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Assumptions |
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| 1. | PAYG tax is calculated using the personal marginal income tax rates plus Medicare levy effective from 1 July 2009 with a tax threshold and no leave loading. The PAYG tax calculation takes into account the Low Income Tax Offset calculation effective 1 July 2009. The Medicare levy rates used does not take into account low income for families. The Medicare levy surcharge has not been included in this calculator. |
| 2. | The calculator only considers your annual, monthly, weekly or fortnightly super salary. Any income you may have received from other sources has been ignored. |
| 3. | No allowance has been made for taxes (including tax that applies to the payment of superannuation and retirement income benefits) with the exception of personal income tax and contribution tax. If any other taxes apply, the results will be incorrect and you should disregard them. |
| 4. | The SG contribution amount of 9% is calculated on the gross income amount entered only. No allowance has been made for the maximum Superannuation Contribution base ($40,170 per quarter for the 09/10 financial year). |
| 5. | Co-contribution has been included in the calculation. This has been based on the Gross salary and After tax contributions that have been entered into the calculator and no reportable fringe benefits. The Co-contribution rate is current from 1 July 2009. |
| 6. | Concessional (Salary Sacrifice including SGC) contributions are capped at a maximum of $25,000 if you are under 50 or $50,000 if you are 50 or older, and are subject to contributions tax of 15%. |
| 7. | Since comparatives are based on the same contribution the after-tax contribution cap is limited to the concessional contributions cap ($25,000 if you are under 50 or $50,000 if you are 50 or older). |
| 8. | Transitional contribution caps (that is, caps applying from 1 July 2009 to 30 June 2010) apply to this calculator. |
| 9. | Superannuation Guarantee contributions cease at age 70. |
| 10. | You are under age 70. |
| 11. | No allowance has been made for spouse contributions. |
| 12. | No allowance has been made in this calculation for inflation or other changes in the cost of living. |
| 13. | No allowance has been made for the Maximum superannuation contribution base. |
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| If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts. |
