Taking the mystery out of salary sacrifice

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1 Hostplus Salary Sacrifice August 2015 Taking the mystery out of salary sacrifice Learn how you can pay less tax, get more super and make a big difference to your future

2 Welcome Thinking about how you can get ahead? One of the ways you can make it happen is to take a few simple steps today to make sure you get the most from tomorrow. This brochure provides you with a general introduction to salary sacrificing. For more information, or to decide if salary sacrificing is right for you: 1. Visit hostplus.com.au 2. Call us on to make an appointment with a licensed financial planner. We re here for you If you have any questions about any of the information in this brochure or Hostplus in general, we re here to help. Simply call , Monday to Friday, 8am 8pm AEST. Or com.au any time. The information in this document is general in nature and does not consider your objectives, financial situation or needs. It is not intended to be a substitute for professional financial product or taxation advice and you should consider the appropriateness of this information having regard to your particular financial situation, objectives and needs. You should obtain a copy of the applicable Hostplus Product Disclosure Statement (PDS) available at [or hostplusexecutive.com.au] and consider the information contained in the PDS before making any decision about whether to acquire, continue to hold or dispose of an interest in Hostplus. Hostplus dedicated financial advisers are qualified and licensed representatives of Industry Fund Services Ltd (ABN ) (AFSL ). Examples are for illustrative purposes only and are based on the assumptions and qualifications disclosed. The information in this document is current as of the date of publication.

3 Planning your future Pay less tax, enjoy more super If you dream of exotic holidays and a comfortable lifestyle in retirement, then putting a little extra into your super now can help you get there. But make sure you choose the way that gives you the biggest reward for your effort. By topping up your Hostplus account with money from your pay before tax, you can reward yourself with extra money tomorrow while enjoying tax savings today. Why it pays to be with Hostplus Hostplus members enjoy many advantages. As a testament to our strong member focus, we ve received a string of industry awards. We offer our members competitive performance and personal service, low fees, a range of flexible investment and insurance options, and access to Hostplus dedicated, licensed financial advice. In fact, Hostplus is run to benefit our members. We ve never paid commissions to financial advisers or dividends to shareholders. We also hold premium ratings like an AAA Fund Quality rating from Rainmaker, 5 Apples from Chant West and a SuperRatings Platinum rating. SALARY SACRIFICE GUIDE 2

4 How it works What is salary sacrifice? Salary sacrifice is when you arrange for your employer to pay some of your before-tax salary into your super rather than pay tax on it before you get it as take-home pay. It really is that simple and the benefits can be big. So it s hardly a sacrifice when you think about it. Pay less tax with salary sacrifice Salary sacrifice can be one of the most tax-effective ways to grow your super. In fact, it can help you to save in two ways. 1. Lower your taxable income When you salary sacrifice, your employer makes contributions to your super from your before-tax pay. What s left is called your taxable income. This amount is used to determine your tax rate and ultimately the amount of income tax you pay. Depending on your income and the amount you choose to pay into your super, you could use this as a strategy to lower your taxable income below the next bracket which means you may pay a lower tax rate. 2. Lower tax rates on your super When you get paid, you are taxed at your marginal tax rate. Depending on what you earn, this could be as much as 45% 1 plus Medicare levy. Superannuation contributions are taxed at just 15%, so whatever money you salary sacrifice into super is only taxed at this rate not your marginal tax rate*. And this means because you pay less tax on that money, more of your pay goes into your super instead of to the tax office. It s this difference between superannuation tax rates and income tax rates that makes salary sacrifice so attractive. * See further important information page 6 1 From 1 July 2014, a temporary Budget Repair levy of 2% will apply if your income is over $180, SALARY SACRIFICE GUIDE

