1. What is Superannuation?

Superannuation is money set aside while you're working so you'll have money for retirement. In Australia, employers must pay superannuation (super) on top of your salary.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

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

Explanation: The calculation multiplies your annual salary by the super rate to determine your annual super contribution.

3. Importance of Super Calculation

Details: Understanding your super contributions helps with retirement planning and ensures you're receiving the correct amount from your employer.

4. Using the Calculator

Tips: Enter your annual salary in AUD and the super rate as a decimal (e.g., 0.105 for the current 10.5% rate). All values must be valid (salary > 0, rate between 0-1).

5. Frequently Asked Questions (FAQ)

Q1: What is the current super rate in Australia?
A: As of 2023, the super guarantee rate is 10.5% (0.105 as decimal), increasing to 11% from July 2023.

Q2: Is super paid on top of salary?
A: Generally yes, super is paid in addition to your salary unless specified otherwise in your employment contract.

Q3: Are there limits to super contributions?
A: Yes, there are annual concessional (before-tax) and non-concessional (after-tax) contribution caps.

Q4: When can I access my super?
A: Typically when you reach preservation age (between 55-60 depending on birth date) and retire.

Q5: Can I choose my super fund?
A: In most cases, employees can choose their own super fund under choice of fund rules.