LUCRF Super assumptions

Salary sacrifice video

Scenario

Here’s what I did. When I turned 30, I started putting an extra $30 a week into my super and by the time I retire this will make a $41k difference to my balance. And the best thing is I barely noticed it as it only decreased my take home pay by $20 per week because I’m paying less tax.

Assumptions

  • Future values are shown in today's dollars discounted by 4% p.a. 
  • 30 years of age as at 1 July 2019, 
  • $25,000 superannuation invested in MySuper Balanced
  • $70,000 p.a. income; income and out-goings occur mid-year; 
  • 9.50% employer SG contribution increasing by 0.5% from 01/07/2021 until SG reaches and stays at 12% from 01/07/2025. 
  • 6.5% p.a. investment earnings net of fees, taxes and life insurance premiums
  • Inflation is assumed at 2.5% due to the rising costs of living and a further 1.5% due to the rising cost of community living standards; taxes and levies remain constant.

Scenario

Also make sure you check the contribution limit. The limit on contributions from your employer, including salary sacrifice is $25,000 per year. If you do go over this amount you may be charged additional tax.

Figures are correct as at February 2021 and can be subject to change.

Government Co-Contribution video

Scenario

For example, if my wage was $45k a year including tax, and I added a total of $500 of my own money into my super, the Government will put $250 directly into my account after I complete my tax return.

Assumptions

$45,000 is including assessable income, fringe benefits and reportable super contributions

Figures are correct as at February 2021 and can be subject to change.

How to make a personal contribution video

The contribution limit is $100,000 per year 

Limits apply to each type of contribution. Other concessions, conditions, restrictions and penalties may also apply. For full details read the Super Member Guide Additional Information.

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