelled separately.
• Taxable income is your pay less salary sacrifice and deductible contributions, plus the other income you enter and any concessional contributions over the cap; reportable fringe benefits, investment losses and the other parts of Division 293 income and adjusted taxable income are not added.
• The bring-forward check uses your balance and age only; a bring-forward period you started in an earlier year changes what is left. From 75, funds can accept voluntary contributions only for a short time after your 75th birthday.
• Downsizer contributions, the government co-contribution and spouse contributions are not included.
• The calculator checks one financial year; it does not project your balance to retirement.

Privacy

Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.