Updated on 14 March 2024
5 minute read
Keeping informed about the latest changes to superannuation will help you manage your super better and stay on track to reach your retirement goals.
From 1 July 2024, each employer you work for must pay SG contributions of 11.5% into your super account, based on your ordinary time earnings.
The SG rate will increase to 12% from 1 July 2025.
Log in to Member Online or download our app to check your super payments.
Contribution caps are the maximum amount of money the Australian Government lets you add to your super each year without making you pay extra tax.
From 1 July 2024, the concessional (before-tax) and non-concessional (after-tax) contributions caps are as follows:
If you have a total super balance of more than $1.9 million, your non-concessional contributions cap for the 2024-2025 financial year is $0. This also means the bring forward rule does not apply.
The super transfer balance cap remains at $1.9 million for the 2024-25 financial year. This cap is the maximum amount of super you can transfer from your accumulation account into retirement account/s.
If the amount you've transferred into retirement phase exceeds your transfer balance cap, the ATO will ask you to return the excess to your accumulation account and pay the excess transfer balance tax. View your personal transfer balance cap via myGov then select ATO.
The income threshold for LISTO remains at $37,000 for the 2024-25 financial year.
The maximum contribution base for the Superannuation Guarantee (SG) is $65,070 per quarter for the 2024-25 financial year.
From 1 July 2024, the maximum super co-contribution entitlement from the government for low-income earners remains at $500. The lower income threshold increases to $45,400 and the higher income threshold increases to $60,400.
Learn more about how the government co-contribution works.
From 1 July 2025, each employer you work for must pay SG contributions of 12% into your super account, based on your ordinary time earnings.
Log in to Member Online or download our app to check your super payments.
Under proposed law, super account balances over $3 million will have their investment earnings taxed up to 30% from 1 July 2025. This could also include retirement phase income streams, which currently have tax-free investment earnings.
Proposed start date: 1 July 2025
The government has announced that parents with babies born from 1 July 2025 will be paid 12% super on the government funded parental leave pay if eligible.
Proposed start date: 1 July 2025
The government has announced that employers must pay employees their super at the same time as their salary and wages, rather than quarterly, from 1 July 2026.
Proposed start date: 1 July 2026
The government has introduced legislation to describe the purpose of superannuation. The Superannuation (Objective) Bill 2023 defines it as:
"The objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way."
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