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Contributions calculator

An important consideration when making a superannuation contribution or when a contribution is made on behalf of a member, e.g., employer contribution, is the contribution cap consequences. Exceeding a contribution cap can lead to additional tax. So, it’s crucial to know which cap applies and how much cap space is available. 

Whilst there are still four months before year end, it’s not too early to start planning for contributions to be made and counted in this 2021-22 income year – don’t leave it to the last minute! It’s also worthwhile to review how you will ensure that you have at hand the relevant information for a person in respect of 2021-22 to accurately advise them of their contribution caps and cap space for this year. This includes:

  • The member’s total superannuation balance at 30 June 2021.
  • If there is available eligible unused concessional cap from a prior year.
  • What contributions have already been made so far and which contribution cap applies.
  • Their expected level of taxable income (relevant for a claim for personal superannuation contributions). 

Accurium has released a contribution cap calculator to assist accountants, administrators and advisers in determining an individual’s contribution cap, either concessional or non-concessional for a given income year. The calculator includes consideration of the:

  • catch-up concessional contribution rule;
  • bring forward rule for non-concessional contributions, including whether it was triggered prior to the 2021-22 income year before indexation of the contribution caps.

The calculator is available via Accurium’s TechHub. Once in TechHub, just click on the “Calculators” tag and a list of all our available calculators will appear. 

Access to TechHub is complementary for our actuarial certificate customers. You can find out about our TechHub education by clicking here. 

You may also like to refer to the following TechHub technical articles on contributions:

Disclaimer
The information in this document is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, tax advice or legal advice and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision. We recommend that you seek appropriate professional advice before making any financial decisions.