Super guarantee increasing to 11.5%
Jun 17, 2024
The superannuation guarantee (SG) rate is increasing from 11% to 11.5% on 1 July 2024.
Under the superannuation guarantee law, employers must pay a minimum of 11% of your salary into a super fund if you’re 18 years or older, or under 18 years and work over 30 hours a week1. The SG is increasing to 11.5% on 1 July 2024 and will increase to 12% on 1 July 2025.
What difference does the increase make?
The SG increase could make a big difference to your super balance when you retire. For example, a 40-year-old who earns $76,000 per year before tax, excluding super and has a balance of $84,000 will have an extra $13,000 in super when they retire1.
Keep track of your super
You should check your super account or your payslips from July 2024 to make sure you’re getting 11.5% (or more) in contributions. Keep in mind your employer may pay super each quarter, so you may not see an increase in your contribution until after the end of September 2024.
What to do if you’re not being paid the correct super amount?
If you’re not being paid the right amount of super, talk to your employer first. If you can’t resolve your unpaid super query, visit the ATO website to check whether you’re eligible for SG contributions and for a step-by-step guide on how to recover missed or underpaid super. You can also call the ATO on 13 10 20.
Learn more about the SG increase
1. For eligibility details, visit am I entitled to super?
2. Assumptions: Investment return is 6.5% a year, net of fees and tax, salaries increase at 3.5% a year, and retirement age is 67. The amounts are shown in today’s dollars. This example is provided for illustrative purposes only. The actual benefits received will depend on a range of factors including future economic conditions, investment performance and legislative change. Investment returns are not guaranteed.
This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.
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