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Get Ready for a Super Boost: Superannuation is Rising to 11.5%!

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

  1. 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)

  2. 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.

  3. 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.

About Essential HR

Simplify HR processes, stay compliant & maximise performance

Unlock the full potential of your business by harnessing the power of Essential HR.

We understand the intricate demands that arise when you bring talented individuals on board, and we're here to guide you every step of the way. 

Managing a workforce can be a daunting task, but with our proven HR solutions, you can navigate the complexities with ease.

Our team of HR & recruitment professionals boasts an impressive track record, having excelled in senior management roles across various organisations. 

No matter the scale or urgency of your HR needs, we've got you covered.

Our flexible services can be customised to suit your unique requirements, whether it's a one-time project, an immediate workplace issue, or a long-term HR partnership. 

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