Looking at your next payslip, you might notice a change to your superannuation.
On July 1, the super guarantee rate increased from 11 per cent to 11.5 per cent.
This means the compulsory superannuation payments made by your employer have jumped, so more money will be going into your nest egg.
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Super is one of the most important investments many Australians will have, Australian Taxation Office deputy commissioner Emma Rosenzweig said.
Yet, many taxpayers are unaware of their entitlements and requirements.
“An increase to the super guarantee rate means more money going into your super,” Rosenzweig said.
“When it comes to your financial future, every bit counts.”
Employer superannuation contributions are paid at least quarterly, and the rate is set to rise again to 12 per cent from July 2025.
The concessional super contributions cap also jumped from $27,500 to $30,000 per year on July 1.
This is the amount you can invest into your super each year without copping extra tax and includes employer payments.
You can also make more after-tax contributions, as the non-concessional super contribution cap increased by $10,000 to $110,000 per year.
“Boosts to concessional and non-concessional caps will now give individuals greater scope to make voluntary contributions,” Rosenzweig said.
“Growing your super by making extra payments adds up over time.”
The ATO is encouraging taxpayers to understand their super entitlements.
“It’s important you remain engaged with your super through all stages of your life, not just when you are ready to retire,” Rosenzweig said.
“Take the time to check on your super regularly, or you could be missing out on the right entitlements.”