The superannuation contributions tax calculator will show you the amount of tax deducted by your super fund when you make a contribution into superannuation, based on the amount of the contribution and the type of contribution.
Super Contributions Tax Calculator
Use this calculator to see how much contributions tax will be deducted from your super contribution and calculate the net amount that will be added to your super balance.
How To Use the Super Contributions Tax Calculator
Follow these steps to use the superannuation contributions tax calculator, above:
- Type in your annual income
- This will show your employer superannuation guarantee (SG) payments based on the current mandated SG rate. Your employer contributions will be at least this amount, but could be higher based on your employment/industry agreements.
- Enter total concessional contributions here, being the combined value of your employer SG contributions, any pre-tax salary sacrifice contributions and any personal concessional (deductible) contributions. If you are unsure of your exact SG contributions, you can use the figure in (2), above, as a guide.
- Enter any non-concessional contributions here. Type $0 if you are unsure, as this will not affect the contributions tax calculation.
- This will automatically calculate the contributions tax payable on non-concessional contributions.
- This will automatically calculate the standard contributions tax payable on concessional contributions.
- This will automatically calculate the Div. 293 tax payable on concessional contributions.
- This will calculate the total combined contributions tax and Div 293 tax payable, based on the contributions made.
Naturally, this calculator should be used as a rough guide only, you should speak with your financial adviser or tax accountant about the exact contributions tax that you will pay.
What Is Super Contributions Tax?
Super contributions tax is the tax payable on concessional contributions made into a superannuation account. Concessional contributions include employer SG contributions, salary sacrifice contributions and personal concessional contributions.
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The general concessional contribution tax rate is 15%. Contributions tax of 15% is deducted from all concessional contributions, with the after-tax contribution amount then allocated to your member balance.
High income earners, earning more than $250,000 per year, pay an additional contributions tax of 15%, known as Division 293 tax.
All contributions tax and Division 293 tax is paid by your super fund to the Australian Tax Office (ATO). You do not pay contributions tax from your personal bank account.
Super contributions tax is not payable on non-concessional (after-tax) contributions.
What Is a Super Contributions Tax Calculator?
A superannuation tax calculator will calculate the amount of contributions tax that will be deducted from your super contributions, based on your input of the types and amounts of contributions that will be made into your superannuation account.
When To Use a Super Contributions Tax Calculator?
You should use a superannuation tax calculator when you would like to know the amount of contributions tax that will be payable on the contributions made into superannuation. This can be beneficial in understanding the net contribution amount that will be allocated to your member account, for investment and retirement planning purposes.
More importantly, a super contributions tax calculator can be beneficial for determining the tax-effectiveness of making additional voluntary super contributions to super, such as salary sacrifice and personal concessional contributions – versus simply making non-concessional contributions, or not contributing to super at all.
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