This calculator is provided by the Emergency Services Superannuation Board ABN 28 161 296 741 the Trustee of the Emergency Services Superannuation Scheme ABN 85 894 637 037 (ESSSuper). The information contained in this calculator is of a general nature only. Before making a decision about an ESSSuper product, you should consider the appropriateness of the product to your personal objectives, financial situation and needs. It may also be beneficial to seek professional advice from a licensed financial planner or adviser. An ESSSuper PDS is available at esssuper.com.au or by calling 1300 655 476.
The ESSSuper small change modeller (calculator) aims to help our member’s learn about the value of super and how small changes today can make an impact on your retirement income in the future. The information it contains is of a general nature only. This calculator is intended for illustrative purposes only. Designed to be simple to use, this tool aims to be a valuable step in your financial education, allowing you to put the value of super in daily context.
The results provided by the calculator are estimates only and are not guaranteed. Actual outcomes depend on uncertain factors such as investment returns and relevant legislation.
The calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product, including a decision in relation to a particular superannuation fund or strategy. ESSSuper has made reasonable efforts to ensure the accuracy of the calculator results but does not accept liability for acts or omissions based on its content.
ESSSuper is not related to Anthony Hodges Consulting Ltd (AHC). Neither ESSSuper, nor the Victorian Government, guarantee or endorse any products or advice provided by AHC, or are responsible for any actions of AHC.
The costs of the everyday items are estimates and do not necessarily represent the exact cost to you if you were to give up the item, at the specified frequency, as represented by the calculator.
In giving up one or more items in the calculator, you are then assumed to save an amount equal to the cost of the item(s).
Savings are assumed to be added as regular non-concessional contributions into superannuation. The calculator assumes that these contributions can be made within your non-concessional contribution limits (being $100,000 per annum or $300,000 in one year by utilising the "bring forward" rule), and so no tax is levied on these contributions.
Price inflation is assumed to be 2.0% pa. This is the default rate in the ASIC MoneySmart superannuation calculator.
The price of each item is assumed to increase with price inflation.
You can change the assumed rate of price inflation in the "Edit assumptions" section.
Results are in today’s dollars
Results are shown in today's dollars, which means they are adjusted for inflation.
The assumed rate of price inflation has been used to discount future amounts to today’s dollars.
The default investment return and fee assumptions are:
| || Pennsion phase |
return (before tax)
| Accumulation phase |
return (after tax)
| Investment fee (%pa) |
These are the default rates in the ASIC MoneySmart superannuation calculator.
Investment earnings in Accumulation accounts are taxed. The pension phase returns are not used in the calculations, but are included here for illustrative purposes and to show the impact of tax on investment earnings.
Administration fees and insurance premiums
The default administration fees and insurance premiums are:
|Administration Fee (per annum)||50 per annum|
|Asset-based Administration Fee||0.60% pa of the account balance|
|Insurance premiums||$100 per annum|
These are the "Medium fee level" rates in the ASIC MoneySmart superannuation calculator.
The calculator assumes that saved amounts are contributed to an existing superannuation account. No additional dollar based fees would therefore be incurred in virtue of making these contributions. Dollar-based administration fee and insurance premiums are therefore ignored for the purpose of this calculator. Additional contributions into superannuation would result in a higher superannuation balance, and so higher asset based fees. Asset based fees are therefore allowed for in this calculator.
A number of assumptions in this calculator are prescribed by legislation. These assumptions include: the tax on superannuation contributions and the tax on investment earnings.
Where there is relevant legislation, the assumptions made in this calculator reflect current legislative arrangements. One uncertainty regarding future superannuation entitlement relates to possible future legislative changes.
Although some future changes in the legislation relating to superannuation are likely, it is not possible to know what these changes may be. Where there is relevant legislation, current legislative arrangements therefore represent the most reasonable basis for estimating future superannuation entitlement.
Updates to legislative assumptions are made as soon as practicable after such changes are announced. The calculator is based on legislative arrangements as at May 2018.
This calculator attempts to include the most significant and relevant features of the superannuation environment, and to do so in an accurate manner. However a calculator such as this is not able to address or include all facets of superannuation The most significant limitations are:
- Co-contributions are not included in the calculator. As the calculator assumes that saved amounts are contributed to superannuation as non-concessional contributions, you may also be eligible for co-contributions (if your salary is less than $51,813 pa). If you were eligible for co-contributions this would potentially increase the benefit of saving amounts related to giving up an everyday item.
- Instead of savings by making non-concessional contributions, an equivalent pre-tax amount could be saved by making concessional contributions. For most people this would increase the benefit of savings due to the lower tax payable on concessional contributions compared to salary.