Want more out of life? You could boost your super or reduce your work hours without affecting your take home pay.
Case Study 1: Jerry increases his super savings with a TTR
Salary | $60,000 | $60,000 |
Less Salary Sacrifice | - | $20,405 |
TTR Income | - | $13,600 |
Taxable Income | $60,000 | $39,595 |
Tax | $9,967 | $4,065 |
Medicare Levy | $1,200 | $792 |
Tax Offsets* | $100 | $595 |
Total Tax | $11,067 | $4,262 |
Net income Received | $48,933 | $48,933 |
Existing | With a Rest Pension TTR account |
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Super | ||
Super starting balance | $175,000 | $5,000 |
Super Guarantee | $6,600 | $6,600 |
Salary Sacrifice | - | $20,405 |
Earnings | $8,525 | $741 |
Less Contributions and Earnings tax | $1,672 | $4,110 |
TTR | ||
TTR Start Balance | - | $170,000 |
Income Draw Down | - | $13,600 |
Earnings from TTR (net of tax) | - | $7,237 |
Total End Balance (Super + TTR) | $188,453 | $192,273 |
Existing | With a Rest Pension TTR account |
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Case study 2: Elaine cuts work hours and maintains her income with a TTR
Salary | $50,000 | $40,000 | $40,000 |
TTR payment | - | - | $6,900 |
Total Income | $50,000 | $40,000 | $46,900 |
Taxable Income | $50,000 | $40,000 | $40,000 |
Less Tax (total tax liability)* | $7,467 | $4,367 | $4,367 |
Net Income | $42,533 | $35,633 | $42,533 |
Super & TTR Balance after 5 years | $227,643 | $221,835 | $183,392 |
Option 1 - Current situation | Option 2 - Cut back hours to four days | Option 3 - Cut back hours to four days and start Rest Pension TTR account with $150,000 |
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Before 1 July 1960 | 55 | |
1 July 1960 - 30 June 1961 | 56 | |
1 July 1961 - 30 June 1962 | 57 | |
1 July 1962 - 30 June 1963 | 58 | |
1 July 1963 - 30 June 1964 | 59 | |
From 1 July 1964 | 60 | |
Date of birth | Preservation age |
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