The super guarantee rate goes up
The super guarantee is the amount your employer must pay into your superannuation fund. The amount paid is a percentage of your gross salary.
On 1 July 2024, the rate of super paid by employers increased to 11.5%. From 1 July 2025, this will increase again, and all employers will be required to pay 12% of your gross salary.
There are no changes to the concessional contribution cap which remains at $30,000 and the non-concessional contribution cap which remains at $120,000.
Indexation of the General Transfer Balance
From 1 July 2025, indexation of the general transfer balance will see it increase from $1,900,000 to $2,000,000. As a result, individuals can transfer up to $2 million from their superannuation accumulation accounts into tax-free retirement phase accounts.
Super on Government Paid parental Leave
From 1 July 2025, superannuation will be paid on government-funded Parental Leave Pay, with contributions based on the Superannuation Guarantee rate. For the FY26 financial year this will be set at 12%. Eligible parents will receive these contributions as a lump sum, including interest, after the financial year ends into their superannuation funds.
