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2023-24 Budget – changes impacting super

In May 2023, the Government delivered its Budget for 2023-2024. This included several announcements of changes to rules around superannuation, including:

  • Reduced tax concessions for super balances exceeding $3 million – the Government will reduce the superannuation earnings tax concessions available to individuals with a Total Superannuation Balance exceeding $3 million. From 1 July 2025, earnings corresponding to the proportion of an individual’s balance that is greater than $3 million will attract a headline tax rate of 30 per cent, while earnings relating to assets below the $3 million threshold will continue to be taxed at the rate of 15 per cent (or zero per cent if held in a retirement pension account). Individuals with a total superannuation balance of less than $3 million will not be affected.
  • More frequent payment of Superannuation Guarantee (SG) – from 1 July 2026, employers will be required to pay their employees’ compulsory SG contributions at the same time that they pay their salary and wages. (Currently, employers are only required to pay their employees’ SG contributions on a quarterly basis.)
  • Improved monitoring and recovery of unpaid SG – the Government has increased funding for the Australian Taxation Office to improve its data capabilities and build a new compliance system to improve its ability to identify and act on cases of SG contribution underpayment by employers.

The Budget announcements are yet to be legislated and details could change. For more details on the Budget, click here.