SUPER GUARANTEE RATES

The Australian Taxation Office (ATO) is encouraging all taxpayers to be aware of important changes that might impact their super. 

On 1 July 2024 the super guarantee rate increased to 11.5%, from 11%. Employers will need to calculate super contributions at 11.5% of their eligible workers ordinary time earnings, for payments of salary and wages from 1 July this year. Super contributions for the quarter ending 30 June are still calculated at the 11% rate for payments made prior to 1 July.

SUPER GUARANTEE PERCENTAGE

PERIOD GENERAL SUPER GUARANTEE (%)

1 July 2002 to 30 June 2013 9.00

1 July 2014 to 30 June 2014 9.25

1 July 2014 to 30 June 2021 9.50

1 July 2021 to 30 June 2022       10.00

1 July 2022 to 30 June 2023       10.50

1 July 2023 to 30 June 2024       11.00

1 July 2024 to 30 June 2025       11.50

The super guarantee rate is scheduled to further increase to 12% from July 2025.

Your contributions for each employee are required to be paid on at least a quarterly basis.

CONTRIBUTION QUARTERS

QUARTER PERIOD DUE DATE

1 1 July to 30 September 28 October

2 1 October to 31 December 28 January

3 1 January to 31 March 28 April

4 1 April to 30 June 28 July

Additionally, on 1 July the concessional super contributions cap increased to $30,000, from $27,500, per year. The concessional contributions cap is the maximum amount of before-tax contributions (including employer guarantee amounts) that can be contributed to your super each year without contributions being subject to extra tax, unless you are eligible to access unused concessional contribution cap amounts from previous years.

Other key changes from 1 July include the non-concessional super contributions cap increase to $120,000, from $110,000, per year and, for employers, the maximum super contribution base increasing to $65,070, from $62,270, for the 2024–25 financial year.

For more information see ATO Super guarantee and ATO How much super to pay