Super Guarantee Update:

As of 1 July 2024, the Superannuation Guarantee (SG) rate has increased to 11.5%. Employers must account for this change to ensure superannuation guarantee payments are correctly calculated. The SG rate is scheduled to further increase to 12% in July 2025.

Concessional Contribution Update:

The concessional super contributions cap has risen from $27,500 to $30,000 per year, effective from 1 July 2024. This is the maximum amount of before-tax contributions, including employer superannuation guarantee payments, that can be contributed annually without incurring additional tax, subject to any unused concessional cap amounts from previous years.

Non-Concessional Contribution Update:

The non-concessional super contributions cap has increased from $110,000 to $120,000 per year. If your total super balance is equal to or exceeds the general transfer balance cap ($1.9 million from 2023–24) at the end of the previous financial year, your non-concessional contributions cap is nil ($0) for the current financial year.