Each year a number of superannuation thresholds are changed to reflect movements
in full-time Average Weekly Ordinary Time Earnings (AWOTE). Please click here for our guide to useful rates and thresholds applicable for the 2024/25 financial year.

Notable changes this July include:

• Increase to the Super Guarantee contribution rate to 11.5%
• Increase of the Concessional Contribution Cap from $27,500 to $30,000
• Increase of the Non-Concessional Contribution Cap from $110,000 to $120,000

Also of note, 1 July 2024 marks the point at which Preservation Age being achieved is now age 60. In other words, those born prior to 1 July 1964 had a Preservation Age of between 55 and 59, whereas those born after 1 July 1964 have a Preservation age of 60, which they are now approaching.

For any advice or assistance regarding the implications for your plans, please contact AGS Financial Group today.

Published : 08 Apr 2024