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What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
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.
If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.
Resolution Life is part of the Resolution Life Group and can be contacted via contact-us or by calling the phone number mentioned above.
If you have done some personal calculations and you have a gap between what you’ll have versus what you’ll need, you have the opportunity to fill that gap.
If you haven’t done any personal calculations, this is a good time to start. It’s one of the only ways you’ll have a clear understanding of whether you have a gap, whether you’re on track and what you need to do if there is an issue with either.
If you’re on track to having a nest egg that would support you in retirement and deliver the lifestyle that you want, congratulations and well done! If you’re not, there are a number of different options available that may help you increase your savings, to support you when you stop work. Here’s an overview of what you can do (among other things):
Making the most of your super also includes remembering that there are limits to how much you can contribute to your super each year. If you breach these ‘contribution caps’ you may need to pay extra tax. Your total super balance and age may also affect how much more you can contribute. It’s important to keep a track of your contributions and be aware of the limits to avoid any unexpected tax implications.
There are different kinds of contributions you can consider. It’s important to understand the difference, as this can impact how much tax you pay. Here’s an overview:
Concessional contribution caps
Concessional contributions are contributions made from your before-tax income, including your compulsory super contributions (also known as super guarantee) and salary sacrifice. It also includes any personal contributions using after-tax income (such as funds transferred from your bank account into super) that you’ve claimed a tax-deduction on. For the 2024-2025 financial year, the concessional contribution cap is $30,000 per annum.
Non-concessional contribution caps
Non-concessional contributions are contributions made from your after-tax income and aren’t taxed once received by your super fund. However, if you exceed your non-concessional caps you may need to pay extra tax. Also note, investment earnings in the fund are taxed at 15 per cent. For the 2024/2025 financial year, the non-concessional contribution cap is $120,000 per annum. This cap might be higher, if you can use the bring-forward arrangement.
Wrap up
Superannuation can be a complex arena, so it’s important to make sure you’re comfortable in the knowledge that you know which contribution option is best for you. If at any time you’re unsure, it’s good to reach out to your super fund who can provide you with general information. If you want specific information relevant to your particular situation, speak to your financial planner. If you don’t have a financial planner, reach out to the Financial Advice Association Australia, who can help put you in contact with one.