Super rates and thresholds are increasing
The super guarantee (SG) rate is increasing
Currently at 11%, the SG rate is scheduled to increase to 11.5% from 1 July 2024, and then 12% from 1 July 2025.
Contribution caps are increasing
Linked to the Average Weekly Ordinary Time Earnings (AWOTE) index, contributions caps are increasing from 1 July 2024.
- Concessional (before tax) contribution cap – will increase from $27,500 to $30,000.
- Non-concessional (after tax) contribution cap – will increase from $110,000 to $120,000.
- Maximum non-concessional cap available, under the bring-forward arrangement, will increase from $330,000 to $360,000.
- Total Superannuation Balance (TSB) thresholds, used to work out the maximum amount of non-concessional contributions that can be brought forward, will also be adjusted as shown in the table below:
| Total Superannuation Balance at 30 June 2024 | Maximum non-concessional cap available | Bring forward period |
|---|---|---|
| Less than $1.66 million | $360,000 | 3 years |
| Greater than or equal to $1.66 million and less than $1.78 million | $240,000 | 2 years |
| Greater than or equal to $1.78 million and less than $1.9 million | $120,000 | 1 year |
| $1.9 million or higher | $0 | N/A |
Other caps and thresholds that will be increasing include:
- The eligibility thresholds for government super co-contributions
- Redundancy tax-free thresholds
- The super guarantee maximum contribution base
Don’t forget to pay your employees’ super before the due date
You must pay super to eligible employees at least four times a year before the quarterly due dates. An employee’s fund must receive their super payment on or before the due date, so it’s best to prepare early to avoid the super guarantee charge.
When a super due date falls on a weekend or public holiday (as they will in 2024), your contribution must be received by the fund on or before the next business day.
| Quarter | Period | Payment due date |
|---|---|---|
| 1 | 1 July – 30 September | 28 October |
| 2 | 1 October – 31 December | 28 January |
| 3 | 1 January – 31 March | 28 April |
| 4 | 1 April – 30 June | 28 July |
At ART depending on how you make a super payment, we recommend allowing several business days for the payment to be receipted by the nominated super fund(s).
If you want to ensure your employees' super is received before the end of financial year, please see the details below.
The last business day for the 2023-24 financial year is Friday 28 June 2024.
- Direct Debit – Funds debited from the nominated account will be sent to the nominated superannuation fund(s) within five business days of us receiving both the contribution details and correct information. To ensure your contributions are receipted in the 2023-24 financial year, we encourage you to submit and pay your contributions by 3:30pm (AEST) on Thursday 20 June 2024.
- EFT – Funds paid by EFT will be sent to the nominated superannuation fund(s) within three business days of us receiving both the contribution details and correct payment. To ensure your contributions are receipted in the 2023-24 financial year, we encourage you to submit and pay your contributions by 3:30pm (AEST) on Monday 24 June 2024.
- BPAY® – Funds paid by BPAY® will be sent to the nominated superannuation fund(s) within three business days of us receiving both the contribution details and correct information. To ensure your contributions are receipted in the 2023-24 financial year, we encourage you to submit and pay your contributions by 3:30pm (AEST) on Monday 24 June 2024.
As per ATO rules any contributions received by the fund after 1 July will be allocated to the 2024-25 financial year, regardless of when they were initiated.