Superannuation changes from 1 July 2024
The ATO is encouraging taxpayers to be aware of certain changes to the superannuation rules that take effect from 1 July 2024.
First, employers need to be aware that the SG rate has increased to 11.5% from 1 July 2024. It is important for employers to take this into account to ensure superannuation guarantee amounts are calculated correctly.
Also effective from 1 July 2024 is an increase in the concessional super contributions cap from $27,500 to $30,000 per year.
Subject to any unused concessional contribution cap amounts from previous years, this is the maximum amount of before-tax contributions (including employer superannuation guarantee amounts) that can be contributed each year without contributions being subject to extra tax.
Other key changes include:
The non-concessional super contributions cap has increased from $110,000 to $120,000; and
The maximum super contribution base for employers has increased from $62,270 to $65,070 per quarter.
More Information
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