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Important information
This information was prepared by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). A copy of the Product Disclosure Statement can be obtained by contacting Resolution Life. This general advice has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of this information in light of your circumstances. This advice is based on our understanding of current law as at May 2022, and is based on its continuance unless stated otherwise. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. Resolution Life do not actively monitor breach of superannuation contribution caps. You should keep track of the contributions made to your account in respect of the caps applicable to you. You should obtain professional advice before acting on the information contained in this communication. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Resolution Life is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.
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These products are not issued by the AIA Group. The AIA Group has sold to the Resolution Life Group that part of the business that previously provided or administered these products. The Resolution Life Group and its products and services are not affiliated with, or guaranteed by, the AIA Group. The Resolution Life Group uses AIA's trademarks under licence.
If you’re aged between 67 and 74 and still working, you may be eligible to make contributions into your super from your after-tax income.
For eligibility for the financial year 2021/22, you’ll need to satisfy the government’s ‘work test’ which requires you to be gainfully employed for at least 40 hours over 30 consecutive days in each financial year. The current annual limit for after-tax contributions (also referred to non-concessional contributions) is $110,000 each year or $330,000 over a rolling three-year period.
From 1 July 2022, individuals aged 67-74 will be able to make or receive personal or salary sacrifice contributions without having to meet the work test. Caps on lifetime superannuation contributions and concessional/non-concessional contributions will continue to apply.