How much tax should I pay?
The income tax you pay each month depends on your income minus any immediate deductions like salary sacrifice and tax offsets. Your Tax File Number makes this work so be sure to declare it! Most other deductions only yield a benefit after you lodge your tax return for the year.
Use the calculator to work out the tax you'd pay and then calculate how much you could save by salary sacrificing.
The simple calculator is up to date for the 2018-2019 financial year with changes that apply from 1 July 2018.
Purpose and assumptions
This calculator generates information about how your taxable income and retirement outcome are influenced by salary sacrifice. This is based on certain assumptions.
Your taxable income and retirement outcome will be affected by many things including the amount of contributions you make, fees, investment returns and regulatory changes. Some factors that may affect your retirement outcomes may not have been taken into account.
Outcome is based on your contributions being made annually, at the mid-year point, on your fees being deducted annually and your investment returns being credited to your account annually.
This is a Model, not a Prediction
The tool is not intended to be relied upon for the purposes of making a financial decision. Consider a fund’s product disclosure statement (PDS) and your objectives, financial situation and needs, which are not accounted for in this information, before making an investment decision.
You are responsible for your own investment decisions and should obtain specific, individual advice from a financial services licensee before making any financial decisions.