Salary Sacrifice Superannuation Calculator
This calculator works out the increase in net disposable income that occurs during the 2014/15 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.
The concessional superannuation caps for the 2015/16 year based on a person’s age have not changed from the previous year and are as follows:
- age 49 and over on 30 June 2015 - $35,000 contribution cap
- age 48 and under on 30 June 2015 - $30,000 contribution cap
Note that employer super guarantee contributions and salary sacrifice contributions are included in these caps.
Disclaimer
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.
Australianbiz and its representatives disclaim all liability
for any loss or damage to any person or organisation, whether a user of this site
or not, for the consequences of anything done or omitted to be done by any such
person relying on this information.
