Contribution calculator

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Disclaimer

This is a model not a prediction. The results are based on the limited information you've provided and assumptions made about the future.

The calculator intends to show the impact that certain choices may have, but it can't accurately predict your final super balance or retirement income as it doesn't take into account your personal circumstances. Unexpected events in your life and external factors such as movements in investment markets and age pension entitlements can also affect your actual results, but aren’t factored into this calculator.

Don't just rely on just this calculator to make financial decisions. This information has been provided in good faith and is not a substitute for professional advice from a qualified adviser. We don't accept any direct or indirect liability that comes about because you relied, either wholly or partly, on any information provided by or left out of the calculator.

This information is of a general nature only. It has been prepared without taking into account your particular financial needs, circumstances and objectives. Before you make any decisions, you should assess your own financial situation and read the member guide relating to the products before making an investment decision based on this advice. You may want to talk to a financial expert to help you.

Super contributions must remain in super until you’ve met a condition of release. You need to weigh up the benefits of extra super against your other priorities, for example paying off your credit cards.

This calculator relies on assumptions about investment returns. Actual returns can vary significantly from year to year, and can be negative in some years. Historic performance is not an indication of future returns.

We recommend that you do a new projection each year as super and tax rules may change, and you may have changes in your personal circumstances.

The trustee of Tasplan Super (ABN 14 602 032 302) is Tasplan Pty Ltd (ABN 13 009 563 062). AFSL 235391.

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Top up my super


Here's the best way to contribute $10:

$6 after tax more information

$6 each week ($312 each year) may get you a government co-contribution of $156.

$6 each week ($312 each year) to avoid penalties from exceeding the concessional contribution cap of $30,000

and

$4 before tax more information

$4 each week ($208 each year) could save you $36.50 at tax time.

Contributing like this could get you the most government dollars and tax savings while steering clear of the contribution caps.


At 67 your super could look like this:

 

If you do nothing

 

If you add $10 each week

 

See the difference!

Help me

If you need help fixing your finances, get in touch and we'll give you a hand.

Here's how you can start making contributions:

$6 after tax

Pay by BPAY®. Log in to Tasplan Online or call us to get your BPAY® details.

Pay by cheque and send us a Make a super contribution form.

Pay by direct debit. Log in to Tasplan Online or send us a Direct debit authority – member form.

® Registered to BPAY Pty Ltd ABN 69 079 137 518.

after-tax contributions

and

$4 before tax

Speak to your employer about setting up a salary sacrifice agreement.

Find out more about Before-tax contributions

Our assumptions

We’ve made a few assumptions to work out your contribution results. But just be aware that actual events can turn out differently.

The projections are based on a whole number of years, so we’ve assumed that you've just reached the current age.

The calculator works for accumulation funds only (like Tasplan Super). It doesn't work for defined benefit funds.

About tax and super rules

The super and tax thresholds, rates and rules are current as at 1 July 2017, and are assumed to remain current for the whole time covered by this projection.

Contributions tax of 15% applies to all before-tax contributions (30% if you earn over $250,000 each year). No tax applies to after-tax contributions. You've provided us with your tax file number (TFN), so we haven’t applied penalty tax on your contributions.

About inflation

Results are shown in today's dollars. This means they're adjusted for inflation. Inflation is set at 3% each year.

About your salary and employer contributions

You have a continuous working life with no breaks, and you'll satisfy the work test until you retire.

Your salary increases by 3% each year.

Your employer pays super guarantee (SG) contributions at 9.5% of your salary each year, but you can choose a higher percentage. We’ve factored in the stepped increase to 12% in future years, in line with government legislation.

Your employer makes contributions once a year at 1 January.

We’ve assumed that you’re eligible for the government low income super tax offset if your income is below the relevant threshold, but note that other eligibility criteria apply. 

About your extra contributions

If you make extra contributions, we’ve worked out whether before or after-tax contributions are better for you based on your income tax rates, contribution caps and whether you may qualify for government contributions. The best combination may change in the future depending on your situation, so you should review this at least annually. Your extra super contributions will increase in line with inflation.

If you try to contribute more than the legislated contribution limits, the amount will be automatically reduced to fit within the limits. Any before-tax contributions exceeding the concessional contribution limit will be added to your after-tax contributions and we haven’t allowed you to enter more after-tax contributions than the annual non-concessional contribution limit. If you’re under 65 you may be able to bring forward after-tax contributions over three tax years. We assume that the caps will increase in future years in line with current super rules.

If you make before-tax contributions using salary sacrifice we’ll reduce your taxable income by the amount sacrificed. We’ve assumed that your employer keeps paying your SG contributions based on your income before the salary sacrifice amounts are taken out, but you should check this.

To estimate your possible co-contribution, we assume your salary is your assessable income before any salary sacrifice contributions are made, and this includes reportable fringe benefits. Eligibility criteria apply.

Both you and your employer make contributions annually and we receive them, along with any government contributions that you may qualify for, at 1 January each year.

About investment returns

Investment returns in your Tasplan Super account are 7% each year net of tax on investment earnings and investment fees. Returns are credited yearly.

Actual returns can vary significantly from year to year, and can be negative in some years. Historic performance is not an indication of future returns.

About our fees

Our administration fees have been included and are charged against the mid-year average of your projected balance.

In Tasplan Super these are $1.50 each week plus 0.20% of your account balance each year (the percentage fee is capped at $500 each year).

This calculator doesn’t take into account advice fees or transaction fees that may apply. Investment fees are assumed to be deducted from your investment returns before they’re applied to your account.

About our insurance

We’ve assumed that you received basic cover for death and total and permanent disablement (TPD) on joining Tasplan Super and pay $5.04 each week ($262.08 yearly) for this cover. When you turn 65 years of age your cover changes to death only cover and the cost reduces to $2.40 each week ($124.80 yearly). The amount of basic cover changes over time. Your actual cover and premiums may be different - you can check this in Tasplan Online or by calling us on 1800 005 166.

Your cover will cancel automatically on the earlier of your chosen retirement date or turning 70 years of age.