2024-25 Budget – changes impacting super
In May 2024, the Government delivered its Budget for 2024-2025.
The main announcement to note about superannuation relates to super on paid parental leave. For births and adoptions on or after 1 July 2025, eligible parents will receive an additional payment on top of any Commonwealth Government-paid parental leave.
This payment will be based on the Superannuation Guarantee (mandatory super) rate that will apply at that time – 12% of the PPL payment. The Government will pay this amount as a contribution directly to an eligible parent’s super fund.
The Budget announcements are yet to be legislated and details could change. For more details on the Budget, click here.