Superannuation changes

On 1 July 2024 the Super Guarantee increased to 11.5%. It will then increase by 0.5% on 1 July 2025 to reach 12%. These small increases to the Super Guarantee could make a big difference to your super balance in the long term due to the magic of compound interest.

The existing freeze on deeming rates at 2.25 per cent has been extended until 30 June 2025. This measure provides relief to retirees and enables retirees to benefit from increases in interest rates without impacting on age pension rates or eligibility.

The $450 monthly earnings threshold for superannuation contributions was removed on 1 July 2022. Under the change, employers are required to pay the Superannuation Guarantee on the wages of employees’ earning less than $450 per month. If you are under the age of 18, unless you are covered by a workplace agreement that states otherwise, you need to work more than 30 hours in a week. See here for further details.