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For some members salary sacrifice can be a tax effective way of saving for retirement, but whether it is will depend on your particular circumstances. You may need to seek professional advice to determine how it will impact you.
NOTE
To have your contributions deducted via salary sacrifice means
that they are taken out of your income before the tax is applied.
Essentially, that means that your taxable income is less and therefore
you generally pay less tax whilst still saving for retirement.
Salary sacrifice calculator
Are you considering making additional contributions to your ESSSuper Accumulation Plan? Or contributing via salary sacrifice to your defined benefit fund? Try our salary sacrifice calculator below.
See the numbers for yourself
This calculator looks only at the effect on your take-home income. It allows you to enter an after tax contribution % of income. It shows the salary sacrifice contribution % of income needed to achieve the same superannuation benefit.
Important information about salary sacrifice
Here are some important facts to consider about making a Salary Sacrifice, before you make a decision.
- salary sacrifice contributions are not considered eligible contributions
to receive the Government’s super co-contribution.
- If you earn less than $61,920 a tax year you should check out whether
salary sacrifice is going to be beneficial for you.
- In addition, it is important to note that salary sacrifice contributions are
counted towards your Concessional Contributions cap.
Who can salary sacrifice?
The Minister for Finance has approved certain groups of state super members and emergency services members as eligible to contribute by salary sacrifice. Are you one of them?
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