Superannuation changes for the 2024 Financial Year

Superannuation (Super) is a system in Australia designed to help individuals save for retirement. It is regulated by the Australian government and undergoes periodic changes to improve the system and cater to evolving needs.

The most common type of super contribution being deposited into your super account is likely to be the Superannuation Guarantee (SG for short) which is the contribution your employer is required to make into a superannuation fund on your behalf. The SG often forms part of the remuneration you receive from your employer. The amount is a percentage of your gross salary or wages. The percentage is set by the Australian Government and changes over time.

The percentage rate for Superannuation Guarantee contribution payments by your employer is currently 10.5%. (Until June 30 2023)

The SG contribution is going to increase to 11% on 1 July 2023 for the 2023–24 financial year. The SG percentage rate will continue increasing by 0.5% every year until it reaches 12% from 1 July 2025.