Spring 2024 Newsletter

Key Takeaways

• From 1 July 2024, the SG rate which determines the minimum percentage of your salary that your employer must contribute to your super fund, increased from 11 % to 11.5%
• The cap on concessional (before-tax) super contributions increased from $27,500 to $30,000 per year
• The non-concessional (after-tax) super contributions cap increased from $110,000 to $120,000 from the 2024-25 financial year.

In this article we look at the changes to super rates for the financial year 2024-25, including the increase to the Superannuation Guarantee (SG) and super contributions caps.

Being aware of these changes can help you make more informed decisions when it comes to your retirement savings.