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Changes to Superannuation (effective 1st July 2024)

VA Changes to Super

From 1st July there are a range of changes being made to superannuation. Should there be further questions with the below or would like to discuss your individual circumstance, please reach out to the team.

Changes to Superannuation Guarantee Charge

The superannuation guarantee charge from 1st July 2024 will increase from 11% to 11.5%.
This is the percentage of pay employers will need to pay their employees.

Changes to concessional and non-concessional caps

Both these raises in limits will allow you (taxpayers) to take advantage of contributing to your superannuation either as a pre-tax deduction or to increase your balance after-tax.

Contribution caps and thresholds 2023-2024 2024-25
Concessional Contributions $27,500 $30,000
Non-concessional Contributions $110,000 $120,000

Concessional Contribution - The concessional contribution limits, which includes pre-tax employer and salary-sacrificed and personal contributions claimed as a tax deduction

Non-concessional contributions - The non-concessional contributions limit which applies to after-tax contributions

Non-concessional contribution Bring Forward Rule.

The limit for non-concessional contributions brought forward will increase from $330,000 to $360,000. This allows for tax-payers to take advantage of previous years limits and contribute a lump sum into their superannuation.

However, if you trigged this in the 2023 or 2024 Financial Year, these changes do not apply to you.

Additionally dependent on your total superannuation balance as at 30th June 2024, a proportion of this limit may apply to you as seen below.

Total super balance cap on 30th June 2024 Non-concessional contribution limit Bring-forward period
Under $1.66 million $360,000 Three Years
$1.66 million - $1.78 million $240,000 Two Years
$1.78 million - $1.9 million $120,000 One year
Equal to or above $1.9 million $0 N/A
Federal Budget 2024/25 Summary