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If you’re employed, superannuation refers to compulsory contributions made to an account on your behalf by your employer, so that you can generate savings to support you when you’re no longer working and in retirement.

These contributions, known as the Superannuation Guarantee, were first legislated in 1991, with compulsory contributions commencing from 1 July 1992. Since these contributions were introduced, the compulsory contribution has steadily increased to 11.5% of your annual salary (effective 1 July 2024). This will increase to 12% (effective 1 July 2025).

If you're self-employed as a sole trader, or are in a partnership, you're not legally obligated to pay yourself super. However, it's never too early or late to think about planning for your retirement. You have the option to make regular or one-off payments to your super, and depending on your situation, you may be able to claim a tax deduction on your contributions.

In super, your money may be invested in different assets. You can choose your own investment options or leave the investment decisions to your provider – either way, your product is designed to grow your investment over time and support you in your retirement.

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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.