A boost to your superannuation

Your Superannuation Guarantee has increased to 12%

As you start the new financial year, there's good news for your retirement savings. From July 1, 2025, the Superannuation Guarantee (SG) rate officially increased from 11.5% to 12% p.a.  If you’re employed, your employer should be paying 12% of your wages into your superannuation fund.  Most people are eligible to receive super payments from their employer, even if they have a casual job, so it’s worth checking to ensure you’re being paid this right amount.
 

What this means for you

This increase is a direct boost to your retirement savings, helping to grow your nest egg over time. It's a powerful way to build your financial future and even small increases can have a big impact over time on your superannuation balance.

While this change is automatic for most, it’s important that you check your payslip to confirm the new increase has been applied correctly. Alternatively you can:

•    Check your MyGov account
•    Check with your superannuation fund  

If you don’t think you’re receiving the right amount of super, speak to your employer or reach out to the Australian Tax Office to discuss your options.  

This increase in mandatory contributions is a great help for your future, but this is not the only option you have to save for your life after work. You have the option to add more to your super and even small amounts may add up over time.  

Find out more about your options to contribute to your super by clicking here.
 

Proposed changes for people with high superannuation balances

From July 1, 2025, a new tax measure may impact individuals with a high superannuation balance. The government's proposed Division 296 tax would introduce an additional 15% tax on earnings for superannuation balances exceeding $3 million.

This means that a tax of 30% will apply to earnings on the component of a superannuation account balance above $3 million.

This measure is complex and may include taxing unrealised capital gains within super, which is a notable change from existing rules. The intent for the tax to begin this financial year persists, though it may be subject to further legislative amendments.
 

What this means for you

This proposed tax is most relevant for individuals with substantial superannuation balances. It could affect your overall retirement planning and the tax on earnings within your super fund. If you believe this may apply to you, it's important to understand the potential implications. We recommend you speak with your financial adviser to discuss your personal circumstances and the implications on your personal superannuation.

Links to source:  

https://www.ato.gov.au/businesses-and-organisations/small-business-newsroom/the-final-sg-rate-increase-is-coming-on-1-july