Part of ASIC’s role in financial services is to promote confident and informed participation by investors and consumers in the financial system, and the Moneysmart website is a major part of those efforts. The site contains a range of educational materials including how to spot scams, assess risks and find qualified help. It also provides a variety of financial calculators that can assist you to make decisions.
The Super Contributions Optimiser is a powerful tool available on Moneysmart that can help you choose the best mix of super contributions for your personal situation. The calculator estimates the value of any co-contribution you may be eligible for in return for making after-tax contributions and the tax advantage of salary sacrifice (or personal deductible contributions) to suggest whether you should make before tax (concessional), after-tax (non-concessional) contributions, or a combination of both.
One of the most valuable features of the tool is its ability to model the position of a couple as a unit. This means that the calculator will estimate the mix of contributions you and your partner should each make to achieve the best overall tax saving and government co-contribution (if any). Results are based on the amount you as a couple can afford to save. This often means one partner contributing more than the other because available tax savings depend on your marginal tax rate.
If you’re concerned about building up one partner’s super balance at the expense of the other, keep in mind that spouse contribution splitting allows you to transfer contributions from your partner’s account to yours, or vice-versa, once per financial year. This can help you to ensure that benefits are shared fairly.
Learn more about spouse contributions and splitting
