News
What's changing in super from 1 July 2024
06 Jun 2024
4 min read
There are several changes to super rules from 1 July 2024 that may help grow your retirement savings.
Find out what the changes are.
SG increase from 11% to 11.5%
From 1 July, Superannuation Guarantee (SG) contributions will increase from 11 to 11.5% of your ordinary time earnings. SG contributions are the compulsory payments your employer pays into your super, and the increase to 11.5% will help Australians save more for their retirement. SG contributions are scheduled to increase again on 1 July 2025 to 12%.
Contribution caps increase
From 1 July 2024, the amount of extra contributions you can make to your super will also increase. If you go over these limits (caps), you may have to pay extra tax.
- Concessional (before-tax) contributions:
From 1 July 2024, the amount you can add to your super before-tax (for example through salary sacrifice contributions) will increase from $27,500 to $30,000 per year.
- Non-concessional (after-tax) contributions:
From 1 July 2024, the amount you can add to your super after-tax will increase from $110,000 per year to $120,000 per year.
This change also affects the amounts you can ‘bring forward’ (make after-tax contributions up to 3 times the annual cap over a 3-year period) and the total super balance thresholds that apply. (You need to be aged 74 years and under to take advantage of the bring-forward rule).
| Total super balance at 30 June 2024 |
Contribution and bring-forward amount available |
| Less than $1.66 million |
3 years (3 x $120,000 = $360,000) |
| $1.66 million - $1.78 million |
2 years (2 x $120,000 = $240,000) |
| $1.78 million - $1.9 million |
1 year (1 x $120,000 = $120,000) |
| More than $1.9 million |
Nil |
You can find more information about making contributions to your super in our fact sheet Opportunities and limits for super contributions.
Income thresholds for government co-contribution
The government co-contribution is like a bonus from the government if you make an after-tax contribution to your super. To be eligible, you need to earn below a certain income level. For the 2024-25 financial year, if you earn up to $45,400 you may be eligible for the maximum co-contribution amount of $500. If your income is above $60,400 in 2024-25, you won’t be eligible for the super co-contribution.
Check out our co-contribution calculator to see if you’re eligible, or check out our Let the government top up your super fact sheet.
Would you like to discuss your super?
If you would like to discuss how any of the recent budget announcements may impact your super, why not chat to one of our NGS Super Specialists?
Our Super Specialists are here to help. It's free, and they can answer your questions about superannuation, investments, insurance or transition to retirement. They can also help you decide the next steps, including deciding if meeting with an NGS financial planner is right for you.
Our financial planners can create strategies that aim to maximise your financial position and meet your objectives for the future. Financial advice can also involve protecting your lifestyle and assets through personal insurance and looking at what happens to your super when you die and the impact on your loved ones receiving your super.
Seeking advice is a way to plan for your future, to mitigate risks and make the most of your saving opportunities. Education is integral to the planning process — it's important that you feel confident and informed at all times.
The information provided is general information only and does not take into account your personal objectives, financial situation or needs. Before acting on this information or making an investment decision, you should consider your personal circumstances and read our Product Disclosure Statement and Target Market Determinations for more information. You should also consider obtaining financial, taxation and/or legal advice which is tailored to your personal circumstances before making a decision.
Call us on 1300 133 177 if you would like to speak with us further, or you can discuss matters with one of our NGS Super Specialists, or an NGS Financial Planner.
NGS Super Pty Limited ABN 46 003 491 487 AFSL 233 154 is the trustee of NGS Super ABN 73 549 180 515
NGS Financial Planning Pty Ltd, ABN 89 134 620 518, is a corporate authorised representative #394909 of Guideway Financial Services Pty Ltd, ABN 46 156 498 538, AFSL #420367 and offers financial planning services on behalf of NGS Super ABN 73 549 180 515.
