Here are the superannuation changes (from 1 July 2024) you need to know about…

1) The Superannuation Guarantee (SG) rate, which determines how much an employer must contribute to employee super funds, will increase from 11% to 11.5%. The SG rate will increase on 1 July 2025 to 12%.

2) Contributions made by an employer on an employee's behalf (or made personally by an employee) including salary sacrifice, are considered super concessional contributions, which are tax deductible, will increase from $27,500 to $30,000.

3) From the 2024-25 financial year, the non-concessional (after-tax) super contributions cap will also increase to $120,000.

Superannuation Changes Summary

The table below shows the changes to superannuation that are effective on 1 July 2024, compared to 2023/2024 rates…

Do you need some additional clarification, or to plan for the coming year? If so, call Rick Maggi on 08 9382 8885.

Rick Maggi