The calculator below provides an easy way to do this. It includes: Shift loadings and allowances Commissions Some bonuses Overtime payments however are usually not included. Employer super calculator. Income before tax weekly fortnightly monthly yearly Please enter an income amount Employer super contribution Please enter in the contribution rate.
Yes No Does your employee work for more than 30 hours in a week? Yes No. See contribution amount. The super contribution amount is. Assumptions We assume that the employee is an Australian resident and has provided a tax file number to their employer. Employees can be full time, part time or casual. And if you really want to live the high life — travelling on several luxury cruises a year and renovating the bathroom every five years — you may need more than those ASFA figures recommend even for a 'comfortable' lifestyle.
You may also be able to live off less than the ASFA's allocated 'modest' budget if you're very frugal; if you're happy to go without private health insurance; or if you go without a car.
This article contains general information only. You should consider obtaining independent professional advice in relation to your particular circumstances. Get our newsletter for the best of ABC Everyday each week. ABC Everyday helps you navigate life's challenges and choices so you can stay on top of the things that matter to you. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn and work.
ABC Everyday. Print content Print with images and other media. Print text only. Print Cancel. These figures are a starting point For a ballpark idea of where you might like your superannuation balance to be for your age, you can start with figures from the Association of Superannuation Funds of Australia ASFA , the peak body in this country on all things super. Email address.
Salary sacrificing can save you thousands once you learn these basic rules. You might also notice that women are more likely to have lower super balances than their male counterparts, which is likely due to factors impacting their financial situation, such as taking time off work to raise children.
Note, these figures are based on the assumption people own their home outright and are relatively healthy 4. Find out more about how to find your lost or unclaimed super. Depending on how far you are from retirement, you might think about switching to a more growth-focused super investment option. Find out more about super contribution types and how much you can contribute , noting limits apply and if you exceed caps, additional tax and penalties may apply. You can join us on:.
Taxation issues are complex. You should seek professional advice before deciding to act on any information in this article. The super health check is provided by AWM Services and is general advice only. It does not consider your personal circumstances. You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive relating to products and services provided to you.
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