Sam is single, has just turned 30 years of age, and would like to retire comfortably on his 80th birthday. He is working as an Administrative assistant and has no super or Private Health Insurance to this stage. His ordinary times earnings are $94,000 and he also receives an irregular $4,000 commission per year, and this is expected to remain the same indefinitely. Sam has analysed the available superannuation funds, which have a long term return of 6% after inflation.

Calculate the minimum annual dollar value that his employer needs to contribute into his superannuation fund under the Superannuation Guarantee Scheme and explain the significance of 'ordinary times earnings' with respect to mandatory employer super contributions. 2 Marks

Assume that Sam wants to contribute up to his annual concessional contributions limit. How much of his salary will he need to sacrifice to achieve this? 1 Mark

Assume that Sam makes the maximum concessional contribution every year until the age of 80. How much money is he expected to accumulate in super by this age? (Use after tax contributions and monthly compounding). At what age and under what conditions can Sam start withdrawing money out of super? 3 Marks

Assume that Sam has a life expectancy of 85 years. How much of an annuity should he be able to draw out of his super fund per year in retirement, given the balance you have calculated in part c)? Assume that his money will be in an account based pension earning 6% p.a., the balance will be zero upon his death and that there are no limits to super fund balances in the future. 2 Marks

Assume that in 2022, Sam does not earn any income other than his $98,000 income, and has no deductions. How much income tax can he save this year by making the maximum concessional contribution into his super fund, in comparison to not salary sacrificing at all? Show both tax calculations side by side, as well as net income after tax. Note that Superannuation Guarantee Scheme employer contributions are in addition to his $98,000 income. Include the medicare levy and medicare levy surcharge if applicable, and compare Sam's net income after tax achieved across both strategies .