Superannuation Changes - Federal Budget 2024-25

From 1 July 2024, the super guarantee, that is - the percentage of your wage that your employer is required to pay into your super account, will increase from 11.0% to 11.5%. The super guarantee will continue to rise in 0.5% increments until it reaches 12% in 2025. Refer to the …

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Superannuation Changes - Federal Budget 2024-25

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australiansuper.com

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Superannuation Changes From July 2024 (What You Need To Know)

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Jul 1, 2024 · In line with incremental increases in the mandatory employer contributions, the SG rate will be increasing from 11.00% to 11.50% as of 1 July 2024 – meaning your employer, if …

superguy.com.au

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How To Maximise Benefits From Upcoming Super Changes

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Jun 29, 2021 · Analysis by the super provider showed that as a result of the changes, a 35-year-old will add over $86,000 to their retirement nest egg, but if they wish to maximise the new …

nestegg.com.au

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Changes To Super Rules Explained | Mercer Super Australia

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As of 1 July 2024 individuals receiving Superannuation Guarantee (SG) contributions from their employer saw an increase in the SG rate of 11% to 11.5% – helping to further boost their …

mercersuper.com.au

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Better Targeted Superannuation Concessions - Australian Taxation …

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Aug 13, 2024 · On 28 February 2023, the Australian Government announced from 1 July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances …

ato.gov.au

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Here's What The Super Tax Changes Might Mean For You

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Mar 2, 2023 · As part of the proposed changes, the tax rate on earnings will double to 30 per cent for super balances above $3 million. It's initially likely to affect just 0.5 per cent of Australians …

abc.net.au

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Social Security Is Getting A Shakeup In 2025. Here's What To Expect

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5 days ago · In 2025, Social Security benefits will increase by 2.5%. That's actually the smallest COLA to arrive in years. ... 3 Important Social Security Changes Coming in 2025 That Retirees …

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Social Security Announces 2.5 Percent Benefit Increase For 2025

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Oct 10, 2024 · On average, Social Security retirement benefits will increase by about $50 per month starting in January. Over the last decade the cost-of-living adjustment (COLA) increase …

ssa.gov

FAQs about Superannuation Changes - Federal Budget 2024-25 Coupon?

What are the latest changes to Super?

The latest changes to super came into effect on 1 July 2024. We’ve summarised these changes and what they could mean for you. The Superannuation Guarantee rate increased to 11.5% on 1 July 2024. This is the minimum percentage of a person's salary (ordinary time earnings) that their employer must pay into their super. ...

How can I take advantage of the upcoming Super changes?

Here’s a few tips to take advantage of the upcoming super changes: Consider using unused amounts – If you have unused concessional contributions from the 2018/19 that you are eligible to use, you might consider taking advantage of these. Otherwise, they will be forfeited as of 1 July 2024. ...

How can changes help you grow your super?

Learn more about how these changes can support you in growing your super. Your employer is required to make contributions to your super account called super guarantee (or ‘SG’ contributions). The minimum SG contribution rate is set to increase from 11% to 11.5% on 1 July 2024 which means more money in your super. ...

How much will the Super Guarantee increase on 1 July 2024?

On 1 July 2024 the Super Guarantee increased to 11.5%. It will then increase by 0.5% on 1 July 2025 to reach 12%. These small increases to the Super Guarantee could make a big difference to your super balance in the long term due to the magic of compound interest. ...

Will the Superannuation Guarantee increase in 2025/26?

This year’s increase to the Superannuation Guarantee is part of the Government’s long-term plan to increase the rate to 12% by financial year 2025/26. The annual limit on how much you can pay into super increased on 1 July 2024. ...

What changes will affect my superannuation contributions & retirement strategies?

As we approach a new financial year, it's a good time to get on top of significant changes that could affect your superannuation contributions and retirement strategies. From super boosts to tax cuts, here’s some key changes from 1 July 2024 you should know. ...