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If you hold or have held a job, you may have received the superannuation guarantee from your employer.

From 1 July 2024, the superannuation guarantee (SG) contribution has increased to 11.5%. This will further increase from 1 July 2025 to 12%.

You can also top up your SG 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 2024, the annual concessional contributions cap is $30,000.

If you do not receive a tax deduction on your personal super contributions, they are treated as non-concessional contributions. However, once money is in your super, any investment earnings are generally only taxed at 15%.

From 1 July 2024, the non-concessional contributions cap (contributions you make from your take home pay) is $120,000 p.a. 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 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 2024 there’s a limit of $30,000 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.

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.

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.