Super and tax – what’s changing on 1 July 2024 Here’s a quick rundown of the latest law changes.

They say nothing is certain in life except two things – death and taxes.

Australians can probably add a third – the knowledge that come the end of financial year, the rules around superannuation and taxation will inevitably change. It can be hard keeping up with all the latest super and tax rule tweaks so here’s a quick guide to everything you need to know about what’s changing on 1 July 2024. First, some good news.

Your employer will contribute more towards your super… If you’re a PAYG employee, your compulsory super guarantee (SG) payment will go up by half a percentage point to 11.5%.

…and you can tip more in as well There are annual caps – or limits – on how much money you can contribute towards super, both in terms of pre-tax ‘concessional’ contributions and after-tax ‘non-concessional’ contributions.

Both these caps are going up, so if you have any spare funds, you’ll be able to move more of your money into super’s low-tax environment.

  • The concessional cap is increasing from $27,500 to $30,000 a year.
  • The non-concessional cap is increasing from $110,000 to $120,000 a year.

This means if you have less than $1.66m in your super on 30 June 2024, you might be able to bring forward three years of non-concessional contributions (NCC) up to $360,000. If you’re lucky enough to have more than $1.66m in your super, these bring-forward rules change – see the table below.

What this means for your super strategies

While the higher concessional cap will allow you to sacrifice more salary into super, the increased SG rate will reduce some of your extra capacity. So, it could be a good time to review any existing salary sacrifice arrangements you have with your employer.


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