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FUND DETAILS     USI: NES0100AU     ABN: 72 229 227 691     ADDITIONAL INFORMATION

27 May 2024

The Super Guarantee (SG) contribution rate will increase from 11% to 11.5%.

The Superannuation Guarantee (SG) contribution is the payment that your employer (of any size) has to make into a super fund for an employee.

From 1 July 2024, employers will have to pay 11.5% of SG contributions, up from 11%. This will rise again to 12% from 1 July 2025.

The contribution caps are increasing from July 2024

Concessional Contribution Cap will increase to $30,000 from $27,500 on 1 July 2024.

Non-Concessional Contribution Cap will increase to $120,000 from $110,000 on 1 July 2024.

Visit our Super Rates & Thresholds page to see other changes to rates and thresholds.

Individual income tax rates and thresholds from 1 July 2024.

Individual income tax rates and thresholds will be changed by the Australian Government. This will affect your taxable income from 1 July 2024 onwards.

From 1 July 2024 the changes will:

  • reduce the 19 per cent tax rate to 16 per cent
  • reduce the 32.5 per cent tax rate to 30 per cent
  • increase the 37 per cent tax threshold from $120,000 to $135,000
  • increase the 45 per cent tax threshold from $180,000 to $190,000.

For more information on the tax cuts visit taxcuts.gov.au.

We‘re here to help

You can also contact our Member Services Team, Monday to Friday between 8.30am and 6.00pm (AEST/AEDT) on 1800 022 067 or email contact@nesssuper.com.au.

Yours sincerely

Simon Horrod
Member Services Manager

 

 Things you should know

This article has been issued by NESS Super Pty Ltd ABN 28 003 156 812 AFSL 238945 (the Trustee), as trustee of NESS Super ABN 72 229 227 691 (The Fund).

The information contained in this communication is current at the time of its publication. However, some information may change over time. The content is for general information only and does not constitute personal advice. We recommend that you consult with a suitably qualified person before making any financial decisions. Before deciding whether to acquire or hold a product, consider if it is appropriate for you.

For more information on the Fund visit our website nesssuper.com.au/pds to view our Financial Services Guide (FSG), the relevant Product Disclosure Statement (PDS) and the Target Market Determination (TMD).

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