![]() In each projection year in which you are determined to be eligible for the Age Pension, your entitlement for the SeniorsĪustralians and Pensioners Tax Offset (SAPTO) is estimated based on your rebatable income. Starts to reduce are assumed to increase in each year subsequent to 2016/17 in line with the assumed level of general The maximum amount of LITO and the income threshold over which LITO The rates and thresholds used to calculate LITO in the 2016/17 projection year are assumed to be the legislated ratesĪnd thresholds for those years as at 1 July 2016. In each projection year, your entitlement for the Low Income Tax Offset (LITO) is estimated based on your taxable income. The Medicare Levy is assumed to be 2% of taxable income for the 2016/17 tax year and subsequent years. In calculating the Medicare Levy, the individual income thresholds are assumed to apply,Īnd the family income thresholds are assumed to not apply. In each subsequent projection year, the personal income tax brackets (and Medicare Levy thresholds)Īre assumed to increase in line with the assumed level of general wage inflation. In the 2016//18 projection years are assumed to be the legislated tax rates for those years asĪt 1 July 2016. Your salary is assumed to increase at the assumed level of general wage inflation. You can change these assumed percentages under Notes and Assumptions in the calculator. Inflationīy default, wages are assumed to increase at the general wage inflation rate (3.5% p.a.) over the projection period.Īll results are expressed in today's dollars by discounting at the price inflation rate (set to 2.5% p.a. Rice Warner has independently verified that the calculation results produced by this calculator are consistent with This calculator is not appropriateįor defined benefit funds, including ESSSuper and members of untaxed funds. It is assumed you have provided your tax file number to your superannuation fund. The calculator projects your superannuation balance over a whole number of years. Is assumed that the projection is run on the first day of the financial year and that you are your current age for You should check that they remainĪpplicable prior to acting on information contained in this calculator.įor the purposes of determining income tax, contribution caps and minimum and maximum pension withdrawal amounts, it The calculator is based on information and current laws interpreted as at 1 July 2016. There are several assumptions which have been made and support the basis of all calculations. The annual insurance premium deducted from the superannuation account in each projection year including death only,ĭeath and TPD or income protection cover. The annual dollar amount administration fee in the pension account. The annual percentage administration fee in the pension account. The annual dollar amount administration fee in the superannuation account. Superannuation account administration fee ($) The annual percentage administration fee in the superannuation account. Superannuation account administration fee (%) Selecting no will assume that you are not eligible for the co-contribution in any year. If you select "Yes", we will assess your eligibility for the co-contribution on an annual basis. Guarantee (SG) entitlement is capped at the projected SG Maximum Superannuation Contribution Base in each projection If you select "Yes", the "salary" used to estimate your Superannuation If your employer's projectedĬontributions in the relevant projection year are below this amount, those contributions are increased to equalĪpply SG Maximum Superannuation Contribution Base? To the SG charge rates which you can view in the table in the Notes section below. If you select "Yes", your Superannuation Guarantee (SG) entitlement is estimated in each projection year with reference Sacrifice contributions entered by you are in addition to these contributions. "Apply minimum SG contribution?" and "Apply SG Maximum Superannuation Contribution Base?" settings below. The employer is assumed to contribute this percentage of before-tax salary in each projection year, subject to the Wages are assumed to increase at this rate over the projection period. This is used as a discount rate to express results in today's dollars. For more detail, please see the notes below. You can change the value of theįollowing important assumptions. The results produced by this calculator are based on various underlying assumptions.
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