It will not work for defined benefit accounts. The calculator is for accumulation accounts only. The results generated by this calculator may also not be accurate if you do not provide accurate information. We therefore recommend that you revisit this calculator on a regular basis (for example, each year). The results generated by the calculator may not be accurate if the assumptions become inaccurate for any reason including as a result of taxation or other legislative changes. Results generated by the calculator are applicable for this financial year only and are based on assumptions (default assumptions or assumptions as modified by you).
This calculator intends to show the impact that certain choices may have, but it cannot accurately predict your final superannuation balance or retirement income as it does not take into account your personal circumstances. If you'd like to discuss further, please complete the form below and we will be in touch shortly. We don't see an issue for you now but you might reach the cap in the future so we suggest you redo the calculation here every year before you add extra to your super. The government has introduced a lifetime balance cap for super which limits the total that can go into a tax-free super pension to $1.7 million. You could hit the cap in a few years' time. The government has introduced a lifetime balance cap for super and based on your answers it affects you. Just checking you understand that your funds are in super until you retire. If you don't think you will be working enough hours to meet this test, complete the form below and we will be in touch to discuss your options. To meet the work test you must work at least 40 hours over a 30 day period in the relevant financial year.
If you are aged 67 to 74 you will need to meet a work test if you intend to claim a taxation deduction in relation to personal contributions made to super. Complete the form below and we will be in touch shortly. This goes beyond this calculator so you may wish to talk to us to discuss your options. You are in the age bracket for transition to retirement (TTR). Complete the form below and we will be in touch to discuss your advice options.