5 Lowering your taxable income an example John s total salary package of $78,000, which is made up of $71,233 salary plus $6,767 of 9.5% SG contributions from his employer. By salary sacrificing an additional $80 per week into his super, John reduces his taxable income by $4,160 each year. The salary sacrifice lets John save $811 in income tax while boosting his super savings. John s package With NO Salary Sacrifice With $80 per week Salary Sacrifice Total package $78,000 $78, % super contributions $6,767 $6,767 Salary before sacrifice $71,233 $71,233 Salary sacrifice to super $0 $4,160 Taxable income $71,233 $67,073 Income tax (including $16,122 $14,687 Medicare levy) After tax contribution $0 $0 to super Take home pay $55,111 $52,386 Total super contributions $6,767 $10,927 Super contributions tax $1,015 $1,639 Total tax paid $17,137 $16,326 Net super contributions $5,752 $9,288 Total net salary and $60,863 $61,674 net super contributions The table above is calculated using individual income tax rates which apply from 1 July Superannuation Guarantee (SG) contribution requirements SG Contributions are based on pre-salary sacrifice income level. Assumes superannuation guarantee of 9.5% is not reduced by employer as a result of salary sacrifice. After salary sacrifice, income tax is paid on only $67,073. So income tax is $1,435 less. Take home pay is $2,725 less. But the combined value of his pay and super contributions increases by $811. SALARY SACRIFICE GUIDE 4

6 Choosing an amount How much extra should you contribute? Additional payments can have an amazing effect on your final super payout. The secret is to start early so you can enjoy the benefits of compounding on your super investment. Once you ve made the decision to start salary sacrificing, you need to decide how much you will contribute. A good way to start is to think about the type of lifestyle you want in retirement and estimate the income you will require. You can then work out how much extra you will need to put into your super. The benefits of starting early It all works because of compounding. The earlier you start saving, the longer your investment earnings have to grow. If you start adding $25 a week to your super at Age 20 Age 30 Age 40 Total amount added $58,500 $45,500 $32,500 Extra benefit at retirement $521,911 $232,685 $98,717 Source: JANA Investment Advisers Pty Ltd. Earnings are calculated at a compound interest rate of 8% p.a. with amounts being fully invested until age 65. These assumptions are for illustrative purposes only and don t account for fees and tax. Investment returns are not guaranteed. Returns can be higher or lower than set out in this example. This is not a prediction or estimate of actual retirement savings. 5 SALARY SACRIFICE GUIDE

7 Are there limits on how much you can salary sacrifice? Limits placed by your employer Before setting up your salary sacrifice, check whether your employer has limits on the maximum amount you can salary sacrifice and whether they will allow you to change or stop your salary sacrifice arrangement whenever you want. If your salary sacrificed super contribution is more than the minimum super guarantee amount that your employer is required to pay, then your employer is not required to pay an additional amount on top of the salary sacrificed amount. However, if you exceed certain limits, called contribution caps, any contribution over this amount may be taxed up to the highest marginal tax rate of 45% 1 plus Medicare levy, plus an interest charge to recognise that this tax is collected later than normal income tax. From 1 July 2015 the concessional contribution cap for the financial year is $30,000 2 if you are aged under 49 years, and $35,000 if you are aged 49 or over on 30 June For more information on contribution caps, visit hostplus.com.au/contributioncaps Did you know you can get super advice online with SuperAdviser? Our quick and easy online tool will show you how to make the most of your super, including how to boost your balance with before-tax contributions. Visit superadviser. hostplus.com.au Or to make an appointment to meet with a licensed financial planner, call us on From 1 July 2014, a temporary Budget Repair levy of 2% will apply if your income is over $180, This amount is indexed to Average Weekly Ordinary Time Earnings, but only increases in increments of $5,000 or more. SALARY SACRIFICE GUIDE 6

