We are updating our website
So that we can direct you to the right page,
please select your product from the list below.
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 August 2021, 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.
© Resolution Life 2023
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 hold or have held a job, you may have received the superannuation guarantee from your employer.
From 1 July 2023 the superannuation guarantee (SG) contribution has increased from 10.5% to 11%.
You can also top up your superannuation contributions to help fund your retirement. It might seem like a long way off, but it’s never too early (or late) to start planning.
If you’re looking at ways you can contribute to your super, here are some options to consider.
Contributions from your take-home pay
You can give your super a top-up by making voluntary contributions from your savings, also known as personal super contributions.
You may be eligible to treat some or all of your personal super contributions as concessional contributions and claim a tax deduction for them. Visit the ATO to learn more. From 1 July 2023, the annual concessional cap is $27,500.
If you do not receive a tax deduction on your personal super contributions, they are treated as non-concessional. However, once money is in your super any investment earnings are generally only taxed at 15 per cent – a favorable rate compared with most earnings outside of super.
From 1 July 2023, the non-concessional cap is $110,000. Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.
Contributions from your pre-tax salary (also known as salary sacrificing)
You can voluntarily contribute extra amounts from your before-tax income to your superannuation (known as ‘salary sacrificing’).
Salary sacrificing can help to grow your super at an accelerated rate. When you salary sacrifice, you generally only pay 15 per cent tax on these contributions – instead of your marginal tax rate (plus Medicare levy and other applicable levies).
Be aware, from 1 July 2023 there’s a limit of $27,500 that you can contribute to super from your before-tax income in any one year (inclusive of your employer contributions).
For more information on how you can salary sacrifice, speak to your employer who can arrange this for you, or visit the ATO website for more information.
Spouse contributions
Your spouse (married or de-facto) may be able to make contributions to your super on your behalf. This may ensure your super balance can still grow if you’re earning below $40,000 per annum, or while you’re not working for extended periods of time. You may also be eligible for a tax offset of up to $540. Check with the ATO for more details about super-related tax offsets.
Co-contributions
Super co-contributions help eligible people boost their retirement savings. If you're a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500 per annum. The amount of government co-contributions you receive depends on your income and how much you contribute.
Visit the ATO for full eligibility requirements.
Get your super together
Many people hold more than one super account. By consolidating them into one account, you may potentially save on fees and reduce any overlap in insurance coverage and premiums you have.
Consolidating your super is simple and can be done online through myGov.
Before making a decision, you may want to compare the costs, fees, risks and benefits of your other super funds against your preferred fund. You may also want to consider whether you can replace any insurance cover you may lose upon rolling over, potential withdrawal fees, as well as any investment or tax implications.
If you’re interested in any of these contribution options and you’re not sure where to start, contact your superannuation provider or speak to a financial planner.