2024 FY Changes
Joy Kulavong
2 years ago • 5 min read
Super Guarantee increases from 10.5% to 11%
Employers are required to contribute additional money into their employees’ super accounts in line with the higher SG percentage rate.
If you currently salary sacrifice to top up your concessional contributions it may be worth checking and adjusting the amount salary sacrificed so that you don’t exceed the annual concessional limit of $27,500.
Standard minimum draw downs return
After three years of the temporary reduction to minimum pension requirements, the standard rates have now apply.
Transfer balance cap indexes to $1.9m
The transfer balance cap places a limit on the amount of super that can be transferred into the retirement pension phase. On 1 July 2023 the cap indexes from $1.7m to $1.9m.
If you have previously transferred super into the retirement phase, your personal transfer balance cap is different.
The general total super balance cap also indexes to $1.9m, this is the cap that determines your eligibility for making non-concessional contributions. It includes both retirement pension balances and your accumulation balance.
The best place to confirm your personal cap is through your myGov account.
