Get Ready for a Super Boost: Superannuation is Rising to 11.5%!
Updated: Sep 26
Starting from 1 July 2024, the superannuation guarantee (SG) rate will increase from 11% to 11.5%. This change means more money in your employees super account, helping for a more comfortable retirement.
What you need to know
Some payroll platforms will automatically apply this update. Ensure your payroll platform has been updated to apply 11.5% from as of 1 July to all employee earnings (ordinary time earnings)
On 1 July 2024, the concessional contribution cap (superannuation contribution made before tax) is increasing from $27,500 to $30,000 per person, per financial year.
On 1 July 2024, the non-concessional contribution cap (the maximum amount of after-tax contributions you can contribute to your superannuation each year without facing extra tax) is increasing from $110,000 per person per financial year to $120,000.
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