Superannuation Changes 2024/2025 » Industry Super

The May 2024 Federal Budget maintained the Super Guarantee's legislated increase to 12%. On 1 July 2024 the Super Guarantee increased to 11.5%. It will increase by a further 0.5% on 1 …

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Superannuation Changes 2024/2025 » Industry Super

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The May 2024 Federal Budget maintained the Super Guarantee's legislated increase to 12%. On 1 July 2024 the Super Guarantee increased to 11.5%. It will increase by a further 0.5% on 1 …

industrysuper.com

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Superannuation Changes - 2024/2025 New Rules - Industry Super

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Removing the $450 threshold for super contributions. The $450 monthly earnings threshold for superannuation contributions was removed on 1 July 2022. Under the change, employers are …

industrysuper.com

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Superannuation Changes - Federal Budget 2024-25

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Super guarantee (SG) increase. From 1 July 2024, the SG rate for employers to pay on behalf of eligible employees is 11.5%. There will be a final increase of 0.5% on 1 July 2025 to 12%. The …

australiansuper.com

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Securing Australians’ Superannuation Package | Treasury.gov.au

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Oct 9, 2023 · These changes aim to reduce unpaid superannuation, which was $3.6 billion in 2020–21. From 1 July 2026, legislation will be changed to align superannuation guarantee …

treasury.gov.au

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Better Targeted Superannuation Concessions - Australian Taxation …

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Aug 13, 2024 · From 1 July 2025 tax concessions will be reduced for certain earnings for superannuation balances above $3 million. On 28 February 2023, the Australian Government …

ato.gov.au

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Changes To Superannuation Are Being Floated By The Federal …

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Feb 22, 2023 · Political ideology and business interests have long guided decision-making on what happens to people's superannuation. But the $3.3 trillion in retirement savings belongs to …

abc.net.au

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'Payday Super' Changes Tipped To Add Thousands To Retirement …

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May 2, 2023 · Billions lost in unpaid super. According to Industry Super Australia (ISA), in 2019-20 about 2.5 million employees missed out on an estimated $4.3 billion in super, with more …

abc.net.au

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Superannuation Changes 2024/2025 - Industry Super

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Maintaining the increase to the super guarantee. The May 2024 Federal Budget maintained the Super Guarantee's legislated increase to 12%. On 1 July 2024 the Super Guarantee increased …

industrysuper.com

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Caps, Limits And Tax On Super Contributions - Australian Taxation …

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If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Super contributions to defined benefit and constitutionally protected …

ato.gov.au

FAQs about Superannuation Changes 2024/2025 » Industry Super Coupon?

When will superannuation changes come into effect?

Decisions already taken on superannuation prior to the budget are due to come into effect from 1 July 2024. • a legislated increase in the superannuation guarantee (SG) levy to 11.5% from 11%. • a rise in the concessional super contribution cap to $30,000 a year from $27,500 a year. ...

Will the Super Guarantee increase in 2024?

On 1 July 2024 the Super Guarantee increased to 11.5%. It will increase by a further 0.5% on 1 July 2025 to reach 12%. The increase to the Super Guarantee could make a big difference to super member balances in the long term due to the magic of compound interest. ...

What is the Superannuation Guarantee Rate in 2024?

Although not subject to indexation, from 1 July 2024 the superannuation guarantee rate is increasing from 11% to 11.5%. Individuals who make personal concessional contributions or have salary sacrifice contributions made by their employer may need to factor the increase into their arrangements. From 1 July 2024, the preservation age will be age 60. ...

How much will Australia's Superannuation increase on 1 July 2025?

There will be a final increase of 0.5% on 1 July 2025 to 12%. The increases aim to reduce financial pressure on the Age Pension, to help off-set Australia’s ageing population and improving financial outcomes at retirement. The maximum superannuation contribution base is $65,070 each quarter for the 2024–25 financial year. ...

What are the changes to superannuation in 2026?

Increase retirement savings by allowing super to be invested sooner. Prevent large payroll liabilities for employers. These changes aim to reduce unpaid superannuation, which was $3.6 billion in 2020–21. From 1 July 2026, legislation will be changed to align superannuation guarantee payments with salary or wages. ...

What will happen to superannuation accounts in 2023?

• a rise in the concessional super contribution cap to $30,000 a year from $27,500 a year. A decision, announced in the 2023-24 budget, to increase the tax on the earnings of superannuation accounts with balances over $3 million by 15% to a total of 30% is yet to pass parliament. ...