New financial year, super changes are here! Our superannuation partner, Hostplus, has summarised the key increases coming into effect from 1 July 2024:
The Super Guarantee (SG) is now 11.5%. This may seem like a small increase, but it could make a big difference to your balance in the long term thanks to the power of compounding returns.
The Concessional contribution cap is now $30,000 and the non-concessional cap is $120,000. This means greater tax incentives to help you save through your super.
The bring forward arrangement for non-concessional contributions has been increased to $360,000. This could be helpful if you are planning on making larger contributions to your super.
The Government co-contribution has also increased. If you earn are up to $45,400, you may qualify for the full government co-contribution. And if you earn up to $60,400, you may still be eligible for a partial contribution.
Contact Hostplus to learn more – https://hostplus.com.au/about-us/contact-us.
*Issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Superannuation Fund ABN 68 657 495 890. General advice only. Consider your circumstances and the Hostplus PDS and TMD at hostplus.com.au before deciding.