8 Right for you? When can you salary sacrifice? You can salary sacrifice if your employer allows salary sacrifice arrangements and you re under 65 years, or if you re over 65 and have been gainfully employed for at least 40 hours in 30 consecutive days during the current financial year. You can only salary sacrifice into an account that s held in your name. You cannot make salary sacrifice contributions on behalf of another person, such as your spouse. Why salary sacrifice isn t for everyone Salary sacrifice works best when your marginal income tax rate is more than 15%. That s because 15% is the rate at which super contributions are taxed. If you re income tax rate is less than 15%, salary sacrifice may not give you an added advantage. In fact, making after-tax super contributions could be better because you may be eligible for a government co-contribution. If you earn less than $37,000 p.a. you could also qualify for the low income super contribution (LISC) * of up to $500. For more information about government co-contributions or LISC, visit hostplus.com.au/ coconts or simply call * For the latest information about the LISC, visit the ATO at 7 SALARY SACRIFICE GUIDE

9 Is salary sacrifice right for you? We can explain how salary sacrifice works but only a licensed financial planner can tell you for sure whether salary sacrifice is the right strategy for you. As a Hostplus member, you re entitled to a free fact-finding consultation with a financial planner who is not paid by commission. This means the advice you receive is always in your best interests. So why not make the most of this opportunity to get a better understanding of your super? Take up your complimentary appointment today by calling us on SALARY SACRIFICE GUIDE 8

10 Next steps Getting started is simple If you ve decided salary sacrifice is the best way for you to meet your super goals, here are four easy steps to getting started. Step 1: Talk to your payroll officer about whether your employer allows salary sacrifice. Step 2: Understand whether the salary sacrifice arrangement will affect your other benefits such as overtime, leave loadings and Superannuation Guarantee contributions. Step 3: Decide how much you would like to salary sacrifice. Step 4: Complete the Salary sacrifice form at the back of this guide and hand it to your payroll officer. 9 SALARY SACRIFICE GUIDE

11 Salary sacrifice form August 2015 It s easy. Just ask your employer if they offer salary sacrifice, then complete this form and hand it to your payroll officer. Fund: Hostplus Superannuation Plan OFFICE USE ONLY 705 Step 1 Provide your personal details Hostplus membership number Please tick appropriate box Mr Mrs Miss Ms Other Please specify Given name(s) Surname Address Suburb State Postcode Telephone number Mobile number Date of birth / / Step 2 Set up your salary sacrifice Please start making salary sacrifice contributions to Hostplus of: Each $ week fortnight month,. (15% contributions tax will be deducted from this amount) From first pay period after / /

12 Step 3 Sign the declaration I understand and acknowledge that: while my employer pays such contributions the salary otherwise payable to me will be reduced by the amount of the contributions. salary sacrifice can only apply to future remuneration or service. the contributions will be treated as employer contributions for tax purposes and a contributions tax of 15% on contributions will be payable when they are received by Hostplus. the benefit resulting from these contributions: will not be treated as non-concessional contributions and may attract further taxes when paid as a benefit, will be subject to Federal Government preservation requirements, and will count towards my contributions cap. the salary sacrifice arrangement will continue in force until I advise my employer in writing of any change or cancellation. the contributions will be invested in Hostplus in accordance with my chosen investment option if applicable. it s my responsibility to obtain financial advice from a licenced advisor before agreeing to salary sacrifice. Signature Date / / EMPLOYER USE ONLY Date received / / Effective from pay period / / Employee/Payroll number This salary sacrifice form is accepted and confirmed as the agreement between the employer and employee. The contributions deducted by the employer will be remitted to Hostplus within 28 days after the end of the month in which they were deducted. Authorised signature for employer Date / / Employer stamp On completion, please retain this form and place a copy on the employee s personnel file. Don t send this form to Hostplus. Issued by Host-Plus Pty Limited ABN , ASFL No , RSEL No. L , RSE No. R , MySuper No

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14 Salary sacrifice guide Postal address Hostplus Locked Bag 3 Carlton South VIC 3053 Phone Fax Visit hostplus.com.au Issued by Host-Plus Pty Limited ABN , Australian Financial Services Licence No , Registrable Superannuation Entity Licence No. L , Registrable Superannuation Entity No. R , MySuper No super + pension + insurance + education + advice + extras /15

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