Skip to Main Content
 
Time to read read

Superannuation changes

What are the new changes to super?

The latest changes to super in Australia cover five key areas: 

  • Superannuation on Paid Parental Leave
  • Super Guarantee increase
  • Deeming rate freeze extension
  • Removal of the $450 threshold for super contributions
  • Increase to contribution caps

Increase to the Super Guarantee

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.

Deeming Rate Freeze extended

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.

Removing the $450 threshold for super contributions

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.

Increase to super contribution caps

On 1 July 2024 super contribution limits increased as follows:

Contribution cap 2023/24 2024/25
Concessional contributions cap $27,500 $30,000
Non-concessional contributions cap $110,000 $120,000
Bring forward non-concessional cap $330,000 over 3 years $360,000 over 3 years

The changes to superannuation rules above are all in effect today or legislated to begin in the next 12 months, however a number of other proposed changes may be in the pipeline. The latest changes to pensions may also affect your retirement planning or income.

If you’d like more information about how these changes might affect you, talk to your fund.

What's your question?

warning Your question will be sent directly to the fund you select

Talk to someone who knows how to help

warning Your question will be sent directly to the fund you select

  • You will be called back at the next available opportunity.

Thank you for your enquiry

An error has occurred

Due to a technical fault we are unable to to submit your form at the moment. Please try again later.

Additional details:

I'M READY TO CHOOSE A FUND