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Explanation |
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FAS(1) - Final Average Salary (1 year)
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FAS(1) is your average annual salary received in relation to the 12 months immediately preceding your membership statement divided by your employment %. If you have less than 12 months service, FAS(1) is averaged over your actual service period.
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FAS(3) - Final Average Salary (3 years)
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FAS(3) is your average salary received in relation to the three years immediately preceding your membership statement divided by your employment %. If you have less than three years service, FAS(3) is averaged over your actual service period.
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SAL(1) - Actual Salary (1 year)
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SAL(1) is your actual salary received in the 12 months immediately preceding your membership statement. If you have less than 12 months service, SAL(1) is the annual equivalent of your salary earned. If you are a TAS member, your SAL(1) figure is calculated using the actual contributions paid by your employer.
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Concessional contributions
Previous names:
- Deductible contributions
- Taxable contributions
- Before-tax contributions
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Concessional contributions are those made by employers or by self employed persons for which they will claim personal deductions. Typical concessional contributions include employer support, superannuation guarantee payments and salary sacrifice. Some members may also make self employed contributions.
From 9 May 2006 there is an annual cap of $50,000 on concessional contributions. Transitional arrangements to the new rules provide some exceptions to the limit for those aged 50 and above.
Concessional contributions within the limit are taxed at 15% at the time of making the contribution. If withdrawn at retirement prior to age 60, tax will be payable; after age 60 no further tax applies.
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Non-concessional contributions
Previous names:
- Personal contributions
- Undeducted contributions
- After-tax contributions
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Non-concessional contributions are those made by or on behalf of a member that are paid from after-tax income. Typical non-concessional contributions include regular deductions from your fortnightly pay or your bank account, or one-off payments to your superannuation from your own money. They also include contributions received from your spouse and any co-contribution payments from the government.
From 9 May 2006 there is an annual cap of $150,000 on non-concessional contributions. Member's age 64 and under may make $450,000 contributions in one year, provided they do not make further non-concessional contributions for the next 2 years. Transitional arrangements to the new rules provide some exceptions to the limit up until 30 June 2007.
Non-concessional contributions within the limit are not taxed at the time of making the contribution and will not be taxed at retirement - no matter what your age.
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