Quick Wealth Check

Age – we use this to calculate your normal super contribution towards retirement, so we can know in how many years you will be making super contributions. If partner, we will use their age to calculate normal super contribution towards your retirement age.

Retirement Age - It is used to calculate your (or both) contributions, to the retirement age for you (we assume that if a Spouse, they will also retire at this time) based upon both salary and super contributions, to this age/date. This age is used to calculate the tax rate inside super and pre-retirement tax is 15%, post retirement tax is 0% when in pension phase, i.e. retirement. So, this is the date we use when you (both if a Spouse) will take an income from your super.

*Age to retire cannot be below 55 or above age 70. Access to Super Benefits can't normally be accessed before age 55 or a person's preservation age, ranges from 55 to 60, depending on their date of birth.

Current Super Fund Balance, is what you have currently have in Super across all account balances. You can also add your spouse’s super as well (also but remember to add there salary as well below).

Salary- is your gross salary including any bonuses each year.
We do not allow the use of any unused concessional cap carried forward, refer to ATO web site for examples - https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=3 ), we can add this later if require, at a consultation.

Yearly Top Up Contributions (treated as Concessional), is based upon the difference between your employer contribution and $25,000, so if employer contributes $10,000 pa the maximum you can contribute and get a tax deduction is $15,000 per person pa. The above is a basic position for more advanced consideration speak to a Quantum Advisor today.

Non-taxable contributions - are called Non-Concessional Contributions (these are cash or transfers to Super made pre-retirement that don’t attract super tax (15%), i.e. tax free within the limits refer to ATO link below).
https://www.ato.gov.au/super/self-managed-super-funds/contributions-and-rollovers/contribution-caps/
Generally, these can be invested up to your nominated retirement Age (i.e. say age 65) at up to $300,000 over 3 years. The amounts are not indexed.

If you anticipate withdrawals of capital for holidays, other capital and expense items, then answer yes and add as a separate lump sum withdrawal from your retirement account. These will be indexed with inflation.

Retirement Income - as % of Salary is what percentage of your current salary you need at retirement, the actual amount will be indexed to inflation. For example, if your current salary is $100,000 and you choose 60%, we will assume you need $60,000 pa pre-tax. If you have included a spouse this will be a based upon a combined income, ie if combined is $140,000, we will use $84,000 pa. The range you can use is between 50% to 100%.