Superannuation contribution to rise

The superannuation guarantee contributions (SGC) will also rise from 1 July 2024. Employers will be required to pay 11.5% on behalf of employees from that date. The following year it will increase to 12%.

On 1 July 2024, the maximum concessional (tax deductible) Superannuation contributions will rise to $30,000 from the current limit of $27,500.

Concurrently, the maximum non concessional contribution will rise from $110,000 to $120,000 and under the so-called bring forward rules, a person could contribute up to $360,000 in a single year.

Unfortunately, the $500,000 Total Superannuation Balance limit to allow an individual to access prior unused concessional contributions over the past 5 years remains static and is not subject to indexation.