Super and tax - what’s changing on 1st July 2024
As the new financial year approaches, Australians are gearing up for changes in superannuation and tax laws. From 1 July 2024, employees will see a boost in their super with the super guarantee (SG) rate climbing to 11.5%. This is a positive shift for those looking to bolster their retirement savings.
Additionally, the increase in both concessional and non-concessional contribution caps means more money can be funneled into superannuation, taking advantage of its favourable tax treatment. For those under the $1.66 million threshold, the opportunity to bring forward up to $360,000 in non-concessional contributions could significantly impact long-term savings strategies.
However, with the SG rate increase, it's wise to reassess salary sacrifice arrangements to optimise contributions. And for those nearing the preservation age, understanding when you can access your super is crucial.
These changes underscore the importance of staying informed and proactive with superannuation planning to ensure a secure financial future.
