The Salary Sacrifice Calculator is provided by Virgin Money Financial Services Pty Ltd (ABN 51 113 285 395) (“VMFS”) under licence by DaNiro Solutions Pty Ltd as trustee for DaNiro Solutions Unit Trust (ABN 96 321 350 816) (“Daniro”). This calculator is based on Daniro’s current understanding of Australian tax and superannuation laws as at July 2016. The assumptions contained in, and the results obtained from, this calculator are believed to be accurate and are made in good faith. However, to the extent permitted by law, VMFS and Daniro disclaim all liability to any person in respect of anything done or omitted to be done, and the consequences of such action or omission, by any such person in reliance upon any part of the information obtained by using this calculator.

Please consider your personal position, objectives, and requirements before taking any action. This calculator is intended to provide illustrative examples based on stated assumptions and your inputs. This calculator is not intended to be your sole source of information when making a financial decision. You may wish to consider getting advice from a licensed finance professional including a decision in relation to a particular product, fund or strategy.

Actual outcomes will depend on a range of factors outside the control of VMFS. VMFS and its employees expressly disclaims all liability and responsibility to any person who relies, or partially relies, upon anything done or omitted to be done by this service.

Further tax may be payable if you have not provided your TFN to the fund or your contributions for the year exceed the contribution caps. Further tax may also be payable upon payment of a superannuation benefit.

No substitute for professional advice

This calculator is not intended to be used as a substitute for professional financial advice on Salary Sacrifice options and does not constitute a recommendation or statement of opinion about superannuation and should not be relied upon for the purpose of making a decision in relation to a superannuation product. It does not replace personal financial advice. For this reason, you should not make any decision on the information provided without first seeking advice from a financial services licensee.

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More information about salary sacrifice.

  • What is salary sacrifice?

    Salary sacrificing is when you contribute an additional portion of your income into your superannuation fund before tax. This contribution is made in addition to the compulsory super contributions made by your employer. Doing this means your taxable income is reduced.

    Read more about salary sacrifice options in Building Your Super.

  • How does salary sacrifice work?

    Salary sacrificing is an arrangement between you and your employer. You will agree to an amount that will be deducted from your pre-tax income to go towards your super. This can be done when you begin working for an employer, or even if you have been working with the same employer for a while. 

  • How much can I salary sacrifice?

    There’s a limit of $27,500 a year for all before-tax contributions. This includes salary sacrifice, Superannuation Guarantee and other employer contributions. Amounts that exceed these limits can be accepted in some circumstances, especially if they have less than $500,000 in super in total, and haven’t used up their contribution caps in recent years. 

    Amounts that exceed these limits will not benefit from the reduced tax rate and will be taxed normally at your marginal tax rate.

  • Does salary sacrifice reduce taxable income?

    Salary sacrificing reduces your taxable income. This is because the amount you decide to contribute to your super will be deducted from your income before tax. This means that your income tax will then be deducted in your gross salary minus your contribution.

  • What's the difference between a concessional and non-concessional contribution?

    Generally, a concessional contribution is a contribution made by or for you to your super before tax. They include contributions such as:

    • your employers compulsory contributions (Super Guarantee)
    • additional employer contributions, and
    • any salary sacrificed contributions that you arrange for your employer to redirect from your before-tax salary.

    A non-concessional contribution is a special term associated with after-tax super contributions. After-tax contributions are super contributions for which an individual or employer hasn't claimed a tax deduction. Concessional is a term used to describe favourable tax treatment.

    For more information go to Making Contributions.

  • Want help investing your money?

    Get simple super advice from qualified financial advisers via our specialist Helpline Advice Service. Our Helpline Advice Team can help you make key decisions about your superannuation, including:

    • Salary sacrifice and additional voluntary contributions
    • Rollovers and consolidation
    • Investment choice selections 
    • Nominating an appropriate regular super contribution versus paying down debt
    • Co-contributions
    • Spouse contribution splitting
    • Selection of insured benefit levels

    Our advisers will prepare you a written Statement of Advice and send it to you as part of our service. We can even help you put that advice into action on the spot.

    Are you an existing customer? Call us on 1300 652 770.

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