Main region

What's changing in super from July

Updated on 30 April 2024

4 minute read

Some key changes to super will be in effect from 1 July 2024. Here’s a summary of the changes to super that might affect you.

woman at train station

Superannuation Guarantee rates go up to 11.5%

By law, in most cases your employer must contribute 11.5% of your ordinary time earnings1 salary in 2024-25 into your super fund. This contribution is known as the Superannuation Guarantee (SG) contribution. The SG contribution rate is legislated to rise to 12% on 1 July 2025.

Contribution caps rise

Along with your employer’s contributions, you can add money to help grow your super. But the government sets limits on how much you can tax-effectively add to your super each year, known as contribution caps. Contributing too much might mean you pay extra tax.

The before-tax contribution cap in 2024-25 is $30,000, which is up from $27,500 in 2023-24.

The after-tax contribution cap in 2024-25 is $120,000, which is up from $110,000 in 2023-24.

Your new investment option menu

Our new Australian Retirement Trust investment menu offers one set of investment options for all members, which are simple, smart and personal, and aligned to our investment philosophy.

Our new investment menu features:

  • 15 carefully designed choice options if you want to choose your own investment strategy. We offer 8 options we’ve designed and manage and 7 options if you want to mix and manage your own portfolio, and/or
  • our Lifecycle Investment Strategy option for Accumulation account holders where you let us invest for you.

Find out more about our investment menu changes in our March Product update. You can find details of changes to our Lifecycle Investment Strategy in our May Product update

Changes to fees for your account with us

We’re focused on strong long-term investment returns and competitive fees, and providing the information and access to advice you need to manage your super and retirement.

We’re making changes that aim to make sure our fee structure is consistent, fair and transparent.

These are changes we are making to fees from 1 July 2024:

  • We’re changing how we charge the percentage administration fee. Currently, this fee applies to the first $800,000 of your account balance in each Super Savings account. From 1 July 2024, it will apply to the first $500,000 of your account balance. This cap does not apply to the weekly dollar fee or costs met from reserves.

These changes apply to you if you currently have:

  • a Super Savings Accumulation account – which means a Super Savings Accumulation account, a Super Savings – Business Accumulation account, a Super Savings – Corporate Accumulation account or an Additional Accumulation account within a Super Savings – Corporate Defined Benefit account
  • a Super Savings Transition to Retirement Income account
  • a Super Savings Retirement Income account.

You can find details of changes to our fees in our May Product update.

Other changes you should know

We’re changing how we rebate tax (Accumulation accounts only)

From 1 July 2024, we’re changing the way that we pass the benefit of tax deductions we claim back to you.

Before 1 July, we pass tax benefits relating to administration fees and insurance premiums back to you by reducing the contributions tax we deduct from your concessional contributions. Adjustments may be made at the end of financial year or on exit to ensure you receive the correct tax rebate.

From 1 July, any tax rebate that you’re eligible for will be provided via a direct rebate that is credited to your account on 30 June each year. If you close your account during a financial year, the rebate will be calculated and included in your final balance.

To be eligible for the rebate you must have had contributions tax deducted from concessional contributions paid into your Super Savings account during the financial year.

We explain these changes in our May Product update.

Low balance fee cap eligibility

The low balance fee cap means that you won’t pay more than 3% p.a. of your account balance for certain administration fees and costs, investment fees and costs and transaction costs if your account balance is less than $6,000 at the end of a financial year. You’ll be refunded any amount you pay over this cap. It’s credited to your account on 30 June each year (or when you leave the fund).

Before 1 July, we use your total balance across all your accounts to test eligibility against the $6,000 balance threshold and we pay the rebate per account.

From 1 July, we use each account balance to test eligibility and pay the rebate per account on 30 June each year, or on exit if you close your account before 30 June.

We explain these changes in our May Product update.

How are super contributions taxed?

Adding extra to super may be a good way to boost your retirement nest egg. Ever wondered how much tax you’ll pay? We’ve broken it down.

4 min read

Most Aussies don't know what the super rate is

New data shows 71% of Australians don't know the current SG rate, or what the rate will be after the next super guarantee increase.

5 min read

What is a beneficiary? Who will get your super

Super's generally not part of your Will. So who gets your super when you die? Learn about beneficiaries and why they're so important.

5 min read

1. Ordinary time earnings (OTE) salary is generally what you earn for your ordinary hours of work, including commissions, shift loadings and selected allowances, but not overtime payments. ATO List of payments that are ordinary time earnings, at accessed 26 March 2024.