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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.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
Contribution limits
Making the most of your super also includes remembering 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.
Concessional contribution caps
Concessional contributions are contributions made from your before-tax income, including your compulsory super contributions (also known as super guarantees, which is generally paid by your employer) and any pre-tax (known as salary sacrifice) contributions. 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.
From 1 July 2024, the concessional contribution cap increased to $30,000.
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%.
From 1 July 2024, the non-concessional contribution cap increased to $120,000 per annum.
Members under 75 years old may be able to make non-concessional contributions of up to 3 times the annual non-concessional contributions cap in a single year.