Find extra money for super
No extra money to tip into your super? Think again!
If you believe you have no extra money to tip into your super, think again!
This calculator allows you to see how putting even a small amount of extra money into your super could help you take advantage of government co-contribution and/or tax incentives. It's a good idea to do a quick review every year in case your goals have changed.
Government Co-contribution (after tax)
Based on your income of $1,000 you can contribute $1,000 to your super after tax to get the maximum government co-contribution of $500.
Make sure you can say yes to all these eligibility criteria:
- Your total income for the financial year is less than $58,445
- 10% or more of your total income comes from your employment or from carrying on a business, or a combination of both
- You will be less than 71 years old at the end of the financial year
- You did not hold a temporary visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa)
- You plan to lodge a tax return for this financial year
- Your super fund has your tax file number
Salary sacrifice (before tax)
You don't have to pay income tax on money you salary sacrifice to your super, instead a 15% contribution tax is paid from your super by your fund where you are earning up to $250,000 (annual income plus super contributions from your employer and salary sacrifice). We assume you are earning $250,000 or less in the financial year.
Based on your age, you can contribute up to $27,500 per year before tax - but this also includes all contributions your employer pays such as your 11% super guarantee.
Salary Sacrifice is arranged with your employer.
Superannuation contributions limits continue to apply and those aged 67-74 will need to meet a work test if they intend to claim a taxation deduction in relation to personal contributions made to super.
If you think too much tax is being taken from your pay, check the tax calculator.