Superannuation changes as of 1 July 2024

Kayla Hawker • July 17, 2024

As of 1 July 2024, several changes have been made to Superannuation payments that impact employees and business owners.

Superannuation Guarantee rates go up to 11.5%

Your employer must contribute 11.5% of you ordinary time earnings salary in 2024-2025 into your super fund. This contribution is known as the Superannuation Guarantee (SG) contribution. The SG contribution rate is legislated to rise again to 12% on 1 July 2025.

Super Concessional Contributions

Contributions made by an employer on an employee’s behalf, including salary sacrifice, are considered super concessional contributions, which are tax deductable.

Super concessional contributions are usually made personally by the employer or the employee to an employee’s super account.

Concessional Contribution Types

Concessional contributions fall into 3 categories:

  • Superannuation guarantee (SG) contributions
  • Salary sacrifice super contributions
  • Personal concessional contributions

From 1 July 2024, concessional contributions will be capped at $30,000 instead of $27,500.

Contributions after-tax non-concessional contributions

Employees who make personal, after-tax contributions can contribute more to their super from 1 July 2024, as the annual contribution cap is has increased from $110,000 to $120,000.

If you are under 75 years old and your total super balance was less then $1.9million on 30 June, you

can contribute after tax.

Superannuation Changes Summary
The below table shows the changes to superannuation that are effective on 1 July 2024, compared to 2023/2024 rates.

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