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.
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.
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.
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:
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
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:
These changes apply to you if you currently have:
You can find details of changes to our fees in our May Product update.
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.
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.
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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 ato.gov.au accessed 26 March 2024.
