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The ATO is reminding taxpayers of important changes that will impact their superannuation from 1 July.
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ATO flags important super changes for FY25
09 July 2024
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From 1 July, the super guarantee will increase from 11 per cent to 11.5 per cent, helping taxpayers to grow their superannuation.
This will require employers to take into account and apply these changes to their employees’ ordinary time earnings, payments and wages from July 1. However, super contributions for the quarter ending 30 June are to remain calculated at the 11 per cent rate.
ATO deputy commissioner Emma Rosenzweig said it is important for taxpayers to understand these changes and what they mean for superannuation entitlements and requirements.
“Super is one of the most important investments many Australians will have. It’s important you remain engaged with your super through all stages of your life, not just when you are ready to retire,” she said.
The 0.5 per cent super guarantee increase is set to rise again next year, increasing to 12 per cent from July 2025.
Rosenzweig emphasised the importance of remaining up to date with changes to superannuation to ensure entitlements are received in line with ATO standards.
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In addition to the super guarantee rate increase, the concessional super contributions cap has increased to $30,000 from $27,500 per year effective July 1. This cap refers to the maximum amount of contributions that can be made to super before tax.
The non-concessional super contributions cap will also see changes from July 1, with an increase to $120,000 from $110,00 per year, as well as the maximum super contribution base for employers increasing to $65,070 from $62,270.
Rosenzweig said making additional superannuation contributions is another way to help grow the lifelong investment.
“Boosts to concessional and non-concessional caps will now give individuals greater scope to make voluntary contributions. Growing your super by making extra payments adds up over time,” she said.
The ATO encouraged all taxpayers to remain aware and in control of their superannuation and any important changes that may occur.
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