Calculate the changes to your super
8 July 2013
The Australian Government has released a superannuation calculator that allows individuals to forecast the potential increase in their retirement savings following recent changes to super. The changes include:
- Gradually increasing the rate of compulsory employer super contributions from 9% to 12%, over the period of 1 July 2013 to 1 July 2019.
- Providing the Low Income Superannuation Contribution, which effectively refunds up to $500 a year in tax paid on concessional super contributions (eg employer and salary sacrifice) made from 1 July 2012 for people with adjusted taxable income up to $37,000.
- Abolishing the maximum age limit for compulsory employer super contributions from 1 July 2013, enabling workers aged 70 and over to receive employer super contributions for the first time.
You can access the Government’s super calculator at: moresuper.gov.au
This information is current as at 5 June 2013 and may be subject to change. It has been prepared without taking into account a person’s objectives, financial situation or needs. For that reason, before acting on this information, a person should consider its appropriateness having regard to their own objectives, financial situation and needs. Where the information relates to the acquisition, or possible acquisition, of a particular product, a person should read and consider the relevant Product Disclosure Statement (PDS) in deciding whether to acquire, or continue to hold, the products.