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See what’s changing in super on
1 July 2024

There are some important changes to super that come into effect from 1 July 2024. Here’s a summary.

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The Superannuation Guarantee (SG) is going up

The Superannuation Guarantee (SG) is the minimum amount an employer must pay to an eligible employee’s superannuation account. The amount is based on a percentage of the employee’s salary. 

From 1 July 2024, the SG will increase from 11% to 11.5%. The following year, on 1 July 2025, it will increase again to 12%.  

If you’re an employer or high-income earner: the maximum super contribution base (MSCB) is also increasing. 

The MSCB is the amount of an employee’s income for which an employer must make SG contributions each quarter. Each year the government sets a limit on the MSCB.

Previously, it was $62,270 per quarter for the 2023-24 financial year. The MSCB limit for 2024-25 has been set at $65,070 per quarter. From 1 July 2024, if an employee earns above this limit in a particular quarter, employers are not required to make SG contributions for the portion of earnings over this limit.

If you’re an employer and need more information on how to best manage your super obligations, please visit our employer page. If you’re a member and need more information about managing your contributions, our superannuation advisers can help.

Contribution cap changes

Annual contribution limits, known as caps, apply to the super contributions made to your super fund(s) each financial year.

If you contribute more than the cap, you may have to pay extra tax.

Important: if you have more than one super account, contributions made to ALL your accounts during a financial year are added together and counted towards your caps. 

From 1 July 2024, the amount of concessional (before-tax) contributions you can make to your super each year will increase from $27,500 to $30,000.

Concessional (before-tax) contributions are those paid to your super fund from your pre-tax salary (salary sacrifice) and Superannuation Guarantee (SG) contributions made by your employer(s).

You can also claim a tax deduction for your voluntary after-tax contributions. To do so, you'll need to complete and send us a notice of intent form. Eligibility rules apply - visit the ATO website for details.  

The carry-forward rule for concessional contributions 

You may be able to carry forward any unused cap amounts from previous years if your total super balance was less than $500,000 on 30 June of the previous financial year. This is called the ‘carry-forward’ rule, and it allows you to take advantage of unused cap amounts on a rolling five-year basis.

This means that 30 June 2024 is your last chance to carry forward any unused portion of the 2018–19 financial year concessional contributions cap (which was $25,000).  

From 1 July 2024, the amount of non-concessional (after-tax) contributions you can make to your super each year will increase from $110,000 to $120,000

Non-concessional (after-tax) contributions are those paid to your super fund from your after-tax salary or other money.

The bring-forward rule for non-concessional contributions

The change to the non-concessional contributions cap will also affect the ‘bring-forward’ rule, which will increase from $330,000 up to $360,000 depending on your super balance.

The bring-forward rule allows you to bring forward the equivalent of one or two years of your annual cap from future years.

This means you may be able to take advantage of future caps and make up to $360,000 of non-concessional (after-tax) contributions in one year, rather than $120,000 each year. To be eligible, you have to be under 75 and have less than $1.9 million in super. 

Visit our voluntary contributions page for more information about contribution types, limits and the bring-forward rule. You can also read our 2-minute article about how making voluntary contributions could help you save on tax.

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Speak to an expert today 

Our superannuation advisers can help you explore how the bring-forward rule works and what contribution options may be available to you.   

We offer personalised super advice about your Hostplus account for all Hostplus members at no extra cost. If you already have an adviser, they can also provide advice on your account. 
Contact us on 1300 303 188, email us or book a callback today.