Salary Sacrifice Superannuation Calculator
This calculator works out the increase in net disposable income that occurs during the 2008/09 year where an Australian resident individual taxpayer makes a superannuation contribution from pre-tax salary as opposed to after-tax salary. It does not consider the tax treatment of the contributions in the superannuation fund and taxation of the amounts when ultimately paid to the member.
The major benefits of salary packaging into superannuation are:
- No fringe benefits tax is payable by the employer on employee superannuation contributions.
- The employer is generally entitled to claim a full tax deduction for all superannuation contributions made on behalf of employees.
- Contributions into the fund are taxed at only 15% instead of higher marginal rates.
From 1 July 2007, the maximum concessional superannuation contributions that can be claimed by the employer on behalf of employees is as follows:
Employee below 50 years of age at 30 June: $50,000 (indexed)
Employee aged 50 and over at 30 June: $100,000 (unindexed) *
* This is a transitional measure that applies for the 2008 to 2012 income years, upon which the limit will reduce to the standard $50,000 indexed amount.
Note that contributions above these limits can still be claimed as a full deduction, but will be taxed at an overall effective rate of 46.5%.
Complete the two fields below and then click on the "calculate" button to work out the increase in disposable income by salary sacrificing into superannuation.
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This information is provided as a guide only and is not
intended to constitute professional advice. You should obtain appropriate advice
concerning your particular circumstances.
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