Australian Superannuation Calculator (2024-25)

How superannuation works in Australia

Superannuation (often shortened to super) is Australia's compulsory retirement savings system. If you're an employee earning ordinary income, your employer is legally required to pay a percentage of your salary into a super fund on your behalf. That money is locked away and invested until you reach preservation age, with tax concessions designed to encourage you to leave it there.

The system has three main contribution channels: compulsory employer contributions under the Super Guarantee (SG), voluntary pre-tax contributions through salary sacrifice or personal deductible contributions, and after-tax non-concessional contributions. Each has different tax treatments and annual caps. The calculator above models the first two, which together drive most Australians' retirement outcomes.

The Super Guarantee — current 11.5%, rising to 12%

The Super Guarantee is the legal minimum your employer must pay into your super fund. As of 1 July 2024 the rate is 11.5% of your ordinary time earnings. From 1 July 2025 it rises to 12% — the final scheduled increase under current legislation, at which point it stays flat indefinitely.

Some practical things to know about SG:

• It's calculated on your full pre-sacrifice salary, not the reduced figure after any salary sacrifice arrangement.
• Employers must pay SG at least quarterly. From 1 July 2026, employers will be required to pay SG on every payday (the "payday super" reform).
• SG applies to most employees regardless of how much they earn — the previous $450 monthly threshold was removed from 1 July 2022.
• There's an annual maximum contribution base. For 2024-25 it's $65,070 per quarter ($260,280 per year); SG isn't payable on earnings above that.

Concessional contribution cap ($30,000 for 2024-25)

The concessional contributions cap is the annual limit on pre-tax money that can flow into your super at the concessional 15% tax rate. For 2024-25 the cap is $30,000, up from $27,500 the year before.

The cap covers everything that gets concessional treatment:

• Compulsory Super Guarantee from your employer.
• Salary sacrifice arrangements.
• Personal contributions you claim as a tax deduction.

If your total goes over $30,000, the excess is added back to your taxable income and taxed at your marginal rate, with a 15% offset for tax already paid by the fund. In practice that wipes out the concession entirely. If your total super balance was under $500,000 on 30 June of the prior year, you can also access carry-forward unused cap from the previous five years — useful for catch-up years.

Non-concessional contributions

Non-concessional contributions are voluntary contributions from after-tax money. They don't get the 15% concessional tax discount, but they aren't taxed on entry either — you're just shifting money you've already paid tax on into the super system.

The 2024-25 non-concessional cap is $120,000 per year. If you're under 75 and have a total super balance under the general transfer balance cap on 30 June of the previous year, you can use the three-year bring-forward rule to contribute up to $360,000 in a single year, drawing forward two future years of cap.

Non-concessional contributions are particularly useful for windfalls, inheritances, downsizer contributions, or anyone who has maxed out their concessional cap.

Salary sacrifice — a quick overview

Salary sacrifice is a formal agreement to redirect part of your pre-tax salary straight into super. The sacrificed amount never appears on your payslip as wages, so you don't pay your marginal income tax rate on it — just the flat 15% concessional tax inside the fund. If your marginal rate is higher than 15%, you save the difference every year.

A worked example for a $90,000 earner sacrificing $10,000:

• Marginal rate at $90,000 is 30% + 2% Medicare = 32%.
• Income tax saved on the sacrificed $10,000: about $3,200.
• Super contributions tax: 15% × $10,000 = $1,500.
• Net benefit: roughly $1,700 per year, with $8,500 added to your super on top.

For the full deep dive — including Division 293, HECS impact and a dedicated calculator — head to our Salary Sacrifice Calculator.

Investment returns and fees

Inside your super fund, your balance is invested across a mix of shares, property, fixed income, infrastructure, cash and sometimes alternatives. The default option for most funds is a "balanced" or "MySuper" mix, typically 70–80% in growth assets and the rest in defensive assets.

Long-run published net returns for major Australian super funds usually fall in this range:

• Conservative options: roughly 4–6% per year after fees and tax.
• Balanced / MySuper: roughly 6–8% per year after fees and tax.
• High growth: roughly 7–9% per year after fees and tax, with bigger swings.

Fees matter, especially compounded over decades. A balanced option charging 0.6% will leave you with materially more at retirement than one charging 1.4%, all else equal. The calculator subtracts your fee percentage from your gross return rate. Investment earnings inside super are taxed at a maximum of 15% (10% on capital gains held over 12 months), which is already baked into the published "net" returns most funds quote.

Preservation age and access

Preservation age is the earliest age you can access super under normal conditions. For everyone born on or after 1 July 1964, preservation age is 60. From age 60 onwards, withdrawals after retirement are generally tax-free. From age 65, you can access super unconditionally, whether you've retired or not.

Limited early access is available in genuine hardship situations: severe financial hardship, compassionate grounds (specific medical, palliative or funeral costs), terminal medical condition, permanent incapacity, the First Home Super Saver scheme, or balances under $200 from a former employer. Outside these rules, withdrawing super early is illegal — promoters of "early access" schemes can land you in serious trouble with the ATO.

Projection examples by age and salary

Approximate projected balance at age 67, assuming a 7% gross return, 0.7% fees, 11.5% SG (12% from 2025-26), 3% wage growth and no salary sacrifice. Figures are nominal (future dollars), then real (today's dollars) in brackets.

Projections are estimates, not guarantees. Run your own numbers above for a result tailored to your circumstances.

Government co-contribution

If you're a low or middle-income earner who makes after-tax contributions to super, the federal government may add a co-contribution of up to $500 per year. For 2024-25, the rules are:

• Your total income must be under $60,400 (lower threshold $45,400) to qualify for any co-contribution.
• You receive 50¢ for every $1 of eligible personal (non-concessional) contributions, up to $500.
• At least 10% of your income must come from employment or business activity.
• You must be under 71 at the end of the financial year and have lodged a tax return.
• Your total super balance must be under the general transfer balance cap on 30 June of the previous year.

It's one of the best risk-free returns available: contribute $1,000 of after-tax money and the ATO may add another $500 free. Worth checking eligibility each financial year if your income is in range.

Frequently asked questions

Official ATO references

• Super for individuals and families — ATO
• Concessional contributions cap — ATO
• When you can access your super — ATO
• Super co-contribution — ATO

Related calculators

This calculator is for information only and is not personal financial advice. Projections are estimates based on the inputs and assumptions shown, not guaranteed outcomes. For decisions specific to your situation, speak with a registered tax agent or licensed financial adviser. We are not affiliated with the Australian Taxation Office.