Question 1

What is the super guarantee rate for 2024-25 and how much must my employer pay?

Accepted Answer

For the 202425 financial year, the Superannuation Guarantee (SG) rate is 11.5% of your ordinary time earnings (OTE). This means your employer must contribute at least 11.5% on top of your salary into your nominated super fund.

The SG rate has been gradually increasing and is scheduled to reach 12% from 1 July 2025 (the 202526 financial year).

Key rules about the super guarantee:

Who is eligible: Most employees aged 18 and over are entitled to SG contributions, regardless of how much they ear

Question 2

What is the concessional contribution cap for super in 2024-25?

Accepted Answer

The concessional (beforetax) contribution cap for superannuation in the 202425 financial year is A$30,000 per person. This cap applies to all concessional contributions combined, including:

Employer contributions (super guarantee, salary sacrifice amounts)
 Personal deductible contributions (contributions you make and claim a tax deduction for)

Concessional contributions are taxed at a flat rate of 15% inside the super fund, which is generally lower than your marginal tax rate.

Carryforward

Question 3

How does salary sacrifice into super work and what are the benefits?

Accepted Answer

Salary sacrifice (also called salary packaging) into super is an arrangement where you agree with your employer to redirect a portion of your pretax salary into your superannuation fund. This is in addition to the compulsory super guarantee contributions your employer already makes.

How it works:

1. You arrange with your employer to contribute an additional amount from your pretax salary to your super fund
2. The sacrificed amount reduces your taxable income, so you pay less income tax
3. The

Question 4

When can you access your super? Preservation age and conditions of release explained

Accepted Answer

Your superannuation is generally preserved, meaning you cannot access it until you meet specific conditions. The most common way to access your super is by reaching your preservation age and retiring.

Preservation age by date of birth:

Date of Birth  Preservation Age

Before 1 July 1960  55 
 1 July 1960  30 June 1961  56 
 1 July 1961  30 June 1962  57 
 1 July 1962  30 June 1963  58 
 1 July 1963  30 June 1964  59 
 From 1 July 1964  60

Conditions of release (when you can access super):

Categories

Superannuation

What is the super guarantee rate for 2024-25 and how much must my employer pay?

What is the concessional contribution cap for super in 2024-25?

How does salary sacrifice into super work and what are the benefits?

When can you access your super? Preservation age and conditions of release explained