ClubCOLLECTIVE June 2023
Understand what the focuses from the Government’s 2023-24 Budget announcements are. AustralianSuper provides a summary of the updates related to superannuation.
Budget 2023-24 highlights
With the delivery of the Federal Budget 2023-24 on Tuesday night, the main announcements focused on cost-of-living pressures due to high inflation. However, there are some Federal Budget super updates worth noting, including:
- Reduced tax concessions on earnings for total superannuation balances exceeded the $3 million threshold. Proposed to take effect from 1 July 2025, balances over this threshold will receive additional tax of 15%.
- Super will need to be paid on payday instead of every quarter, proposed to take effect 1 July 2026. Super Guarantee increase – 1 July 2023
While it wasn’t a budget announcement, it’s important to note that the superannuation guarantee (SG) rate increases from 10.5% to 11% on 1 July 2023.
Please note that measures announced as part of the Federal Budget need to be legislated before they come into effect.
You can read more about these and other changes to come out of the budget here.
Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898
Contact Information
Name: Shane Skeen
Title: Business Partnership Manager
Mobile: 0417 248 628
Email: sskeen@australiansuper.com
Website: https://australiansuper.com
