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.
General Advice Warning
The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.
Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.
Although every effort has been made to verify the accuracy of the information contained on this page and on our website, Investax Group, its officers, representatives, employees and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.
