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This calculator is provided by Home Super Pty Ltd (ABN 73 606 039 285) a Corporate Authorised Representative of Financial Sense Australia Pty Ltd (ABN 48 130 829 113), (AFSL 340749).
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These projections provide general examples and estimates of how much potential superannuation may be withdrawn early under compassionate grounds, if the Australian Taxation Office and your Superannuation fund permit the withdrawal.
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The information is general only and does not take into account your personal objectives, circumstances, situation or needs. The results are not a representation of actual superannuation benefits or entitlements from any particular superannuation fund or product and are not intended to be relied on for the purposes of making a decision in relation to your personal circumstances or financial product. Before making any financial decisions, you should consider your own financial circumstances and consider obtaining professional, independent financial, tax and legal advice.
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This calculator uses a range of assumptions that may change the result. Other important assumptions are noted as follows.
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Home Loan intertest rate
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This is the assumed rate of interest charged on a home loan and can be varied to suit your loan details. The default figure is within a range of discounted home loans and higher rate loans that may include off-set accounts and re-draw options. If you have a home loan, contact your lender to determine your home loan rate of interest.
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Investment returns and cost of early withdrawal
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The calculator assumes an amount you could potentially lose, if you withdraw your superannuation early, due to lost compounding investment returns your money may have achieved, if it was invested until age 67.
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The default net investment return per year (after management and administration fees, tax and levies) used in the calculator is comparable to long-term returns \"Balanced\" superannuation investment options may achieve. The calculator uses a constant investment rate of return, compounding on an annual basis, every year until age 67.
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The investment return figure and can be varied by you within ranges.
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The results shown at age 67 are in \"today's dollars\" which means the amount is adjusted to take inflation (the increased cost of goods and services you might pay in future) into consideration. This amount may be subject to further CGT if assets are sold in future.
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Investment returns are not guaranteed.
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Inflation
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The rate of inflation is intended to reflect annual price increases of goods and services and can be adjusted within ranges.
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The default inflation rate is a forecast of wage inflation (i.e. long-term nominal wage growth). This is consistent with guidance from the Australian Securities and investment Commission (ASIC) for Superannuation Calculators. The amount of inflation can be adjusted by you within ranges.
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Capital Gains Tax
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A rate of Capital Gains Tax (CGT) is applied to the early withdrawal amount and can be varied within ranges.
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The default CGT rate intents to make you aware that some CGT may be payable by your superfund when growth investments (such as shares and property) are sold. The actual amount of CGT applicable to your super may be much higher or lower than the default amount of tax displayed. Contact your superfund for more accurate rates of CGT that may be applicable to your super investments.
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Withdrawal Tax
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Your fund is required to withhold tax before an early withdrawal payment is made.
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The default 22% setting is based on the maximum amount of withdrawal tax withheld if your fund is aware of your TFN (tax file number), which may be applicable for many members aged less than 58, who have not made personal contributions to super.
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For example, if you are under 58 years of age, have made no personal contributions to your super fund and apply to withdraw $10,000 you are likely to receive only $7,800 after the 22% withdrawal tax has been withheld.
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However, the amount may vary depending on your circumstances such as your age, tax components of your super, the amount of your payment and any past payments, whether you are an Australian resident and whether you have provided your tax file number to your fund.
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Your benefits may also be subject to capital gains tax (see above) on assets sold. Contact your fund to determine more accurate rates of tax applicable to your super.
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If you are 60 years of age or older, your fund does not have to withhold any tax on your withdrawal.
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The table below shows the amount of tax usually withheld on a payment of super under severe financial hardship or compassionate grounds.
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\r\n \r\n | Your age | \r\n Percentage of tax withheld on taxable component | \r\n
\r\n \r\n | 60 and above | \r\n Nil | \r\n
\r\n \r\n | 58 or 59 | \r\n \r\n Nil for amount of payment up to low rate cap.
\r\n 17% of amount above low rate cap.\r\n | \r\n
\r\n \r\n | Below 58 | \r\n 22% of whole payment | \r\n
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There is no tax withheld on the 'tax free' component of your super balance. Tax free components typically occur where you have made a personal after tax contribution to superannuation.
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The above assumptions can be varied. You can alter the assumed investment return per year, the home loan annual interest rate, inflation, Early withdrawal tax and capital gains tax provision within certain ranges.
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