1. What is Total Compensation?

Total compensation in Australia includes both the base salary and superannuation (super) contributions. Super is a mandatory retirement savings scheme where employers contribute a percentage of your salary to a super fund.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( Salary \) — Annual base salary in AUD
• \( Super\ Rate \) — Superannuation contribution rate as decimal (e.g., 0.105 for 10.5%)

Explanation: The calculation shows your complete remuneration package including both your salary and employer super contributions.

3. Importance of Superannuation Calculation

Details: Understanding your total compensation helps in financial planning and comparing job offers. In Australia, employers must pay at least the current Super Guarantee rate (10.5% as of 2022).

4. Using the Calculator

Tips: Enter your annual salary in AUD and the super rate as a decimal (e.g., 0.105 for 10.5%). The calculator will show your total compensation package.

5. Frequently Asked Questions (FAQ)

Q1: What is the current Super Guarantee rate?
A: As of July 2022, it's 10.5%, increasing to 11% from July 2023, and gradually to 12% by July 2025.

Q2: Is super included in my take-home pay?
A: No, super is paid separately by your employer to your super fund and is in addition to your salary.

Q3: Can I contribute more than the mandatory super?
A: Yes, you can make voluntary contributions (concessional or non-concessional) to boost your retirement savings.

Q4: Is super taxed?
A: Employer contributions are taxed at 15% in the fund, and earnings are taxed at up to 15% while in accumulation phase.

Q5: When can I access my super?
A: Generally when you reach preservation age (between 55-60 depending on birth date) and retire, or after age 65.