Tax Tips

  CONTRIBUTION CAPS TO RISE FROM 1 JULY 2021

With the announcement of the AWOTE figure for the December 2020 quarter, the concessional contribution cap is set to increase from $25,000 p.a. to $27,500 p.a. from 1 July 2021. This change will also result in an increase of the non-concessional contribution cap from $100,000 to $110,000. Further, the maximum amount a member who was under 65 at the start of the year can contribute under the non-concessional contribution cap bring-forward rule is also set to increase from $300,000 to $330,000 from 1 July 2021.

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Millionaire Calculator

Millionaire Calculator

When will you become a millionaire?


This calculator shows you how long it will take you to reach a savings goal.
How much is the initial deposit
  

If you take the capital of
and invest at rate of return of (%)4
This will provide monthly income before tax of
or, an annual income before tax of


1 3% is a (fairly) high rate of return.

2 Inflation, is currently less than 4%.
Note: Inflation is currently low, choose whatever rate you wish, but we think 3% is fair as an average

You may change the rate of inflation and the rate of return to what ever rates you think will apply over the number of years you select.
We suggest rates between 3% and 5%.

3 Similarly the $1m is our default wealth goal. You can change this to whatever final figure you want.

4 You may change the rate of return to any value you like

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