Changes to super from 1 July
read
Published on 24 June 2024At the beginning of this financial year, some of the rules within super changed.
More super for employees
From 1 July 2024, the superannuation guarantee increased from 11 per cent to 11.5 per cent of an employee’s annual salary which will help employee super accounts grow more quickly.
Changes to contributions caps
If you’re making—or you’d like to make—extra contributions into your super account, you may be pleased to learn about the increases which enable you to invest higher amounts as voluntary contributions:
Concessional contributions
From 1 July 2024, the concessional contributions cap increased from $27,500 to $30,000 per annum.
Non-concessional contributions
The non-concessional contributions cap increased from $110,000 per year to $120,000. This change also affects the bring-forward rule which increased to up to $360,000 depending on your super balance.
The bring-forward rule
The bring-forward rule allows you to boost your retirement in super’s tax-friendly environment by using up to three years’ worth of after-tax contributions in a single year and increasing your potential to benefit from the power of compound interest.
Your total superannuation balance will determine the maximum amount to contribute using the bring-forward rule as outlined in the table below.
|
Super balance |
Bring-forward rule non-concessional |
Bring-forward rule |
|
Less than $1.66m |
$360,000 |
3 years |
|
$1.66m – $1.78m |
$240,000 |
2 years |
|
$1.78m - $1.9m |
$120,000 |
1 year |
|
More than $1.9m |
0 |
n/a |
Depending on your circumstances, there may be ways you can benefit from using the bring-forward rule—book a chat with a super specialist to find out more.
We’re here to help
If you have questions about the changes to super or you’d like to understand how you might use the new rules to your advantage, call us on 1800 675 839 between 8am and 8pm AEST Mon–Fri.